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Property profile & analytics
OFF-MARKET
Estimated value
$2,755,000
Office buildings
10 4th St Waterloo, IA 50701-5428
Entity Owned
3-yr Hold
Free & Clear
Property ID
US25-0345980
Property summary
AI-generated overview
This exceptional investment opportunity presents a vacant, 73,909 square foot, four-story executive office building located at 10 W 4th St, Waterloo, IA 50701. Built in 1930, this historic property sits on a 34,892 square foot lot (APN 8913-26-235-001) and is zoned C-3. The asking price is $1,100,000, translating to $14.88 per square foot. The building offers flexible spaces suitable for various business tenants, including potential areas for a restaurant and a workout facility complete with a basketball court. Two on-site parking lots cater to clients, supplemented by a nearby 645-space parking ramp. Its prime location in downtown Waterloo, directly on the Cedar River, places it within a thriving business district. This property is situated in an opportunity zone, making it eligible for city tax incentives. This unique redevelopment project offers significant potential for investors seeking a high-impact, historic property in a growing urban core. The building's net rentable area is 73,909 square feet. This is a net lease investment opportunity.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1930
Total area
55,528 SF
Lot
0.8 ac (34,891 SF)
APN
8913-26-235-001
UPID
US25-0345980
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
SKS Communications Telecommunications Service
-
The Lawn City Concrete Co Building Supply
-
River Plaza Building Construction Company General Contractor
-
Will Frost Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.88M
Blend (final)
Blend
$2.76M
Owner & transaction history
Alpas Capital LLC · 3 yrs held
Alpas Capital LLC
since 2023
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Waterloo submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Waterloo submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,120,000
Current use
RETAIL STORES
$3,700,000
Change: -10% · Conversion: Moderate
Blend value · Realmo final
$2.76M
Range $2.48M – $3.03M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$50 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$71,694
Tax year 2023
Assessed value
$1,919,750
Assessed 2024
Previous assessed
$1,919,750
+0.0% YoY
Effective rate
3.73%
On assessed value
Assessed land
$200,250
Assessed improvement
$1,719,500
Land market value
$200,250
Improvement market value
$1,719,500
Total market value
$1,919,750
Applied tax rate
940,001.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1930
Heating
FORCED AIR
Cooling
YES
Stories
4
Total area
55,528 SF
Lot
0.8 ac (34,891 SF)
APN
8913-26-235-001
UPID
US25-0345980
Jurisdiction
BLACK HAWK
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.1M
RETAIL STORES
Est. value
$3.7M
OFFICE BUILDING Current
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1930
Heating
FORCED AIR
Cooling
Yes
Stories
4
Lot
0.8 ac
Current owner
From public records · entity-resolved
Alpas Capital LLC
Entity
Free & Clear · 3 yrs held
Mailing address
PO BOX 85526, SIOUX FALLS, SD 57118-5526
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 24, 2025
—
Alpas Capital LLC
—
Deed
related
$911,684 · American Bank & Trust Co
May 3, 2023
—
Alpas Capital LLC
River Plaza LLC
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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