The Curry Building
For Sale
$3,950,000
611 Washington Avenue, Waco, TX 76701
CommercialSale, Waco, TX
Property Size11,595 SF
Lot Size0.34 Acres
Price / SF$340.66
Days on Market227
Property Features for 611 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
City of Waco C-4 Zoning: Central Commercial District
Parking features
On Street, Off Street
Subdivision
Sales Annex
Directions
GPS
Standard status
Active
APN
480366030001000
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
SALES ANNEX LOT 1 BLOCK A ACRES .343
Tax Annual Amount
43547
Legal Description
SALES ANNEX LOT 1 BLOCK A ACRES .343
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1951
Floors in Building
2
Number of units
3
Building materials
Brick
Roof type
Metal
Listing Agency:
Harrell Realty Company
(254) 772-8572
Listed By:
Hunter Harrell · License #TX-619933
(254) 776-7599
Added: Jan 21
Changed: Aug 23
Last Checked: Sep 5 at 12:06PM
MLS# 20928503
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.
The Curry Building is a brick storefront property in downtown Waco with 11,595 SF of commercial space. Built in 1951, the structure includes central heating, central air, ceiling fans, a metal roof, and public water and sewer service. C-4 zoning identifies the site as part of the Central Commercial District.
Located at 611 Washington Avenue, the property sits within Waco’s downtown district near Magnolia Market at the Silos and the Waco Suspension Bridge. Parking is available both on the street and off street. The 0.343-acre site offers an established commercial setting for retail operations or other uses supported by the applicable zoning.
Located at 611 Washington Avenue, the property sits within Waco’s downtown district near Magnolia Market at the Silos and the Waco Suspension Bridge. Parking is available both on the street and off street. The 0.343-acre site offers an established commercial setting for retail operations or other uses supported by the applicable zoning.
Key Highlights
- 11,595 SF brick storefront building constructed in 1951
- C‑4 (Central Commercial District) zoning
- 0.343‑acre site at 611 Washington Avenue, Waco, TX 76701
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
$135,115
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
3.42%
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%
$2,702,300
$2.7M
Cap Rate 7%
$1,930,214
$1.9M
Cap Rate 9%
$1,501,278
$1.5M
Market Conditions
NOI Build-Up for 11,595 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
$215.7K $18.60/SF
− Vacancy
−$22.6K −$1.95/SF
EGI
$193.0K $16.65/SF
− OpEx
−$57.9K −$4.99/SF
NOI
$135.1K $11.65/SF
Area
Waco, TX
Vacancy
10.50%
Lease Rate
$18.60 /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%
$2,702,300
Cap Rate 7%
$1,930,214
Cap Rate 9%
$1,501,278
Alternative Uses
Best Use
Retail
$1.93M
$1.69M – $2.25M
NOI $135,115 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,136 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,906
Businesses Nearby
32k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Hotels & Casinos 39%
Dining 6%
Home Improvements & Furnishings 3%
Wells Fargo
Shops & Services
9,047 visits/mo
0.2 miles
Hotel Indigo Waco - Baylor
Hotels & Casinos
6,248 visits/mo
0.4 miles
Sunoco
Shops & Services
4,133 visits/mo
0.5 miles
Courtyard Waco
Hotels & Casinos
3,740 visits/mo
0.3 miles
Residence Inn Waco
Hotels & Casinos
2,382 visits/mo
0.5 miles
Demographics for 76701, TX
1,674
Population
1,029
Households
1.6
Avg Household Size
29
Median Age
32%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,522
Density / Sq Mi
$24,593
Median Household Income
$21,897
Median Earnings
$1,008
Median Rent
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial building with C-4 zoning and central downtown placement.
Where is this storefront property located?
The property is located at 611 Washington Avenue Waco, TX.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 11,595 SF brick storefront building constructed in 1951; C‑4 (Central Commercial District) zoning; 0.343‑acre site at 611 Washington Avenue, Waco, TX 76701
