Multifamily Property with New
For Sale
$575,000
700 Hines Avenue, Waco, TX 76706
Income-generating multifamily property near Baylor University, featuring newly installed flooring and updated contemporary interiors.
Property Size2,612 SF
Price / SF$220.14
Days on Market1163
Property Features for 700 Hines Avenue
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$10,395
Amenities
Central Air, Electric, Gas
3
Dishwasher, Washer, Dryer, Disposal, Microwave, Range, Refrigerator, Oven
Double Pane
Composition
Other
O-2
Parking. Fenced Yard.
No Parking, Assigned Parking Space, On Street.
Other.
Building Details
Year Built
2021
Listing Agency:
Coldwell Banker Apex, REALTORS
(254) 776-0000
Listed By:
Garrett Alders · License #0740733
(254) 292-0817
Source:
Xome
Added: Jul 3, 2023
Changed: Sep 1
Last Checked: Sep 7 at 4:51AM
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 Coldwell Banker Apex, REALTORS
Investment Insights
Based on property information with market context.
This income-generating multifamily property presents contemporary interiors with a semi-open concept design that connects living areas to kitchens. The residence features newly installed flooring throughout and updated kitchen finishes, including granite countertops, intended to support both comfortable day-to-day living and long-term durability.
Located at 700 Hines Avenue in Waco, Texas, the property offers convenient access to Baylor University and the downtown district, with the amenities of dining, shopping, and entertainment described as nearby in the surrounding area.
Overall, the building is positioned as a multifamily option for buyers seeking an income-producing property with recently refreshed flooring and modern kitchen upgrades.
Located at 700 Hines Avenue in Waco, Texas, the property offers convenient access to Baylor University and the downtown district, with the amenities of dining, shopping, and entertainment described as nearby in the surrounding area.
Overall, the building is positioned as a multifamily option for buyers seeking an income-producing property with recently refreshed flooring and modern kitchen upgrades.
Key Highlights
- Year built 2021 income‑generating multifamily property near Baylor University
- Central air with electric and gas heating
- Appliances include dishwasher, washer, dryer, disposal, microwave, range, refrigerator, and oven
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
$20,819
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
3.62%
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%
$416,380
$416.4K
Cap Rate 7%
$297,414
$297.4K
Cap Rate 9%
$231,322
$231.3K
Market Conditions
NOI Build-Up for 2,612 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
$41.7K $15.96/SF
− Vacancy
−$3.8K −$1.47/SF
EGI
$37.9K $14.49/SF
− OpEx
−$17.0K −$6.52/SF
NOI
$20.8K $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%
$416,380
Cap Rate 7%
$297,414
Cap Rate 9%
$231,322
Alternative Uses
Best Use
Apartment 5plus
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$689.1K
$603.0K – $804.0K
NOI $48,238 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 76706, TX
39,303
Population
16,600
Households
2.4
Avg Household Size
27
Median Age
23%
College-Educated
85%
High-School Grad
72.3 sq mi
ZIP Area
544
Density / Sq Mi
$42,277
Median Household Income
$23,954
Median Earnings
$1,063
Median Rent
$180,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Income-generating multifamily property near Baylor University, featuring newly installed flooring and updated contemporary interiors.
Where is this multifamily property located?
The property is located at 700 Hines Avenue Waco, TX.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Year built 2021 income‑generating multifamily property near Baylor University; Central air with electric and gas heating; Appliances include dishwasher, washer, dryer, disposal, microwave, range, refrigerator, and oven
