Remodeled Two-Unit
For Sale
$624,900
1301 Wood Avenue, Waco, TX 76706
Completely remodeled duplex with two 2-bedroom, 2-bath units and a large backyard with alley access.
Property Size2,136 SF
Price / SF$292.56
Days on Market268
Property Features for 1301 Wood Avenue
General Information
Standard status
Active
Size
2,136 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Full Duplex
Taxes and HOA fees
Annual Taxes
$7,490
Amenities
Central Air, Electric, Other
Central, Electric, Other
Luxury Vinyl Plank, Tile
Dishwasher, Disposal, Dryer, Microwave, Refrigerator, Washer
Cable TV Available, High Speed Internet Available, Kitchen Island, Open Floorplan, Pantry
No
Composition
Two
Back Yard, Fenced, Wood
Private Yard, Storage
2
Slab
Assessor
Brick, Siding
Building Details
Year Built
2000
Buildings
1
Listing Agency:
AG Real Estate & Associates
Listed By:
Austin Hooper · License #629677
(254) 300-1845
Source:
Compass
Added: Dec 13, 2025
Changed: Aug 8
Last Checked: Jul 23 at 2:57AM
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.
This completely remodeled duplex features two separate 2-bedroom, 2-bath units, for a total of four bedrooms and four full bathrooms. The property is described as turn-key and partially furnished, offering an immediate setup for rental use. The configuration supports flexible leasing, including eligibility for short-term, long-term, or a hybrid approach.
Set at 1301 Wood Avenue in Waco, Texas, the duplex includes a large backyard with alley access, providing convenient outdoor space and secondary access. The property is currently leased for $3,600 per month total.
For buyers seeking a two-unit residential income property, the layout provides separate living spaces while keeping the overall footprint compact and manageable. The remodeled interior finish-out and partially furnished status are intended to reduce near-term work and support quicker occupancy after purchase.
Set at 1301 Wood Avenue in Waco, Texas, the duplex includes a large backyard with alley access, providing convenient outdoor space and secondary access. The property is currently leased for $3,600 per month total.
For buyers seeking a two-unit residential income property, the layout provides separate living spaces while keeping the overall footprint compact and manageable. The remodeled interior finish-out and partially furnished status are intended to reduce near-term work and support quicker occupancy after purchase.
Key Highlights
- Remodeled duplex built in 2000 with two 2‑bedroom, 2‑bath units (2 total units)
- Currently leased for $3,600 per month total
- Each unit includes an open floorplan with kitchen island and pantry; appliances include refrigerator, dishwasher, microwave, washer and dryer
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
2.96%
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 2.96%
Second Best
Apartment 5plus
$243.2K
$212.8K – $283.8K
NOI $17,025 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$563.5K
$493.1K – $657.5K
NOI $39,448 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Duplex - Completely remodeled duplex with two 2-bedroom, 2-bath units and a large backyard with alley access.
Where is this duplex located?
The property is located at 1301 Wood Avenue Waco, TX.
What is the asking price?
The asking price for this property is $624,900.
What are key features of this property?
This property features: Remodeled duplex built in 2000 with two 2‑bedroom, 2‑bath units (2 total units); Currently leased for $3,600 per month total; Each unit includes an open floorplan with kitchen island and pantry; appliances include refrigerator, dishwasher, microwave, washer and dryer
