5-Unit Townhome
New
For Sale
$950,000
10 12 14 16 20 Addi Lane 10 12 14 16 20, Waco, TX 76705
Occupied multifamily asset with varied unit sizes, tenant-paid utilities, and a mix of long-term and month-to-month leases.
Property Size6,036 SF
Price / SF$157.39
Days on Market5
Property Features for 10 12 14 16 20 Addi Lane 10 12 14 16 20
General Information
Standard status
Active
Size
6,036 SF
Units
Unit Mix
3 x 3BR/2BA (1,520 SF), 2 x 1BR/1BA (738 SF)
Multifamily Units
5
Additional Details
Highway Access
Yes
Building Details
Year Built
2007
Listing Agency:
Texas Luxury and Land
(254) 749-2175
Listed By:
Kolbey Carpenter
Source:
Minteerteam
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 7:23PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Texas Luxury and Land
Investment Insights
Based on property information with market context.
This multifamily offering includes five townhomes totaling 6,036 SF, with three 3-bedroom, 2-bath units measuring 1,520 SF each and two 1-bedroom, 1-bath units measuring 738 SF each. The units are occupied, and tenants pay all utilities. Every townhome received a new roof in July 2025.
Four units are leased on a long-term basis, while the remaining unit is occupied month-to-month. The property is located near I-35, TSTC Technical College, and Downtown Waco. A rent roll and financial statements are available through the listing agent.
Four units are leased on a long-term basis, while the remaining unit is occupied month-to-month. The property is located near I-35, TSTC Technical College, and Downtown Waco. A rent roll and financial statements are available through the listing agent.
Key Highlights
- Five townhomes totaling 6,036 SF
- Three 3‑bedroom, 2‑bath units at 1,520 SF each
- Two 1‑bedroom, 1‑bath units at 738 SF each
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
$48,109
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
5.06%
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%
$962,180
$962.2K
Cap Rate 7%
$687,271
$687.3K
Cap Rate 9%
$534,544
$534.5K
Market Conditions
NOI Build-Up for 6,036 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
$96.3K $15.96/SF
− Vacancy
−$8.9K −$1.47/SF
EGI
$87.5K $14.49/SF
− OpEx
−$39.4K −$6.52/SF
NOI
$48.1K $7.97/SF
Area
Waco, TX
Vacancy
9.20%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$962,180
Cap Rate 7%
$687,271
Cap Rate 9%
$534,544
Alternative Uses
Best Use
Apartment 5plus
$687.3K
$601.4K – $801.8K
NOI $48,109 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,473 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,307
Businesses Nearby
Explore this area
Business Placement
Demographics for 76705, TX
31,736
Population
12,107
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
80%
High-School Grad
118.6 sq mi
ZIP Area
268
Density / Sq Mi
$54,881
Median Household Income
$33,076
Median Earnings
$941
Median Rent
$167,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Occupied multifamily asset with varied unit sizes, tenant-paid utilities, and a mix of long-term and month-to-month leases.
Where is this multifamily property located?
The property is located at 10 12 14 16 20 Addi Lane 10 12 14 16 20 Waco, TX.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Five townhomes totaling 6,036 SF; Three 3‑bedroom, 2‑bath units at 1,520 SF each; Two 1‑bedroom, 1‑bath units at 738 SF each
