2024 College St Cedar Falls, IA 50613-3973

This exceptional mixed-use property in Cedar Falls, Iowa, presents a compelling investment opportunity. Located at 2024 College St, this fee-simple, Class A asset boasts 13,370 square feet on a 0.16-acre lot. The building, constructed in 1914 and renovated in 2013, comprises a two-story structure housing a Domino's Pizza franchisee and other retail tenants on the ground floor, and four multi-family units (two 2-bedroom, 1-bathroom and two 3-bedroom, 1-bathroom) above. The property benefits from a 100% occupancy rate, generating a strong net operating income (NOI) of $117,588 and an 8.00% cap rate. The asking price is $1,470,000 ($109.95/sq ft). Triple-net (NNN) leases are in place for some retail tenants, minimizing landlord expenses. Rent bumps are included in the lease agreements. The property's prime location near Northern Iowa University ensures consistent high demand for both retail and residential spaces, with a strong student population and nearby residential community. The existing retail tenants have demonstrated long-term commitment, with some recently extending their leases. This stabilized investment offers a compelling combination of strong cash flow and significant upside potential. The property is situated in a thriving area with diverse employment opportunities and a high quality of life.