Duplex with Fenced
For Sale
$799,900
1309 Wood Ave, Waco, TX 76706
Two open-concept residences offer vaulted ceilings, equipped kitchens, private outdoor space, and convenient access to Baylor University.
Property Size2,800 SF
Price / SF$285.68
Days on Market54
Property Features for 1309 Wood Ave
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Amenities
fenced backyard
patio
fire pit
outdoor table and chairs
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Graceland Real Estate
Listed By:
Kyra Estrada · License #0778730
(254) 772-7788
Source:
Northtexashomeguide
Added: Aug 6
Changed: Sep 17
Last Checked: Sep 26 at 7:41AM
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 Graceland Real Estate
Investment Insights
Based on property information with market context.
Built in 2006, this duplex contains two residences with four bedrooms and two bathrooms per unit, totaling 8 bedrooms and 4 bathrooms. Both interiors use open-concept layouts with vaulted ceilings, equipped kitchens, and islands that provide additional storage. Each residence also has access to a private fenced backyard with a patio, fire pit, and outdoor table and chairs.
The property includes a paved driveway with 8 parking spaces. Located at 1309 Wood Avenue in Waco, the duplex offers access to Baylor University and downtown Waco, along with nearby restaurants, shopping, and entertainment.
The property includes a paved driveway with 8 parking spaces. Located at 1309 Wood Avenue in Waco, the duplex offers access to Baylor University and downtown Waco, along with nearby restaurants, shopping, and entertainment.
Key Highlights
- Two‑unit property with 4 bedrooms and 2 bathrooms per residence
- Total of 8 bedrooms and 4 bathrooms
- Open‑concept interiors with vaulted ceilings and equipped kitchens
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
$24,255
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
3.03%
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%
$485,100
$485.1K
Cap Rate 7%
$346,500
$346.5K
Cap Rate 9%
$269,500
$269.5K
Market Conditions
NOI Build-Up for 2,800 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
$38.0K $13.56/SF
− Vacancy
−$3.3K −$1.19/SF
EGI
$34.6K $12.37/SF
− OpEx
−$10.4K −$3.71/SF
NOI
$24.3K $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%
$485,100
Cap Rate 7%
$346,500
Cap Rate 9%
$269,500
Alternative Uses
Best Use
Multifamily LT 5
$346.5K
$303.2K – $404.3K
NOI $24,255 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$318.8K
$279.0K – $372.0K
NOI $22,317 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$738.7K
$646.4K – $861.8K
NOI $51,710 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two open-concept residences offer vaulted ceilings, equipped kitchens, private outdoor space, and convenient access to Baylor University.
Where is this duplex located?
The property is located at 1309 Wood Ave Waco, TX.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Two‑unit property with 4 bedrooms and 2 bathrooms per residence; Total of 8 bedrooms and 4 bathrooms; Open‑concept interiors with vaulted ceilings and equipped kitchens
