Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Turnkey Two-Home Short-Term Rental Title is generated by Realmo AI

    602-606 S 8th Street, Waco, TX 76706

    View on Map
    Claim this Listing
    For Sale
    $1,399,000

    MULTI_FAMILY - Waco, TX

    Property size:
    4,264 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $328/SF
    Added:
    Apr 30, 2026
    Days on Market:
    36
    Last Refresh:
    Jun 4 at 5:06 am

    Property Features for 602-606 S 8th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    8
    Rooms
    Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 1, Bathroom 7, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 8, Bathroom 6, Bedroom 4
    Parking
    6
    Security features
    Security
    Interior features
    DecorativeDesignerLightingFixtures, EatInKitchen, GraniteCounters, KitchenIsland, MultipleMasterSuites, OpenFloorplan, WalkInClosets
    Appliances
    Dryer, Dishwasher, ElectricRange, ElectricWaterHeater, Disposal, Microwave, Refrigerator, Washer
    Standard status
    Active
    APN
    480003070001000
    Size
    4,264 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Description
    ADAMS & AMES LOT 2 BLOCK 1 ACRES 0.178
    Tax Annual Amount
    8207

    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
    2022
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Concrete
    Building materials
    Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    Blaire Mooney

    Listing agent Blaire Mooney License #0526291

    Listing office Magnolia Realty Waco, TX

    Listing date Apr 30, 2026

    MLS# 21192983 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

    • Two brownstone‑style short‑term rental homes built in 2022
    • O‑2 zoning in the Silo District with no restrictions on short‑term rental use (per remarks)
    • Each home accommodates 7 guests; option to reserve both properties for larger groups
    • Each bedroom has an en suite bathroom; multiple master suites with downstairs primary suites
    • Eat‑in kitchen with granite counters and kitchen island; washers and dryers included
    • Public water and public sewer; brick construction with composition roof

    Overview

    This offering features two spacious brownstone-style retreats designed for an elevated guest experience, each operating as an active, professionally managed short-term rental. Both homes include expansive living, kitchen, and dining spaces that work well for hosting and gathering. A downstairs primary suite is provided in each home with a spa-style bathroom, and every bedroom includes an en-suite bathroom. The properties are furnished and presented as turnkey accommodations, with fully stocked kitchens suited for extended stays, along with washers and dryers on-site. Each home comfortably accommodates up to 7 guests, with the option to reserve both properties together for larger groups.

    Set in the heart of downtown Waco, the location is within walking distance to Magnolia Market at the Silos and just minutes from Baylor University. The Armstrong and Fitzgerald are positioned to serve Baylor families, game-day visitors, and weekend travelers year-round. Adding to the investment profile is the property’s coveted O-2 zoning in the Silo District, described as having no restrictions on short-term rental use.

    For investors or operators seeking immediate income potential, these homes offer proven performance as top-performing short-term rentals with operational continuity from day one. The configuration supports both individual bookings and larger-group stays, while the turn-key setup can help reduce lead time between ownership and revenue generation.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.129181
    Latitude
    31.550493

    Nearby Similar for Sale

    • $600,000

      Automotive Repair and Warehouse Building

      Fully functioning automotive facility with multiple roll-up doors and added warehouse space in the back.
      3421 Franklin Avenue, Waco, TX 76710
      View Details
    • $895,000

      Multi-Unit Flex Warehouse Building

      Two separate warehouse-flex units with breezeway and enclosed rear patio provide flexible storage and workspace options.
      1013 Austin Avenue, Waco, TX 76701
      View Details
    • $1,150,000

      Landmark Office Building with Secured Lobby

      Iconic, recently refreshed office building with key-card lobby access, private offices, and abundant parking for professional use.
      3901 W Waco Drive, Waco, TX 76710
      View Details
    • $1,200,000

      Industrial Development Land Zoned C-2

      Versatile 5-acre site with C-2 mixed-use zoning, supporting warehousing, equipment storage, and large-format retail development.
      1300 S Loop Drive, Waco, TX 76704
      View Details
    • $550,000

      Corner Lot Worship and School Facility

      Well-maintained facility with classrooms, offices, gathering space, and fenced play yards on a highly visible corner lot.
      2225 Cumberland Avenue, Waco, TX 76707
      View Details
    • $2,750,000

      Historic Hospitality Property

      Historic barns, a short-term rental, and a flexible commercial building create a destination-driven opportunity.
      230 Halbert Ln, Waco, TX 76705
      View Details
    • $320,000

      Three-Bay Automotive Service Building

      Versatile C-3 property with three bay doors and strong street visibility, well-suited for automotive uses or office/creative conversions.
      2115 Franklin Avenue, Waco, TX 76701
      View Details
    • $634,000

      Single-Story Masonry Commercial Building

      C3 zoned property with direct road frontage and drive-around surface parking for convenient customer access.
      10215 China Spring Road, Waco, TX 76708
      View Details
    • $525,000

      Versatile Office Building with O-2 Zoning

      Updated office building with a mostly open interior, multiple restrooms, and O-2 zoning for flexible business use.
      1311 N New Road, Waco, TX 76710
      View Details
    • $325,000

      Corner Office Building

      Highly visible corner property with a main building plus modular unit, formerly operating as a daycare in Waco.
      2000 N 25th Street, Waco, TX 76708
      View Details
    • $399,900
      2,402 SF

      Turnkey Brick Duplex Investment

      Newly built brick duplex offers two leased units with private patios, durable finishes, and investor-friendly efficiency features.
      3407 Pewitt Drive, Waco, TX 76706
      View Details
    • $685,000

      Specialty Commercial Building with Rear Entrance

      A flexible downtown space with high ceilings and a dedicated backroom served by a rear entrance.
      707 Austin Avenue, Waco, TX 76701
      View Details

    FAQs

    What type of property is this?
    Short term rental property - Two brownstone-style short-term rentals with en-suite baths and in-unit laundry, positioned in downtown Waco’s Silo District.
    Where is this short term rental property located?
    The property is located at 602-606 S 8th Street Waco, TX.
    What is the asking price?
    The asking price for this property is $1,399,000.
    What are key features of this property?
    This property features: Two brownstone‑style short‑term rental homes built in 2022; O‑2 zoning in the Silo District with no restrictions on short‑term rental use (per remarks); Each home accommodates 7 guests; option to reserve both properties for larger groups
    (254) 744-4091
    We can help!
    Listing Contact
    Blaire Mooney
    Real Estate License ID: 0526291
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    602-606 S 8th Street, Waco, TX 76706
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!