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    Waco Duplex with Private Garages Title is generated by Realmo AI

    261 Audrey Avenue, Waco, TX 76705

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    Claim this Listing
    For Sale
    $299,900

    MULTI_FAMILY - Waco, TX

    Property size:
    2,040 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $147/SF
    Added:
    May 2, 2026
    Days on Market:
    32
    Last Refresh:
    Jun 2 at 6:06 pm

    Property Features for 261 Audrey Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 3, Bedroom 2
    Parking
    2
    Parking features
    Open, Garage, Driveway
    Patio and Porch features
    Patio, Porch
    Interior features
    HighSpeedInternet, WalkInClosets, WiredForSound
    Exterior features
    RainGutters
    Appliances
    Dishwasher, ElectricRange, ElectricWaterHeater, Microwave, Refrigerator
    Standard status
    Active
    APN
    200226000073005
    Size
    2,040 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Description
    CHALK BLUFF LOT 7 BLOCK 4 ACRES .3564
    Tax Annual Amount
    2641

    Utilities

    Sewer type
    Aerobic Septic
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air, Ceiling Fan(s)

    Building Details

    Year built
    1984
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Simulatedwood
    Building materials
    Brick, FiberCement
    Roof type
    Composition

    We can help!

    Listing Contact
    Patricia Meadows
    Patricia Meadows

    Listing agent Patricia Meadows License #0488304

    Listing office Graceland Real Estate Lorena, TX

    Listing date May 2, 2026

    MLS# 21247834 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

    • Well‑maintained brick duplex, ideal for investors or owner‑occupants.
    • Each unit features 2 bedrooms, 2 full bathrooms, approximately 1,020 sq ft.
    • Private garage for each unit.
    • Located in Connally ISD.
    • Strong potential for rental income or multi‑generational living.
    • Includes appliances: Dishwasher, Microwave, Range, Refrigerator, Washer.

    Overview

    This well-maintained brick duplex is located within Connally ISD. Each unit provides approximately 1,020 square feet of living space and includes 2 bedrooms, 2 full bathrooms, and a private garage. The property is situated in Waco, offering convenient access to local amenities. The units feature comfortable living spaces with well-sized bedrooms and practical floorplans. The property, set on a 0.3564-acre lot, presents a potential opportunity for rental income or multi-generational living.

    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 $27.7k $13.56
    − Vacancy −$2.4k −$1.19
    EGI $25.2k $12.37
    − OpEx −$7.6k −$3.71
    NOI $17.7k $8.66
    2,040 SF · lease $13.56/SF/yr · vacancy 8.74% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $252.4K
    $220.9K – $294.5K (±1% cap)
    NOI $17,671 @ 7.0% cap · market cap 5.89%
    Second Best
    Apartment 5plus
    $232.3K
    $203.3K – $271.0K (±1% cap)
    NOI $16,260 @ 7.0% cap · market cap 5.42%
    Theoretical Best
    Office A
    $538.2K
    $470.9K – $627.9K (±1% cap)
    NOI $37,675 @ 7.0% cap · market cap 12.56%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Boss up barbershop Barber Shop

    Suggested Use

    Real Estate Agency Auto Repair Shop Department Store Hotel & Motel Barber Shop Storage Facility Pet Store Tanning Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.1385727
    Latitude
    31.6421996

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex in Waco, TX, with private garages.
    Where is this duplex located?
    The property is located at 261 Audrey Avenue Waco, TX.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: Well‑maintained brick duplex, ideal for investors or owner‑occupants.; Each unit features 2 bedrooms, 2 full bathrooms, approximately 1,020 sq ft.; Private garage for each unit.
    (254) 772-7788
    We can help!
    Listing Contact
    Patricia Meadows
    Patricia Meadows
    Real Estate License ID: 0488304
    Learn More
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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.

    More about this property
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