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    Property profile & analytics

    3280 University Ave Waterloo, IA 50701

    • Turn key restaurants
    • 5,008 SF
    • 1.40 lot acres
    For Lease
    View listing
    Value Estimation
    $260,000
    Last Sale
    Jan 29, 2021
    $250,000
    Location Intelligence
    Property ID
    US25-0342202
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Mike's Diner / Restaurant

    Property Details for 3280 University Ave

    Year built
    1978
    Construction
    FRAME
    Lot size
    1.40 lot acres
    Property size
    5,008 SF
    Property type
    Turn key restaurants
    APN
    8913-21-329-033
    APU
    891321329033

    Description

    This exceptional 5,008-square-foot retail space, formerly a Perkins Restaurant, presents a unique investment opportunity in Waterloo, Iowa. Located at 3280 University Ave, this single-tenant property offers a turnkey solution for a variety of restaurant or commercial ventures. Built in 1978, the building is situated in Black Hawk County, Iowa, zip code 50701, and boasts a convenient location with high visibility. The entire 5,008 square feet is currently vacant, providing immediate occupancy for a new business. The property's existing infrastructure offers significant cost savings for potential buyers or lessees, eliminating the need for extensive renovations or build-outs. This presents a rare chance to acquire a well-positioned commercial space ready for immediate operation. The property's history as a successful restaurant suggests strong potential for continued success in the food service industry or other suitable commercial uses. Its location in Waterloo, Iowa, offers access to a substantial customer base and benefits from existing infrastructure and utilities. Serious inquiries are encouraged to explore the possibilities of this prime commercial real estate opportunity. The property is available for sale or lease.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $275,000

    • CAP approach

      CAP return
      Estimation
      6%
      $265,000
      6.5%
      $225,000
      7%
      $255,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $225,000
      Geo Method
      $240,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $275,000
      Retail
      $230,000
      Mixed-Use
      $270,000
      Hospitality
      $260,000
      Educational
      $280,000
      Residential Income
      $250,000
      Energy
      $260,000
      Income-Based Land
      $245,000
      Food Service
      $255,000

    Location Insight

    • Map
    • Local Demand
    City
    Waterloo
    County
    Black Hawk
    State
    Iowa
    Longitude
    -92.3892
    Latitude
    42.5019
    CBSA code
    47940
    CBSA name
    WATERLOO-CEDAR FALLS, IA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $20,101
    $420,180
    $170,440
    $590,620
    -
    $420,180
    $170,440
    $590,620

    Comparable in this City

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      5,008 SF

      Waterloo Restaurant - Turn-Key Opportunity

      Prime Retail Space, 5008 sq ft, Iowa.
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    3280 University Ave
    Waterloo, IA 50701
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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