The Franklin Gateway neighborhood is often overlooked, but there’s potential in its convenient location and accessibly priced homes. For homebuyers looking for proximity to downtown Waterloo, public transportation, shopping, dining and community resources – all in a neighborhood with an average sale price of less than $150,000 – Franklin Gateway has become a popular option. “It’s good, affordable housing,” says Jason Strelow, a realtor with Berkshire Hathaway Home Services One Realty Centre. “It has your average homes at a price point that a lot of people can afford.”
Franklin Gateway shows us a mix of greenery and older styled homes.
Downtown is just a few short blocks from Franklin Gateway and home to many dining spots.
1/2
Plenty of ways to get around
This neighborhood is very walkable, bikeable and offers ample public transit options. It’s home to the Downtown Bus Station, a hub for every MTA bus route. East Mullan Avenue and East First Street run through the center of Franklin Gateway and merge into Leo P. Rooff Expressway, providing an easy start to any commute. The Trailways BTW 1492 stop is also in this neighborhood and moves passengers from Waterloo to Chicago once a day, six days per week.
The Downtown Bus Station is close to Franklin Gateway and helps the communte.
US 63 runs through the Franklin Gateway neighborhood and makes the daily commute easier.
1/2
Shopping and dining at Morg's, Walmart and more
For more shopping needs, there’s a Walmart, Target and Menards about 4 miles south of Franklin Gateway.
Residents are also just a short walk from a variety of restaurants along East 4th Street. Morg’s is a longstanding breakfast spot known for its hubcap-sized pancakes, hand-shredded hashbrowns and roast beef that's made fresh daily. The diner has been around since 1964 and still showcases its retro roots through a classic 60s interior, decked out with jukeboxes, wood paneling and red and black accents.
Morg's Diner in downtown Waterloo first opened up in 1945.
Residents of Franklin Gateway can grab a juicy burger at Big Head Burger in downtown Waterloo.
1/2
Robust community resources at All In Grocers, Salvation Army
Waterloo’s east side was considered a food desert for 50 years. When All In Grocers opened up on Franklin Street in 2023, the store brought more than a place to buy food. The black-owned institution is a grocery store, community center, restaurant and laundromat all wrapped in one – and it’s just a short walk from locals’ doorsteps. Other supermarket options include the Hometown Foods located 2 miles south of Franklin Gateway.
For those in need, the Salvation Army of Waterloo/Cedar Falls is located on the neighborhood’s north side and hosts free community lunches on Monday, Wednesday and Friday. They also have an open pantry on Thursday, where anyone can pick up a box of food.
“Here in the Cedar Valley, we have a large food insecure community,” says Katie Harn, the Salvation Army’s Volunteer & Community Relations Coordinator. “We offer these resources because people need help. Lifting people up and helping them when they’re down is what’s needed.”
All In Grocers is a staple in the Franklin Gateway neighborhood.
The Salvation Army serves the neighborhood of Franklin Gateway.
1/2
Riverfront Sports Park
Franklin Gateway is just east of the Riverfront Sports Park. The park has four main segments, including Joe Staub Memorial Field, a waterfront greenspace with two baseball diamonds and a skate park. By walking west along the Cedar Valley Lakes Trail, visitors can reach the center of the park and enjoy picnics under stretching oak trees. Traveling a little further west would put them in Cedar River Exchange Park, featuring a playscape, basketball court, picnic tables and baseball diamonds. Waterloo Riverfront Stadium sits in the mix of it all and hosts the Waterloo Bucks minor league baseball team. Built in 1946, this stadium can seat 5,000 spectators and features a second playscape that’s open to the public.
Riverfront Sports Park consists of 8 youth baseball diamonds.
There are a number of playgrounds for the kids to play at Riverfront Sports Park.
1/2
Cunningham School, Central Middle and East High
Kids start their education at either the Dr. Walter Cunningham School for Excellence or Fred Becker Elementary School, both of which have C-minus ratings on Niche. The next step is the C-minus-rated Central Middle, which is about 3 and a half miles west, followed by the B-minus-rated Waterloo West High. The high school offers over 20 extracurricular activities, including golf, choir and eSports.
Center Middle School
East High School
1/2
Accessibly priced longstanding homes
Pockets of residential spaces blend with busier commercial areas. There’s a robust mix of housing styles including shotgun, four-square, Queen Anne and Second Empire homes, and many of them have been converted into multifamily residences. Most houses were built in the 1900s and 1910s, but there’s also a handful of options built as late as 2007. “The houses are pretty decent,” says Strelow. “You have your occasional bad one here or there, but it’s not a bad area.”
