Historic Mixed-Use
For Sale
$359,000
114 N Avenue D, Clifton, TX 76634
Versatile downtown property combines open retail space, living quarters, and a separate upstairs apartment.
Property Size2,535 SF
Price / SF$141.62
Days on Market33
Property Features for 114 N Avenue D
General Information
Standard status
Active
Size
2,535 SF
Total Parking Spaces
1
Amenities
private garden and patio area
full bath and laundry
full kitchen
clawfoot tub and shower
tall ceilings with vintage woodwork
Building Details
Year Built
1909
Buildings
1
Stories
2
Listing Agency:
COBB RANCH PROPERTIES, LLC
(254) 253-0157
Listed By:
Tai Cobb Klam · License #0594871
Source:
Minteerteam
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 28 at 1:05PM
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 COBB RANCH PROPERTIES, LLC
Investment Insights
Based on property information with market context.
Built in 1909, this 2,535-square-foot mixed-use property combines commercial space with residential accommodations. The main floor provides 1,000 square feet of open retail area plus 500 square feet of living space with a full bathroom and laundry. A private garden and patio extend the usable area, while rear-alley parking includes one owner’s space.
An upstairs apartment has a separate entrance and includes an open living area, a large bedroom, tall ceilings, vintage wood detailing, a full kitchen, and a bathroom with a clawfoot tub and shower. The property is located at 114 N Avenue D in downtown Clifton, 36 miles northwest of Waco. Clifton is identified in the source information as the Norwegian Capital of Texas and one of 48 designated Texas Cultural Districts, with the Bosque Arts Center, Art Alley murals, the Cliftex Theatre, and more than 25 restaurants, coffee shops, cocktail spots, boutiques, and specialty retailers in the downtown area.
An upstairs apartment has a separate entrance and includes an open living area, a large bedroom, tall ceilings, vintage wood detailing, a full kitchen, and a bathroom with a clawfoot tub and shower. The property is located at 114 N Avenue D in downtown Clifton, 36 miles northwest of Waco. Clifton is identified in the source information as the Norwegian Capital of Texas and one of 48 designated Texas Cultural Districts, with the Bosque Arts Center, Art Alley murals, the Cliftex Theatre, and more than 25 restaurants, coffee shops, cocktail spots, boutiques, and specialty retailers in the downtown area.
Key Highlights
- 2,535‑square‑foot mixed‑use building completed in 1909
- Main level includes 1,000 sq. ft. of open retail space
- Additional 500 sq. ft. of living quarters with full bath and laundry
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
$32,440
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
9.04%
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%
$648,800
$648.8K
Cap Rate 7%
$463,429
$463.4K
Cap Rate 9%
$360,444
$360.4K
Market Conditions
NOI Build-Up for 2,535 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
$59.3K $23.40/SF
− Vacancy
−$7.4K −$2.93/SF
EGI
$51.9K $20.47/SF
− OpEx
−$19.5K −$7.68/SF
NOI
$32.4K $12.80/SF
Area
Bosque County, TX
Vacancy
12.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
37.50%
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%
$648,800
Cap Rate 7%
$463,429
Cap Rate 9%
$360,444
Alternative Uses
Best Use
Mixed Use
$463.4K
$405.5K – $540.7K
NOI $32,440 @ 7.0% cap · market cap 9.04%
Second Best
Retail
$422.0K
$369.3K – $492.3K
NOI $29,540 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$668.8K
$585.2K – $780.3K
NOI $46,816 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
Explore this area
Business Placement
Demographics for 76634, TX
7,313
Population
3,660
Households
2
Avg Household Size
52
Median Age
29%
College-Educated
87%
High-School Grad
284.0 sq mi
ZIP Area
26
Density / Sq Mi
$72,654
Median Household Income
$41,075
Median Earnings
$920
Median Rent
$190,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile downtown property combines open retail space, living quarters, and a separate upstairs apartment.
Where is this mixed-use property located?
The property is located at 114 N Avenue D Clifton, TX.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 2,535‑square‑foot mixed‑use building completed in 1909; Main level includes 1,000 sq. ft. of open retail space; Additional 500 sq. ft. of living quarters with full bath and laundry
