Triplex with Three Residential
For Sale
$300,000
2604 Lasker Avenue, Waco, TX 76707
MULTI_FAMILY - Waco, TX
Property Size2,410 SF
Price / SF$124.48
Days on Market51
Property Features for 2604 Lasker Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R-1B
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 3
Parking features
On Street
Appliances
Refrigerator
Subdivision
Provident
Elementary school district
Waco ISD
Middle school district
Waco ISD
High school district
Waco ISD
Directions
GPS
Standard status
Active
APN
186328
Taxes and HOA fees
Tax Description
PROVIDENT Lot 2 Block 44 Acres .1894
Tax Annual Amount
2654
Legal Description
PROVIDENT Lot 2 Block 44 Acres .1894
Utilities
Heating system
Electric (Heating)
Cooling system
Electric
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Harrell Realty Company
(254) 772-8572
Listed By:
Hunter Harrell · License #TX-619933
(254) 776-7599
Added: Jul 17
Changed: Aug 5
Last Checked: Sep 5 at 3:06PM
MLS# 225752
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 triplex at 2604 Lasker Avenue was built in 1920 and includes three separate residential units. Unit A offers three bedrooms and one bathroom with approximately 1,090 SF. Unit B offers one bedroom and one bathroom with approximately 660 SF. Unit C also offers one bedroom and one bathroom with approximately 660 SF.
The units are equipped with electric heating and electric cooling, and the property includes a refrigerator appliance. Parking is available on street, and the roof is described as composition.
Tenant lease details are available upon request. The property is also presented as part of a larger Lasker Avenue investment package, with the option to purchase as a single offering or grouped with other properties.
The units are equipped with electric heating and electric cooling, and the property includes a refrigerator appliance. Parking is available on street, and the roof is described as composition.
Tenant lease details are available upon request. The property is also presented as part of a larger Lasker Avenue investment package, with the option to purchase as a single offering or grouped with other properties.
Key Highlights
- Unit A: 3BR/1BA with approximately 1,090 SF
- Unit B: 1BR/1BA with approximately 660 SF
- Unit C: 1BR/1BA with approximately 660 SF
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
$20,876
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
6.96%
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%
$417,520
$417.5K
Cap Rate 7%
$298,229
$298.2K
Cap Rate 9%
$231,956
$232.0K
Market Conditions
NOI Build-Up for 2,410 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
$32.7K $13.56/SF
− Vacancy
−$2.9K −$1.19/SF
EGI
$29.8K $12.37/SF
− OpEx
−$8.9K −$3.71/SF
NOI
$20.9K $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%
$417,520
Cap Rate 7%
$298,229
Cap Rate 9%
$231,956
Alternative Uses
Best Use
Multifamily LT 5
$298.2K
$261.0K – $347.9K
NOI $20,876 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$274.4K
$240.1K – $320.2K
NOI $19,209 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$635.8K
$556.4K – $741.8K
NOI $44,508 @ 7.0% cap · market cap 14.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
323
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?
Triplex - Triplex built in 1920 with electric heat and cooling across three units, plus on-street parking.
Where is this triplex located?
The property is located at 2604 Lasker Avenue Waco, TX.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Unit A: 3BR/1BA with approximately 1,090 SF; Unit B: 1BR/1BA with approximately 660 SF; Unit C: 1BR/1BA with approximately 660 SF
