Mixed-Use Property with Office
New
For Sale
$899,900
2424 Austin Avenue, Waco, TX 76701
CommercialSale, Waco, TX
Property Size4,563 SF
Lot Size0.57 Acres
Price / SF$197.22
Days on Market1
Property Features for 2424 Austin Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
R-2
Parking features
Carport
Subdivision
Glenwood
Directions
GPS is accurate
Standard status
Active
APN
480200000257000
Lot size
0.57 Acres
Taxes and HOA fees
Tax Description
GLENWOOD LOT 12 13 14 BLOCK 37 ACRES .5682
Tax Annual Amount
23916
Legal Description
GLENWOOD LOT 12 13 14 BLOCK 37 ACRES .5682
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Number of units
7
Flooring type
Tile, Wood
Building materials
Brick
Roof type
Tile
Listing Agency:
The Agency Waco
(254) 300-4034
Listed By:
Mario Cruz-Gonzalez · License #683621
(512) 800-6984
Added: Sep 26
Last Checked: Sep 26 at 5:06PM
MLS# 21392885
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.
Built in 1923, this brick mixed-use property includes a 4,563-square-foot main house with five bedrooms and three bathrooms. The house is currently used as rentable office space and has wood and tile flooring, central heating and air conditioning, and a tile roof. A carport provides on-site parking. The property occupies 0.568 acres and has public water and sewer service.
Two one-bedroom apartments sit above the garage and currently generate income. The existing configuration combines office use in the main building with residential units on the same property.
Two one-bedroom apartments sit above the garage and currently generate income. The existing configuration combines office use in the main building with residential units on the same property.
Key Highlights
- 4,563‑square‑foot main house with 5 bedrooms and 3 bathrooms
- Main house currently used as rentable office space
- Two one‑bedroom apartments above the garage produce income
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
$63,438
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
7.05%
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%
$1,268,760
$1.3M
Cap Rate 7%
$906,257
$906.3K
Cap Rate 9%
$704,867
$704.9K
Market Conditions
NOI Build-Up for 4,563 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
$101.3K $22.20/SF
− Vacancy
−$16.7K −$3.66/SF
EGI
$84.6K $18.54/SF
− OpEx
−$21.1K −$4.63/SF
NOI
$63.4K $13.90/SF
Area
Waco, TX
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,268,760
Cap Rate 7%
$906,257
Cap Rate 9%
$704,867
Alternative Uses
Best Use
Office B
$906.3K
$793.0K – $1.06M
NOI $63,438 @ 7.0% cap · market cap 7.05%
Second Best
Mixed Use
$834.2K
$729.9K – $973.2K
NOI $58,392 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,269 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
Explore this area
Business Placement
Demographics for 76701, TX
1,674
Population
1,029
Households
1.6
Avg Household Size
29
Median Age
32%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,522
Density / Sq Mi
$24,593
Median Household Income
$21,897
Median Earnings
$1,008
Median Rent
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A 1923 residence currently serves as office space alongside two apartments above a garage.
Where is this mixed-use property located?
The property is located at 2424 Austin Avenue Waco, TX.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 4,563‑square‑foot main house with 5 bedrooms and 3 bathrooms; Main house currently used as rentable office space; Two one‑bedroom apartments above the garage produce income
