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    Two-Unit Duplex with Recent Upgrades Title is generated by Realmo AI

    1501 S 29th Street, Waco, TX 76711

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    For Sale
    $249,900

    MULTI_FAMILY - Waco, TX

    Property size:
    1,658 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $150/SF
    Added:
    May 7, 2026
    Days on Market:
    28
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 1501 S 29th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    4
    Parking features
    Driveway
    Interior features
    HighSpeedInternet, OpenFloorplan, CableTv
    Appliances
    ElectricWaterHeater, Disposal, GasRange, Refrigerator
    Standard status
    Active
    APN
    197218
    Size
    1,658 SF
    Lot size
    0.17 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Central
    Cooling system
    Ceiling Fan(s), Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    1985
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Laminate
    Building materials
    Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    Brad Harrell
    Brad Harrell

    Listing agent Brad Harrell License #363789

    Listing office Keller Williams Realty, Waco Waco, TX

    Listing date May 7, 2026

    MLS# 21172996 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

    • Two‑unit duplex at 1501 S 29th St, Waco, with each unit at approximately 829 SF
    • Recent capital improvements: foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring
    • Roof and gutters replaced most recently in April 2026
    • Utilities: public water and public sewer; heating includes natural gas and central systems
    • Zoned C‑2: Commercial (Beverly Hills), offering flexibility for future use or redevelopment
    • Most recently rented unit at $1,300 per month; financials available upon request

    Overview

    This two-unit duplex at 1501 S 29th Street features Units A and B, each offering approximately 829 square feet. The property is set up for straightforward rental use, with both units benefiting from significant recent capital improvements that help limit near-term maintenance. Foundation work was completed in 2025, and additional upgrades include new HVAC systems, new water heaters, and updated flooring. In April 2026, the roof and gutters were replaced, further strengthening the asset’s current condition and operating reliability.

    Zoned C-2: Commercial (Beverly Hills), the property provides added flexibility for future use or redevelopment. It is located near a heavy retail corridor and adjacent to South Waco Park, supporting tenant appeal and long-term value in a high-visibility area of Waco.

    From an investment standpoint, the duplex is well-suited for operators seeking a stabilized rental with value-add upside. With the most recent rented unit currently generating $1,300 per month, the property offers immediate income potential while still allowing room to pursue improved rent performance or alternative redevelopment paths consistent with the C-2 zoning. Financials are available upon request.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $22.5k $13.56
    − Vacancy −$2.0k −$1.19
    EGI $20.5k $12.37
    − OpEx −$6.2k −$3.71
    NOI $14.4k $8.66
    1,658 SF · lease $13.56/SF/yr · vacancy 8.74% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $205.2K
    $179.5K – $239.4K (±1% cap)
    NOI $14,362 @ 7.0% cap · market cap 5.75%
    Second Best
    Apartment 5plus
    $188.8K
    $165.2K – $220.3K (±1% cap)
    NOI $13,215 @ 7.0% cap · market cap 5.29%
    Theoretical Best
    Office A
    $437.4K
    $382.8K – $510.3K (±1% cap)
    NOI $30,620 @ 7.0% cap · market cap 12.25%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.141577
    Latitude
    31.526746

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    FAQs

    What type of property is this?
    Duplex - Two-unit duplex with updated HVAC, water heaters, flooring, and roof for income potential and reduced near-term maintenance.
    Where is this duplex located?
    The property is located at 1501 S 29th Street Waco, TX.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: Two‑unit duplex at 1501 S 29th St, Waco, with each unit at approximately 829 SF; Recent capital improvements: foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring; Roof and gutters replaced most recently in April 2026
    (254) 717-9306
    We can help!
    Listing Contact
    Brad Harrell
    Brad Harrell
    Real Estate License ID: 363789
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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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