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    Mixed-Use Property in Historic Downtown Title is generated by Realmo AI

    103-105 E Center Street, Lorena, TX 76655

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    Claim this Listing
    For Sale
    Under Contract
    $495,000

    Business - Lorena, TX

    Type:Business
    Property size:
    4,494 SF
    Lot size:
    0.27 Acres
    Price / SF:
    $110/SF
    Added:
    Apr 10, 2026
    Days on Market:
    39
    Last Refresh:
    May 18 at 7:06 am

    Property Features for 103-105 E Center Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Parking features
    Garage, On Street
    Standard status
    Active Under Contract
    APN
    300035000025003
    Size
    4,494 SF
    Lot size
    0.27 Acres

    Utilities

    Heating system
    Central, Natural Gas
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1956
    Flooring type
    Carpet, Laminate
    Building materials
    Concrete, Stucco
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Katherine Snapp

    Listing agent Katherine Snapp License #0691565

    Listing office Camille Johnson 104 Midway Center, Waco, TX

    Listing date Apr 10, 2026

    MLS# 21131450 Listing URL

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use property offering approximately 4500 sq ft of residential and retail space.
    • 2900 sq ft of retail/restaurant/office space paired with a 1600 sq ft 2 bedroom, 2 bathroom living space.
    • Prime location in historic downtown, 15 minutes from Baylor University and downtown Waco, with I‑35 access.
    • Multiple income opportunities from retail space and potential rental of owner's quarters.
    • Large backyard and pool area adaptable for private use or outdoor business space.
    • Concrete and stucco construction with garage and on‑street parking.

    Overview

    This mixed-use property, an iconic community symbol in historic downtown Lorena, Texas, offers nearly 4500 square feet of residential and retail space. Located just 15 minutes from Baylor University and downtown Waco, with immediate access from I-35, the property presents an opportunity for a new business owner. The property includes 2900 square feet of retail, restaurant, or office space, complemented by a 1600 square foot owner's quarters or rental space featuring 2 bedrooms and 2 bathrooms, creating multiple income opportunities. The lot size is 0.2697 acres. The large backyard and pool area can serve as a private oasis or be developed into an outdoor business space. Once home to a nationally recognized lighting restoration craftsman and retailer, this property is located at 103-105 E Center Street, Lorena, TX 76655.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lorena
    County
    McLennan
    State
    Texas
    Longitude
    -97.2164331
    Latitude
    31.3859744

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      Downtown Lorena Mixed-Use Opportunity

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in historic downtown Lorena, 15 minutes from Waco.
    Where is this mixed-use property located?
    The property is located at 103-105 E Center Street Lorena, TX.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: Mixed‑use property offering approximately 4500 sq ft of residential and retail space.; 2900 sq ft of retail/restaurant/office space paired with a 1600 sq ft 2 bedroom, 2 bathroom living space.; Prime location in historic downtown, 15 minutes from Baylor University and downtown Waco, with I‑35 access.
    (254) 405-6162
    We can help!
    Listing Contact
    Katherine Snapp
    Real Estate License ID: 0691565
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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