Two-Unit Duplex with Recent
1501 S 29th Street Waco, TX 76711
1501 S 29th Street, Waco, TX, 76711
$249,900
For Sale
$249,900
MULTI_FAMILY - Waco, TX
Property Size1,658 SF
Lot Size0.17 Acres
Price / SF$150.72
Days on Market74
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
Listing Agency
Keller Williams Realty, Waco
(254) 751-7900
Waco, TX
Listed by
Brad Harrell · License #363789
(254) 717-9306
Added: May 7 Checked: Jul 19 at 4:06 am
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.
Investment Insights
Based on property information with market context.
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.
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.
Key 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
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
NOI $14,362 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,215 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$437.4K
$382.8K – $510.3K
NOI $30,620 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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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
