335 Cedar St Waterloo, IA 50701-1359

This exceptional investment opportunity presents the Art Bloc Apartments, a Class A, 67-unit apartment building located at 335 Cedar St, Waterloo, IA 50701. Built in 2019, this seven-story building boasts 47,580 square feet of prime space and enjoys a coveted location overlooking the Cedar River and RiverLoop Amphitheatre & Expo Plaza, within Waterloo's art district. The property is currently 100% occupied, generating a projected 2024 Net Operating Income (NOI) of $1,124,777. An attractive feature is the assumable debt with three years of interest-only payments remaining. The building benefits from a long-term real estate tax abatement schedule and is priced below replacement cost. A triple-net commercial lease is in place, extending through 2032, ensuring consistent income. High rental demand and significant rental upside potential further enhance the investment appeal. Residents enjoy elevated modern interiors, state-of-the-art architecture and design, high-end luxury finishes, expertly designed floor plans, and underground parking. Additional amenities include glass railings on all balconies, minimal landscaping expenses (city maintains the outdoor plaza), and a daytime population exceeding 134,000 within easy reach. This is a truly remarkable opportunity to acquire a high-performing, luxury apartment complex in a thriving location.