Office/Retail Building on Corner
For Sale
$320,000
2419 Herring Avenue B, Waco, TX 76708
Built in 2009, the property offers two separate suites with ample on-site parking and flexible interior layout.
Property Size1,820 SF
Days on Market48
Property Features for 2419 Herring Avenue B
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Office
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$4,142
Building Details
Building Size
1,820 SF
Year Built
2009
Listing Agency:
AG Real Estate & Associates
Listed By:
Ashton Gustafson · License #0540858
(940) 691-7355
Source:
Whitelabelrealty
Added: Jul 20
Changed: Aug 25
Last Checked: Sep 4 at 9:39AM
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 AG Real Estate & Associates
Investment Insights
Based on property information with market context.
Located in the heart of Waco, 2419 Herring Avenue presents a versatile commercial building constructed in 2009 and configured as two separate suites. One suite was previously used as a check-cashing business, while the other includes a spacious reception and lobby area, three private offices, and a restroom. The existing layout supports a range of professional and retail-oriented uses.
The property sits on a prominent corner lot with ample on-site parking, and it is described as having excellent visibility and convenient access.
For buyers seeking a functional floor plan with potential for two tenants, this building provides a practical setup for an owner-occupant or a combination of workplace and customer-facing operations, depending on the end use.
The property sits on a prominent corner lot with ample on-site parking, and it is described as having excellent visibility and convenient access.
For buyers seeking a functional floor plan with potential for two tenants, this building provides a practical setup for an owner-occupant or a combination of workplace and customer-facing operations, depending on the end use.
Key Highlights
- Built in 2009, 2419 Herring Avenue is configured as two separate suites for flexible commercial use.
- Corner lot with ample on‑site parking for customer and tenant access.
- Suite details: spacious reception and lobby, three private offices, and a restroom.
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
$25,303
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
7.91%
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%
$506,060
$506.1K
Cap Rate 7%
$361,471
$361.5K
Cap Rate 9%
$281,144
$281.1K
Market Conditions
NOI Build-Up for 1,820 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
$40.4K $22.20/SF
− Vacancy
−$6.7K −$3.66/SF
EGI
$33.7K $18.54/SF
− OpEx
−$8.4K −$4.63/SF
NOI
$25.3K $13.90/SF
Area
Waco, TX
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$506,060
Cap Rate 7%
$361,471
Cap Rate 9%
$281,144
Alternative Uses
Best Use
Office B
$361.5K
$316.3K – $421.7K
NOI $25,303 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$480.2K
$420.2K – $560.2K
NOI $33,612 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
Explore this area
Business Placement
Demographics for 76708, TX
28,499
Population
11,241
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
85%
High-School Grad
48.1 sq mi
ZIP Area
592
Density / Sq Mi
$66,764
Median Household Income
$39,409
Median Earnings
$1,087
Median Rent
$204,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Built in 2009, the property offers two separate suites with ample on-site parking and flexible interior layout.
Where is this office units located?
The property is located at 2419 Herring Avenue B Waco, TX.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Built in 2009, 2419 Herring Avenue is configured as two separate suites for flexible commercial use.; Corner lot with ample on‑site parking for customer and tenant access.; Suite details: spacious reception and lobby, three private offices, and a restroom.
