Duplex with Upstairs
New
For Sale
$569,900
1301 Wood Ave Unit A & B, Waco, TX 76706
Two separately configured residences offer laundry inside each unit and rental flexibility near Baylor University.
Property Size2,136 SF
Price / SF$266.81
Days on Market3
Property Features for 1301 Wood Ave Unit A & B
General Information
Standard status
Active
Size
2,136 SF
Property subtype
Multi-Family
Building Details
Year Built
2000
Listing Agency:
Bramlett Partners
Listed By:
Catt Longoria · License #0730271
(512) 850-5717
Source:
Easttxhomesforsale
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 3:16PM
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 Bramlett Partners
Investment Insights
Based on property information with market context.
Built in 2000, this 2,136-square-foot duplex contains two independent units, each with two bedrooms and two full bathrooms. The interiors include open living areas, updated kitchens and baths, and in-unit laundry. An upstairs balcony, fenced backyard, parking, and alley access add to the property’s physical features. Both units are currently leased, and the property is eligible for short- and long-term rentals.
Baylor University is within walking distance. The two-unit layout provides separate living spaces, with each residence configured as a two-bedroom, two-bathroom unit.
Baylor University is within walking distance. The two-unit layout provides separate living spaces, with each residence configured as a two-bedroom, two-bathroom unit.
Key Highlights
- 2,136‑square‑foot duplex built in 2000
- Two units, each with 2 bedrooms and 2 full bathrooms
- Currently leased; eligible for short- and long‑term rentals
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
$18,503
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
3.25%
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%
$370,060
$370.1K
Cap Rate 7%
$264,329
$264.3K
Cap Rate 9%
$205,589
$205.6K
Market Conditions
NOI Build-Up for 2,136 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
$29.0K $13.56/SF
− Vacancy
−$2.5K −$1.19/SF
EGI
$26.4K $12.37/SF
− OpEx
−$7.9K −$3.71/SF
NOI
$18.5K $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%
$370,060
Cap Rate 7%
$264,329
Cap Rate 9%
$205,589
Alternative Uses
Best Use
Multifamily LT 5
$264.3K
$231.3K – $308.4K
NOI $18,503 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$243.2K
$212.8K – $283.8K
NOI $17,025 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$563.5K
$493.1K – $657.5K
NOI $39,448 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
487
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately configured residences offer laundry inside each unit and rental flexibility near Baylor University.
Where is this duplex located?
The property is located at 1301 Wood Ave Unit A & B Waco, TX.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: 2,136‑square‑foot duplex built in 2000; Two units, each with 2 bedrooms and 2 full bathrooms; Currently leased; eligible for short- and long‑term rentals
