For sale

Price cut: $60K (6/1)

$419,000

2221 Olive St, Cedar Falls, IA 50613

--beds

--baths

4,554sqft

$3,033/mo

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Apartment

Built in 1930

-- sqft lot

$-- Zestimate^®

$92/sqft

$-- HOA

What's special

Just a few steps from Campus, this 8 Unit Conversion is a cash-flow machine. With (6) 1 bed/1 bath units and 2 efficiency units, this property has cash flow potential over $5700/month. Currently the property has 2 vacancies, yet still generating $4175/mo.

160 days

55

2

Facts & features

Interior

Cooling

None

Appliances

Laundry: None

Features

Basement: Partially Finished

Interior area

Total structure area: 4,554
Total interior livable area: 4,554 sqft
Finished area above ground: 1,713
Finished area below ground: 1,368

Property

Parking

Total spaces: 3
Parking features: On Street, Parking Pad, None
Uncovered spaces: 3

Lot

Size: 6,534 Square Feet
Dimensions: 66x99

Details

Parcel number: 891413309006
Zoning: R-M
Special conditions: Standard

Construction

Type & style

Home type: MultiFamily
Property subtype: Apartment

Materials

Wood Siding
Roof: Asphalt

Condition

Year built: 1930

Utilities & green energy

Sewer: Public Sewer
Water: Public
Utilities for property: Elec Individual Meters, Garbage in Rent, Gas Individual Meters, Water in Rent, Other

Community & HOA

Location

Region: Cedar Falls

Financial & listing details

Price per square foot: $92/sqft
Tax assessed value: $368,700
Annual tax amount: $5,389
Date on market: 3/16/2026
Cumulative days on market: 161 days
Lease term: Over 9 Months
Tenant pays: Electricity, Gas

Estimated market value

Not available

Estimated sales range

Not available

$1,005/mo

Price history

Date	Event	Price
6/1/2026	Price change	$419,000-12.5%$92/sqft
Source: Northeast Iowa Regional BOR as distributed by MLS GRID #20261029 Report a problem
3/16/2026	Listed for sale	$479,000+36.9%$105/sqft
Source: Northeast Iowa Regional BOR as distributed by MLS GRID #20261029 Report a problem
3/26/2014	Sold	$350,000$77/sqft
Source: Public Record Report a problem

Public tax history

Year	Property taxes	Tax assessment
2025	$5,390 +2.9%	$368,700 +19%
2024	$5,239 +13.4%	$309,840
2023	$4,622 -16%	$309,840 +33.8%
2022	$5,500 +10.1%	$231,500
2021	$4,994 -5.6%	$231,500 +11.9%
2020	$5,291 +0.6%	$206,920 +20.3%
2019	$5,259 -6.6%	$172,070 +5%
2018	$5,630 +0%	$163,880
2017	$5,630 -4.8%	$163,880
2016	$5,916	$163,880
2015	$5,916 -2.3%	$163,880 -17.5%
2014	$6,056 -8.1%	$198,730
2012	$6,590 -6.4%	$198,730
2011	$7,042 -1.9%	$198,730 -2.6%
2010	$7,180 +1.2%	$203,940
2009	$7,096 -1.2%	$203,940
2008	$7,179 +8.6%	$203,940 +9%
2007	$6,611 +0.1%	$187,100
2006	$6,605 +2.7%	$187,100
2005	$6,429 +15.5%	$187,100 +24%
2003	$5,567 +3.7%	$150,870
2002	$5,369 -0.4%	$150,870
2001	$5,391	$150,870

Find assessor info on the county website

Monthly payment

Est. payment

Payment breakdown

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Principal & interest
$1,547
Mortgage insurance
$0
Property taxes
$170
Home insurance
$105
HOA fees
$0
Utilities
Not included

All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.

HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.

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Climate risks

Neighborhood: 50613

Getting around

74 / 100

Very Walkable

31 / 100

Some Transit

59 / 100

Bikeable

Nearby schools

GreatSchools rating

8/10
Lincoln Elementary School
Grades: PK-6Distance: 1.1 mi
9/10
Holmes Junior High School
Grades: 7-9Distance: 1.4 mi
6/10
Cedar Falls High School
Grades: 10-12Distance: 1.2 mi

Schools provided by the listing agent

Elementary: Lincoln Elementary CF
Middle: Holmes Junior High
High: Cedar Falls High

Source: Northeast Iowa Regional BOR as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.