Turnkey Duplex
For Sale
$465,000
309 Gurley Lane 2, Waco, TX 76706
Well-maintained duplex with two 3-bedroom, 3.5-bath units and a community pool included in the HOA.
Property Size2,700 SF
Days on Market36
Property Features for 309 Gurley Lane 2
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Duplex
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$8,348
Amenities
community pool
Building Details
Building Size
2,700 SF
Year Built
2005
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Bentwood Realty
(254) 300-4800
Listed By:
Amber Sheehan · License #0623463
Source:
Whitelabelrealty
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 30 at 9:21PM
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 Bentwood Realty
Investment Insights
Based on property information with market context.
This well-maintained duplex offers two spacious residential units, with each unit configured with three bedrooms and three and a half bathrooms. Both units include laminate wood flooring and open kitchen layouts, with upstairs bedrooms for added privacy. Unit A is updated with laminate wood flooring throughout and granite countertops, and it is described as move-in ready with all appliances conveying. Unit B also features laminate wood flooring, granite counters, and carpet in select bedrooms.
The property is currently listed as 100% occupied. A new roof was installed in 2025. The HOA includes a community pool, along with cable internet and lawn care, supporting an easier day-to-day ownership experience.
Offered for sale as a turnkey income-producing asset, this duplex is positioned near Baylor University and local shopping and dining.
The property is currently listed as 100% occupied. A new roof was installed in 2025. The HOA includes a community pool, along with cable internet and lawn care, supporting an easier day-to-day ownership experience.
Offered for sale as a turnkey income-producing asset, this duplex is positioned near Baylor University and local shopping and dining.
Key Highlights
- Duplex built in 2005 with two units, each offering 3 bedrooms and 3.5 bathrooms
- 100% occupancy currently in place
- Unit A updated with laminate wood flooring, granite countertops, and all appliances conveying
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
$23,388
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
5.03%
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%
$467,760
$467.8K
Cap Rate 7%
$334,114
$334.1K
Cap Rate 9%
$259,867
$259.9K
Market Conditions
NOI Build-Up for 2,700 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
$36.6K $13.56/SF
− Vacancy
−$3.2K −$1.19/SF
EGI
$33.4K $12.37/SF
− OpEx
−$10.0K −$3.71/SF
NOI
$23.4K $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%
$467,760
Cap Rate 7%
$334,114
Cap Rate 9%
$259,867
Alternative Uses
Best Use
Multifamily LT 5
$334.1K
$292.4K – $389.8K
NOI $23,388 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$307.4K
$269.0K – $358.7K
NOI $21,520 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$712.3K
$623.3K – $831.1K
NOI $49,864 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
195
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 - Well-maintained duplex with two 3-bedroom, 3.5-bath units and a community pool included in the HOA.
Where is this duplex located?
The property is located at 309 Gurley Lane 2 Waco, TX.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Duplex built in 2005 with two units, each offering 3 bedrooms and 3.5 bathrooms; 100% occupancy currently in place; Unit A updated with laminate wood flooring, granite countertops, and all appliances conveying
