Aviation Hangar with High-Fold
For Sale
$235,000
27474 W Hwy 84, Waco, TX 76657
CommercialSale, Waco, TX
Property Size2,100 SF
Price / SF$111.90
Days on Market205
Property Features for 27474 W Hwy 84
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C
Subdivision
Com McGregor City Gen Nbhd
Directions
GPS 27474 W Hwy 84, McGregor, Tx 76657
Standard status
Active
APN
410294
Taxes and HOA fees
Tax Description
BRAGG L Tract 24 IMP ONLY - Private Hanger #24
Tax Annual Amount
2053
Legal Description
BRAGG L Tract 24 IMP ONLY - Private Hanger #24
Utilities
Sewer type
Public Sewer
Amenities
24-hour access
Building Details
Year built
2021
Floors in Building
1
Number of units
1
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Axio Real Estate LLC
(254) 776-8100
Listed By:
Sheila Stewart · License #528207
(254) 772-0500
Added: Feb 21
Changed: Sep 7
Last Checked: Sep 14 at 6:06AM
MLS# 21139687
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 2100 sq ft aviation hangar was constructed in 2021 and sits on an individually surveyed, leased lot at McGregor Executive Airport. The 42' x 50' structure includes a concrete pad, apron, sidewalks, epoxy flooring, and spray-foam insulation. A 38' x 14' high-fold door supports aircraft entry, while two side doors and an 8' x 8' rear rollup door provide additional access.
The facility has a water meter, public sewer hookup, commercial wiring, standard plug outlets, six interior LED ceiling lights, and two exterior LED flood lights. Twenty-four-hour access supports flexible use for aircraft storage, maintenance, repairs, and light modifications. Metal siding and a metal roof complete the building envelope.
The facility has a water meter, public sewer hookup, commercial wiring, standard plug outlets, six interior LED ceiling lights, and two exterior LED flood lights. Twenty-four-hour access supports flexible use for aircraft storage, maintenance, repairs, and light modifications. Metal siding and a metal roof complete the building envelope.
Key Highlights
- 2100 sq ft hangar at McGregor Executive Airport
- 42' x50' hangar with concrete pad, apron, and sidewalks
- 1 - 38' x 14' high‑fold aircraft access door
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
$20,804
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
8.85%
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%
$416,080
$416.1K
Cap Rate 7%
$297,200
$297.2K
Cap Rate 9%
$231,156
$231.2K
Market Conditions
NOI Build-Up for 2,100 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
$26.5K $12.60/SF
− Vacancy
−$2.0K −$0.95/SF
EGI
$24.5K $11.66/SF
− OpEx
−$3.7K −$1.75/SF
NOI
$20.8K $9.91/SF
Area
Waco, TX
Vacancy
7.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
15.00%
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%
$416,080
Cap Rate 7%
$297,200
Cap Rate 9%
$231,156
Alternative Uses
Best Use
Warehouse
$297.2K
$260.1K – $346.7K
NOI $20,804 @ 7.0% cap · market cap 8.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$554.0K
$484.8K – $646.4K
NOI $38,783 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 76657, TX
11,444
Population
4,775
Households
2.4
Avg Household Size
38
Median Age
38%
College-Educated
94%
High-School Grad
138.7 sq mi
ZIP Area
83
Density / Sq Mi
$100,160
Median Household Income
$44,526
Median Earnings
$1,228
Median Rent
$367,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Aviation real estate - Privately owned hangar provides aircraft storage, maintenance, and aviation operating space with 24-hour access.
Where is this aviation real estate located?
The property is located at 27474 W Hwy 84 Waco, TX.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2100 sq ft hangar at McGregor Executive Airport; 42' x50' hangar with concrete pad, apron, and sidewalks; 1 - 38' x 14' high‑fold aircraft access door
