Renovated Duplex with Conversion
For Sale
$329,000
3830 Colina Lane, Waco, TX 76705
Renovated duplex on a corner lot in La Vega ISD, with flexible layout that can convert to a single-family home.
Property Size1,732 SF
Lot Size0.50 Acres
Price / SF$189.95
Days on Market24
Property Features for 3830 Colina Lane
General Information
Standard status
Active
Size
1,732 SF
Lot size
0.50 Acres
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Year Built
1955
Construction
modern farmhouse
Tenancy
Multi
Listing Agency:
Arise Capital Real Estate
(682) 558-0005
Listed By:
Rene Jensen · License #0720823
(214) 532-6823
Source:
Lonestarluxuryrealty
Added: Jul 20
Changed: Aug 11
Last Checked: Aug 12 at 6:07AM
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 Arise Capital Real Estate
Investment Insights
Based on property information with market context.
This beautifully renovated residence is currently configured as a duplex, offering move-in-ready living space with modern updates throughout. The interior features a refreshed, contemporary design with gold accents, crisp white finishes, and bold black fixtures. The home also provides flexibility: it can be converted back into a spacious single-family layout with four bedrooms and three bathrooms using a simple wall modification.
Set on a generous half-acre corner lot in La Vega ISD, the property includes an expansive, shaded backyard supported by mature trees. The outdoor space can support a range of day-to-day uses, from family gatherings to gardening and relaxing outdoors.
Conveniently located with quick access to shopping, dining, and schools, this property is well-suited for buyers and investors seeking a residence that supports either two-unit income or a larger single-family configuration.
Set on a generous half-acre corner lot in La Vega ISD, the property includes an expansive, shaded backyard supported by mature trees. The outdoor space can support a range of day-to-day uses, from family gatherings to gardening and relaxing outdoors.
Conveniently located with quick access to shopping, dining, and schools, this property is well-suited for buyers and investors seeking a residence that supports either two-unit income or a larger single-family configuration.
Key Highlights
- Renovated home built in 1955 offering over 1,700 SF of remodeled living space
- Currently configured as a duplex, with the option to convert back to a 4‑bedroom, 3‑bath single‑family home
- Half‑acre corner lot with a spacious, shaded backyard with mature trees
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
$15,003
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
4.56%
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%
$300,060
$300.1K
Cap Rate 7%
$214,329
$214.3K
Cap Rate 9%
$166,700
$166.7K
Market Conditions
NOI Build-Up for 1,732 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
$23.5K $13.56/SF
− Vacancy
−$2.1K −$1.19/SF
EGI
$21.4K $12.37/SF
− OpEx
−$6.4K −$3.71/SF
NOI
$15.0K $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%
$300,060
Cap Rate 7%
$214,329
Cap Rate 9%
$166,700
Alternative Uses
Best Use
Multifamily LT 5
$214.3K
$187.5K – $250.1K
NOI $15,003 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$197.2K
$172.6K – $230.1K
NOI $13,805 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$457.0K
$399.8K – $533.1K
NOI $31,987 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Explore this area
Business Placement
Demographics for 76705, TX
31,736
Population
12,107
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
80%
High-School Grad
118.6 sq mi
ZIP Area
268
Density / Sq Mi
$54,881
Median Household Income
$33,076
Median Earnings
$941
Median Rent
$167,000
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?
Duplex - Renovated duplex on a corner lot in La Vega ISD, with flexible layout that can convert to a single-family home.
Where is this duplex located?
The property is located at 3830 Colina Lane Waco, TX.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Renovated home built in 1955 offering over 1,700 SF of remodeled living space; Currently configured as a duplex, with the option to convert back to a 4‑bedroom, 3‑bath single‑family home; Half‑acre corner lot with a spacious, shaded backyard with mature trees
