Downtown Investment Opportunity in
For Sale
$3,218,000
1018 - 1020 Franklin Ave, Waco, TX 76701
Fully leased retail building near major downtown developments.
Property Size9,600 SF
Price / SF$335.21
Days on Market400
Property Features for 1018 - 1020 Franklin Ave
General Information
Standard status
Active
Size
9,600 SF
Property subtype
Retail
Building Details
Building Size
9,600 SF
Listing Agency:
Cromwell Commercial Group
Listed By:
Gregg Glime · License #0620081
(254) 313-0000
Source:
Cbcworldwide
Added: Sep 10, 2025
Changed: Sep 13
Last Checked: Oct 12 at 4:32PM
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 Cromwell Commercial Group
Investment Insights
Based on property information with market context.
This investment opportunity is located in downtown Waco. The 0.48-acre property is anchored by Milo and situated near the recently completed 100,000+ square foot Magnolia HQ. The property is also within walking distance of the new riverfront development and the Baylor Basketball Arena. The building is fully leased with well-known tenants and is prominently located at the lighted intersection of Franklin Avenue and 11th Street.
Key Highlights
- Fully leased building with strong, well‑known tenants.
- Prime downtown location at the lighted intersection of Franklin Avenue and 11th Street.
- Anchored by Milo, a prominent tenant.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$111,868
Cap Rate
3.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,237,360
$2.2M
Cap Rate 7%
$1,598,114
$1.6M
Cap Rate 9%
$1,242,978
$1.2M
Market Conditions
NOI Build-Up for 9,600 SF
Gross rent
$178.6K $18.60/SF
− Vacancy
−$18.7K −$1.95/SF
EGI
$159.8K $16.65/SF
− OpEx
−$47.9K −$4.99/SF
NOI
$111.9K $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 Rate 5%
$2,237,360
Cap Rate 7%
$1,598,114
Cap Rate 9%
$1,242,978
Alternative Uses
Best Use
Retail
$1.60M
$1.40M – $1.86M
NOI $111,868 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.22M – $2.95M
NOI $177,293 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,131
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 22%
Home Improvements & Furnishings 18%
Electronics 13%
L&L Hawaiian Barbecue
Dining
1,982 visits/mo
0.4 miles
Terminix
Shops & Services
1,630 visits/mo
0.4 miles
Cash America Pawn
Shops & Services
1,436 visits/mo
0.4 miles
Metro by T-Mobile
Electronics
1,228 visits/mo
0.4 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
1,036 visits/mo
0.2 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Fully leased retail building near major downtown developments.
Where is this retail space located?
The property is located at 1018 - 1020 Franklin Ave Waco, TX.
What is the asking price?
The asking price for this property is $3,218,000.
What are key features of this property?
This property features: Fully leased building with strong, well‑known tenants.; Prime downtown location at the lighted intersection of Franklin Avenue and 11th Street.; Anchored by Milo, a prominent tenant.
