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    Historic Event Center Title is generated by Realmo AI

    520 Elm Street, Waco, TX 76704

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    Claim this Listing
    For Sale
    $1,600,000

    COMMERCIAL - Waco, TX

    Lot size:
    0.13 Acres
    Added:
    Feb 17, 2026
    Days on Market:
    108
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 520 Elm Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    On Street
    Standard status
    Active
    APN
    480346000077016
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Description
    RENICK LOT 5 BLOCK 13 ACRES .132
    Tax Annual Amount
    4484

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    1928
    Floors in Building
    2
    Number of units
    1
    Flooring type
    Laminate, Tile
    Building materials
    Stucco
    Roof type
    Flat, Mixed, Metal

    We can help!

    Listing Contact
    Mitzi Eves
    Mitzi Eves

    Listing agent Mitzi Eves License #0485908

    Listing office Coldwell Banker Realty Flower Mound, TX

    Listing date Feb 17, 2026

    MLS# 21178704

    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

    • Historic 1928 Brazos Event Center at 520 Elm Ave, Waco, TX 76704
    • Rental event facility with open downstairs entertaining area and upstairs private rooms for meetings or preparation
    • Kitchen includes stainless steel sinks, prep tables, commercial refrigerator, and ice maker
    • ADA‑compliant restrooms and sprinkler system
    • Capacity supported by Fire Marshall occupancy of 289
    • Included items: 22 round tables, 7 rectangle tables, and about 300 folding chairs

    Overview

    The Brazos Event Center is a historic 1928 building offered for sale as an event center and rental space. The downstairs level features an open entertaining area plus a kitchen with stainless steel sinks, prep tables, a commercial refrigerator, and an ice maker, along with ADA-compliant restrooms. The upstairs level includes private rooms intended for meetings or preparation, such as bride and groom rooms. Additional amenities include multiple storage closets, a sprinkler system, three CHA units, and tables and seating suitable for large gatherings, including 22 round tables, seven rectangle tables, and approximately 300 folding chairs. The building is being sold AS IS, with income and expense information available upon request.

    Located at 520 Elm Street in Waco’s Elm Avenue District, the property sits within a Public Improvement District. The listing notes it is minutes from several Waco-area attractions and venues, and that the corridor is part of a broader redevelopment effort that includes a new convention center and performing arts venue planned for groundbreaking in 2026. Construction of 12 new townhouses is also described as breaking ground across the street. The City of Waco Fire Marshall has occupancy stated as 289.

    This property is well-suited for operators seeking a ready-to-run event venue for weddings and receptions, anniversaries, proms, quinceaneras, and similar gatherings. With dedicated prep space, substantial seating and tables, and built-in event infrastructure, the facility can support frequent bookings while providing a functional layout for both guests and staff.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wedding venues

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.123995
    Latitude
    31.56618

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    FAQs

    What type of property is this?
    Wedding venue - Historic 1928 event center with flexible indoor event space, ADA restrooms, and banquet-ready amenities.
    Where is this wedding venue located?
    The property is located at 520 Elm Street Waco, TX.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Historic 1928 Brazos Event Center at 520 Elm Ave, Waco, TX 76704; Rental event facility with open downstairs entertaining area and upstairs private rooms for meetings or preparation; Kitchen includes stainless steel sinks, prep tables, commercial refrigerator, and ice maker
    (972) 691-7580
    We can help!
    Listing Contact
    Mitzi Eves
    Mitzi Eves
    Real Estate License ID: 0485908
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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.

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