Fully Occupied Duplex with Two
For Sale
$199,000
2208 Cumberland Avenue, Waco, TX 76707
MULTI_FAMILY - Waco, TX
Property Size1,710 SF
Lot Size0.19 Acres
Price / SF$116.37
Days on Market144
Property Features for 2208 Cumberland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1
Parking
2
Parking features
Driveway
Appliances
GasOven, GasRange, Refrigerator
Subdivision
University Heights
Elementary school
Provident Heights
Middle school
GW Carver
High school
Waco
Elementary school district
Waco ISD
Middle school district
Waco ISD
High school district
Waco ISD
Directions
Heading South on 35, take exit 338 A toward 84 and Waco drive. Turn right onto 84 E Waco Dr. Right onto N 17th St, right onto N 18th St, left onto Cumberland Ave. Property on your left.
Standard status
Active
APN
480424000626003
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
UNIVERSITY HTS LOT 4 BLOCK 55 ACRES .1894
Tax Annual Amount
3550
Legal Description
UNIVERSITY HTS LOT 4 BLOCK 55 ACRES .1894
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1916
Floors in Building
1
Number of units
2
Flooring type
Laminate
Building materials
Frame, WoodSiding
Roof type
Composition
Listing Agency:
Bramlett Partners
(512) 850-5717
Listed By:
Kimberly N Smith · License #726938
(512) 850-5717
Added: Apr 11
Changed: Aug 5
Last Checked: Sep 1 at 5:06PM
MLS# 21233070
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 fully occupied duplex features two income-producing units in a one-story frame structure with wood siding. Built in 1916, the property totals 1,710 SF and is served by central heating and central air. The duplex is connected to public water and public sewer and includes a driveway for parking. Interior finishes include laminate flooring.
The home is equipped with gas appliances including a gas oven and gas range, plus a refrigerator. The roof is composition.
With both units currently occupied and a 100% occupancy rate, the property offers immediate operational continuity for a buyer seeking a duplex with established rental performance.
The home is equipped with gas appliances including a gas oven and gas range, plus a refrigerator. The roof is composition.
With both units currently occupied and a 100% occupancy rate, the property offers immediate operational continuity for a buyer seeking a duplex with established rental performance.
Key Highlights
- Duplex with two income‑producing units
- Fully occupied duplex with 100% occupancy rate
- Built in 1916; one‑story structure
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,813
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$296,260
$296.3K
Cap Rate 7%
$211,614
$211.6K
Cap Rate 9%
$164,589
$164.6K
Market Conditions
NOI Build-Up for 1,710 SF
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.
Gross rent
$23.2K $13.56/SF
− Vacancy
−$2.0K −$1.19/SF
EGI
$21.2K $12.37/SF
− OpEx
−$6.3K −$3.71/SF
NOI
$14.8K $8.66/SF
Area
Waco, TX
Vacancy
8.74%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$296,260
Cap Rate 7%
$211,614
Cap Rate 9%
$164,589
Alternative Uses
Best Use
Multifamily LT 5
$211.6K
$185.2K – $246.9K
NOI $14,813 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$194.7K
$170.4K – $227.2K
NOI $13,629 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$451.1K
$394.8K – $526.3K
NOI $31,580 @ 7.0% cap · market cap 15.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 76707, TX
16,227
Population
6,678
Households
2.4
Avg Household Size
31
Median Age
15%
College-Educated
76%
High-School Grad
3.3 sq mi
ZIP Area
4,917
Density / Sq Mi
$38,208
Median Household Income
$27,124
Median Earnings
$1,055
Median Rent
$113,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with central heating and cooling, public water and sewer, and two rental units.
Where is this duplex located?
The property is located at 2208 Cumberland Avenue Waco, TX.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Duplex with two income‑producing units; Fully occupied duplex with 100% occupancy rate; Built in 1916; one‑story structure
