Flex Space Building with
For Sale
$795,000
1013 Austin Avenue, Waco, TX 76701
Two flex space units with a breezeway connecting buildings and a covered, secured rear patio with alley access.
Property Size7,800 SF
Days on Market50
Property Features for 1013 Austin Avenue
General Information
Standard status
Active
Size
7,800 SF
Property subtype
Office
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$6,475
Amenities
breezeway
elevated roof level platform
secured rear patio
Building Details
Building Size
7,800 SF
Year Built
1920
Buildings
2
Listing Agency:
Kelly, Realtors
Listed By:
Richard Shelton · License #484694
(254) 755-6637
Source:
Whitelabelrealty
Added: Jul 28
Changed: Sep 3
Last Checked: Sep 14 at 11:01AM
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 Kelly, Realtors
Investment Insights
Based on property information with market context.
This flex space property includes two units, each approximately 3,900 SF, with a breezeway and an elevated roof-level platform between the buildings. The buildings were built in 1920 and 1935, and the layout supports multiple use options. One side has been used as a recording studio, an office, a furniture store, and a residence, while the other side has recently been used as a warehouse storage facility.
A covered rear patio area is enclosed for security with an iron gate and security bars, and it provides access from an alley. The existing configuration can support a tenant looking for flexible space that accommodates both office and storage needs within the same overall property.
A covered rear patio area is enclosed for security with an iron gate and security bars, and it provides access from an alley. The existing configuration can support a tenant looking for flexible space that accommodates both office and storage needs within the same overall property.
Key Highlights
- Two flex space units, approximately 3,900 SF each
- Breezeway and elevated roof‑level platform between the buildings
- Buildings built in 1920 and 1935
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
$68,943
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
8.67%
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%
$1,378,860
$1.4M
Cap Rate 7%
$984,900
$984.9K
Cap Rate 9%
$766,033
$766.0K
Market Conditions
NOI Build-Up for 7,800 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
$107.6K $13.80/SF
− Vacancy
−$9.1K −$1.17/SF
EGI
$98.5K $12.63/SF
− OpEx
−$29.5K −$3.79/SF
NOI
$68.9K $8.84/SF
Area
Waco, TX
Vacancy
8.50%
Lease Rate
$13.80 /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%
$1,378,860
Cap Rate 7%
$984,900
Cap Rate 9%
$766,033
Alternative Uses
Best Use
Office B
$1.55M
$1.36M – $1.81M
NOI $108,441 @ 7.0% cap · market cap 13.64%
Second Best
Flex RnD
$1.12M
$981.4K – $1.31M
NOI $78,514 @ 7.0% cap · market cap 9.88%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,050 @ 7.0% cap · market cap 18.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,131
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76701, TX
1,674
Population
1,029
Households
1.6
Avg Household Size
29
Median Age
32%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,522
Density / Sq Mi
$24,593
Median Household Income
$21,897
Median Earnings
$1,008
Median Rent
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Two flex space units with a breezeway connecting buildings and a covered, secured rear patio with alley access.
Where is this flex space located?
The property is located at 1013 Austin Avenue Waco, TX.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two flex space units, approximately 3,900 SF each; Breezeway and elevated roof‑level platform between the buildings; Buildings built in 1920 and 1935
