Cast iron pipe has been used as a water distribution technology in North America since the early nineteenth century. The first cast iron pipes were made of grey cast iron which was succeeded by ductile iron as a pipe material in the 1940s. These different iron alloys have significantly different microstructures which give rise to distinct mechanical properties. Insight into the non-destructive structural condition assessment of aging pipes can be advantageous in developing mitigation strategies for pipe failures. This paper examines the relationship between the small-strain and large-strain properties of exhumed cast iron water pipes. Nondestructive and destructive testing programs were performed on eight pipes varying in age from 40 to 130 years. The experimental program included microstructure evaluation and ultrasonic, tensile, and flexural testing. New applications of frequency domain analysis techniques including Fourier and wavelet transforms of ultrasonic pulse velocity measurements are presented. A low correlation between wave propagation and large-strain measurements was observed. However, the wave velocities were consistently different between ductile and grey cast iron pipes (14% to 18% difference); the ductile iron pipes showed the smaller variation in wave velocities. Thus, the variation of elastic properties for ductile iron was not enough to define a linear correlation because all the measurements were practically concentrated in single cluster of points. The cross-sectional areas of the specimens tested varied as a result of minor manufacturing defects and levels of corrosion. These variations affect the large strain testing results; but, surface defects have limited effect on wave velocities and may also contribute to the low correlations observed. Lamb waves are typically not considered in the evaluation of ultrasonic pulse velocity. However, Lamb waves were found to contribute significantly to the frequency content of the ultrasonic signals possibly resulting in the poor correlations observed. Therefore, correlations between wave velocities and large strain properties obtained using specimens manufactured in the laboratory must be used with caution in the condition assessment of aged water pipes especially for grey cast iron pipes.