Mid-Century Modern Highrise
For Sale
$279,900
4924 Cobbs Drive #5C, Waco, TX 76710
Impressive 2-bedroom condo with amenities in Waco's Lake Highlands.
Property Size1,538 SF
Price / SF$181.99
Days on Market549
Property Features for 4924 Cobbs Drive #5C
General Information
Standard status
Active
Size
1,538 SF
Property subtype
Condominium
Amenities
Security System
Cable Ready
Central Air
Ceiling Fan(s)
Central
Electric
Dishwasher
Electric Cooktop
Electric Oven
Electric Range
Electric Water Heater
Gas Water Heater
Ice Maker
Microwave
Refrigerator
Vented Exhaust Fan
Wine Cooler
Deck, Gated Entry, Patio, Porch, Electricity Connected, Phone Available, Sewer Available, Water Available, Cable Available
Building Details
Building Size
1,538 SF
Year Built
1966
Stories
10
Listing Agency:
Keller Williams Realty, Waco
Listed By:
Marcia Bennett · License #566187
(254) 744-2299
Source:
Kw
Added: Mar 21, 2025
Changed: Sep 7
Last Checked: Sep 19 at 2:29PM
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 Keller Williams Realty, Waco
Investment Insights
Based on property information with market context.
This mid-century modern ten-story building offers convenient access to Waco amenities. Located on the 5th floor, this corner highrise condo features 2 bedrooms, 3 bathrooms, and 1538 square feet. The property is pet and child-friendly, offering a lock-and-leave lifestyle. The isolated bedrooms each have their own bathrooms, with an additional full bath located off the living area. Balconies on two sides of the building provide treetop views of the Lake Highlands neighborhood. The basement includes a game room with a pool table, kitchenette, sitting/TV area, library, and exercise equipment. Additional basement amenities include storage, freezer space, a laundromat, and a vending area. A trash chute is conveniently located on every floor. The park-like pool area features mature trees, a grill, and umbrella-covered tables. The climate-controlled pool house includes a kitchen, restrooms, and a reflection pond. Two assigned covered parking spaces are provided in a gated area with remotely opened gates. A large fenced dog park and a gunite pool are located under the trees. HOA dues cover electricity, water, trash, basic cable, internet, heating/cooling, hot water, security, pool, parking, and basement storage.
Key Highlights
- HOA dues cover all utilities: electricity, water, trash, basic cable, internet, heating/cooling, and hot water.
- Enjoy treetop views from two balconies overlooking the Lake Highlands neighborhood.
- Building amenities include a basement game room, additional storage, laundromat, gated covered parking, dog park, and a gunite pool with climate‑controlled pool house.
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
$12,259
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
4.38%
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%
$245,180
$245.2K
Cap Rate 7%
$175,129
$175.1K
Cap Rate 9%
$136,211
$136.2K
Market Conditions
NOI Build-Up for 1,538 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
$24.5K $15.96/SF
− Vacancy
−$2.3K −$1.47/SF
EGI
$22.3K $14.49/SF
− OpEx
−$10.0K −$6.52/SF
NOI
$12.3K $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%
$245,180
Cap Rate 7%
$175,129
Cap Rate 9%
$136,211
Alternative Uses
Best Use
Apartment 5plus
$175.1K
$153.2K – $204.3K
NOI $12,259 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$405.8K
$355.1K – $473.4K
NOI $28,404 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 76710, TX
24,874
Population
12,391
Households
2
Avg Household Size
38
Median Age
32%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,675
Density / Sq Mi
$53,304
Median Household Income
$36,425
Median Earnings
$1,098
Median Rent
$229,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Impressive 2-bedroom condo with amenities in Waco's Lake Highlands.
Where is this apartment building located?
The property is located at 4924 Cobbs Drive #5C Waco, TX.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: HOA dues cover all utilities: electricity, water, trash, basic cable, internet, heating/cooling, and hot water.; Enjoy treetop views from two balconies overlooking the Lake Highlands neighborhood.; Building amenities include a basement game room, additional storage, laundromat, gated covered parking, dog park, and a gunite pool with climate‑controlled pool house.