While there's not much yard space, people make the best of what they have. There's typically space for a backyard grill in their backyards, and some neighbors have trampolines, basketball hoops and small playscapes. It's common to see residents out on their front porches on warm days.
Homes in Franklin Gateway range between $50,000 and $200,000. Strelow says these prices are a main attraction. “With higher interest rates, you generally can afford less, and houses less than $150,000 still fit into a price point that’s affordable for a lot of people.” The CAP Index crime score is an 8 out of 10, which is twice the national average of 4.
Various styles of homes can be found in Franklin Gateway, including these foursquare homes.
Second Empire-style homes can also be found in the Franklin Gateway neighborhood.
1/2
Elevated noise levels
With so many busy streets running through this neighborhood, there is a significant amount of noise pollution around Franklin Gateway.
GreatSchools:
The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and can include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information on school performance and programs, and consider family needs as part of the school selection process.
View GreatSchools Rating Methodology
Interested in learning more about homes in this area?
Reach out to
Luke Bartlett,
an experienced agent in this neighborhood.
Parks in this Area
Big Guitar
Lincoln Park
Joe Straub Memorial Field
Riverfront Sports Park
Riverside Skate Park
Cedar Park
Crime and Safety
1 - Low Crime, 10 - High Crime
Franklin Gateway
US
Homicide
9
4
Sexual Assault
7
4
Assault with Weapon
9
4
Robbery
9
4
Burglary
7
4
Motor Vehicle Theft
7
4
Larceny
7
4
Crime Score
8
4
Source: WhatIsMyCrimeRisk.com
Franklin Gateway Demographics and Home Trends
On average, homes in Franklin Gateway, Waterloo sell after 36 days on the market compared to the national average of 49 days. The median sale price for homes in Franklin Gateway, Waterloo over the last 12 months is $96,500, up 86% from the median home sale price over the previous 12 months.
Investor Special – Value-Add Fourplex with Huge Upside! Opportunity knocks with this value-add fourplex! Located in a solid rental area, this property needs some TLC but offers incredible cash flow potential for the right investor. With a bit of vision and elbow grease, this fixer-upper could shine as a high-performing rental property or a lucrative flip project. Each unit offers its own layout
Opportunity knocks with this cash-flowing 5-plex located just minutes from the heart of downtown Waterloo. Four of the five units are already leased to tenants, with one vacant unit ready for you to fill. Each unit features 1 bedroom and 1 bathroom. Whether you're a seasoned investor or just getting started, this property is primed and ready to generate income from day one. Don't miss your chance
Duplex for sale. 2 bedroom, 1 bath units, very spacious and kept in great condition. Great investor property. Come check it out and you will be very satisfied.
Abigail MatamorosBerkshire Hathaway Home Services One Realty Centre
LEASING SPECIAL :ONE MONTH FREE WITH A 12 MONTH LEASE!!!Don't miss out on this once in a lifetime special, units are going quick!!SNAPSHOT- Historic Preservation offers a unique design and layout you won't find anywhere else- 27 loft-style residential units, each one with its own design and character- Each unit features an open-concept layout with exposed
Interested in learning more about homes in this area?
Reach out to
Luke Bartlett,
an experienced agent in this neighborhood.
Average Home Value
Source: Public Records
Property Mix - Square Feet
This Neighborhood Has More Renters
Demographics
Total Population
875
Median Age
35
Population Density
5 ppl/acre
Population under 18
28.1%
On par with the national average
23.8%
Population over 65
19.5%
On par with the national average
19.1%
Finances
Median Household Income
$16,147
Significantly below the national average
$71,702
Average Household Income
$26,796
Education and Workforce
High School Graduates
79.3%
College Graduates
11.6%
Below the national average
34.1%
Advanced Degrees
0.5%
% Population in Labor Force
39.6%
Significantly below the national average
65.1%
Weather
Annual Precipitation
36''
Average Winter Low Temperature
11°F
Average Summer High Temperature
85°F
Annual Snowfall
24''
Area Factors
Very Bikeable
Bike Score®
77/ 100
Somewhat Walkable
Walk Score®
68/ 100
Some Transit
Transit Score®
36/ 100
Source: Walk Score
Source: Walk Score
Sound Score® measures the noise level of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. Our sources include: Accuweather, Public Records and Neustar. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
