The post office in the Bremer County seat of Waverly was constructed in 1936 with funds provided by the Works Project Administration. The facility continues to serve the community, but was out of service for four months in late 2004 following a ceiling collapse in the lobby. Though the lobby was littered with nearly a foot insulation and plaster, the workroom floor was not impacted by the collapse, which occurred over the Labor Day holiday weekend.

By September 24, the Post Office moved to a temporary location at an old lumber building, two blocks away from the former location. Both box service and window service for stamps and parcels was available through the temporary location. A new ceiling was in place and work was completed on the walls and floors before the historic Waverly Post Office reopened January 28, 2005.