Renovated Mixed-Use
For Sale
Contact for pricing
1323 Elm Ave, Waco, TX 76704
C-3-zoned property with I-35 access, strong corridor exposure, and office or retail use potential.
Property Size664 SF
Price / SF$323.80
Days on Market161
Property Features for 1323 Elm Ave
General Information
Standard status
Active
Size
664 SF
Class
C
Property subtype
Mixed Use, Office, Retail
Zoning
c-3
Investment Type
Owner/User
Site & Location
Traffic Count
114,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Renovated
2025
Buildings
1
Stories
1
Units
1
Listing Agency:
Bentwood Realty
(254) 300-4800
Listed By:
Cody Powell · License #TX 9000631
Source:
Crexi
Added: Mar 23
Changed: Aug 29
Last Checked: Aug 29 at 2:03PM
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 standalone mixed-use property was renovated in 2025 and is positioned for office, agency, coffee shop, or related retail use. The site also carries stated potential for QSR redevelopment, supporting a range of commercial concepts within the existing building and zoning framework.
The property is located at 1323 Elm Ave in Waco, with direct access from I-35 and visibility to interstate traffic. Reported traffic counts along I-35 reach 114k VPD, providing substantial exposure for an operating business. The C-3 zoning designation further identifies the property for commercial use.
The property is located at 1323 Elm Ave in Waco, with direct access from I-35 and visibility to interstate traffic. Reported traffic counts along I-35 reach 114k VPD, providing substantial exposure for an operating business. The C-3 zoning designation further identifies the property for commercial use.
Key Highlights
- Renovated in 2025
- C‑3 zoning supports commercial use
- Direct access from I‑35
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
$9,231
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
4.29%
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%
$184,620
$184.6K
Cap Rate 7%
$131,871
$131.9K
Cap Rate 9%
$102,567
$102.6K
Market Conditions
NOI Build-Up for 664 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
$14.7K $22.20/SF
− Vacancy
−$2.4K −$3.66/SF
EGI
$12.3K $18.54/SF
− OpEx
−$3.1K −$4.63/SF
NOI
$9.2K $13.90/SF
Area
Waco, TX
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$184,620
Cap Rate 7%
$131,871
Cap Rate 9%
$102,567
Alternative Uses
Best Use
Office B
$131.9K
$115.4K – $153.9K
NOI $9,231 @ 7.0% cap · market cap 4.29%
Second Best
Mixed Use
$121.4K
$106.2K – $141.6K
NOI $8,497 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$175.2K
$153.3K – $204.4K
NOI $12,263 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
114,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 76704, TX
7,220
Population
3,703
Households
1.9
Avg Household Size
35
Median Age
8%
College-Educated
78%
High-School Grad
5.4 sq mi
ZIP Area
1,337
Density / Sq Mi
$24,208
Median Household Income
$24,363
Median Earnings
$788
Median Rent
$112,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-3-zoned property with I-35 access, strong corridor exposure, and office or retail use potential.
Where is this mixed-use property located?
The property is located at 1323 Elm Ave Waco, TX.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Renovated in 2025; C‑3 zoning supports commercial use; Direct access from I‑35
