2024 Duplex with Private
New
For Sale
$399,900
1215 Kellum Street, Waco, TX 76704
Two modern residences offer open layouts, private outdoor space, and included appliances near Downtown Waco and Baylor University.
Property Size2,436 SF
Days on Market5
Property Features for 1215 Kellum Street
General Information
Standard status
Active
Size
2,436 SF
Total Parking Spaces
4
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,377
Amenities
private balcony
Building Details
Building Size
2,436 SF
Year Built
2024
Buildings
1
Listing Agency:
EG Realty
Listed By:
Anel Perales · License #651652
(254) 218-4220
Source:
Whitelabelrealty
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 22 at 11:24PM
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 EG Realty
Investment Insights
Based on property information with market context.
Completed in 2024, this duplex contains two residences, each with 2 bedrooms, 2 bathrooms, and 1,218 square feet of living area. Both units use open-plan layouts with vinyl flooring, primary suites with dual-vanity bathrooms, and walk-in closets fitted with open shelving. Private balconies extend the living space for each residence.
The property includes parking for up to four vehicles, rain gutters, and appliances that convey with the sale, including washers and dryers. Its Waco setting is approximately 4 minutes from Baylor University and close to Downtown Waco, restaurants, and shops.
The property includes parking for up to four vehicles, rain gutters, and appliances that convey with the sale, including washers and dryers. Its Waco setting is approximately 4 minutes from Baylor University and close to Downtown Waco, restaurants, and shops.
Key Highlights
- 2024 construction with two separate residences
- Each unit offers 2 bedrooms, 2 bathrooms, and 1,218 square feet
- Open‑concept interiors with vinyl flooring throughout
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
$21,102
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
5.28%
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%
$422,040
$422.0K
Cap Rate 7%
$301,457
$301.5K
Cap Rate 9%
$234,467
$234.5K
Market Conditions
NOI Build-Up for 2,436 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
$33.0K $13.56/SF
− Vacancy
−$2.9K −$1.19/SF
EGI
$30.1K $12.37/SF
− OpEx
−$9.0K −$3.71/SF
NOI
$21.1K $8.66/SF
Area
Waco, TX
Vacancy
8.74%
Lease Rate
$13.56 /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%
$422,040
Cap Rate 7%
$301,457
Cap Rate 9%
$234,467
Alternative Uses
Best Use
Multifamily LT 5
$301.5K
$263.8K – $351.7K
NOI $21,102 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$277.4K
$242.7K – $323.6K
NOI $19,416 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$642.7K
$562.4K – $749.8K
NOI $44,988 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 76704, TX
7,220
Population
3,703
Households
1.9
Avg Household Size
35
Median Age
8%
College-Educated
78%
High-School Grad
5.4 sq mi
ZIP Area
1,337
Density / Sq Mi
$24,208
Median Household Income
$24,363
Median Earnings
$788
Median Rent
$112,800
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?
Duplex - Two modern residences offer open layouts, private outdoor space, and included appliances near Downtown Waco and Baylor University.
Where is this duplex located?
The property is located at 1215 Kellum Street Waco, TX.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2024 construction with two separate residences; Each unit offers 2 bedrooms, 2 bathrooms, and 1,218 square feet; Open‑concept interiors with vinyl flooring throughout
