New Eight-Bedroom
For Sale
$499,000
10405 China Spring Road, Waco, TX 76708
Two-unit property offers modern finishes, open-concept interiors, and central electric air conditioning.
Property Size3,248 SF
Price / SF$153.63
Days on Market1036
Property Features for 10405 China Spring Road
General Information
Standard status
Active
Size
3,248 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,536
Amenities
Central Air, Electric
3
Dishwasher, Microwave, Range, Oven
Composition
No Fence
No Parking.
No Pool
None.
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Turner Brothers Real Estate, LLC
(254) 759-8027
Listed By:
Esmeralda Sawyer
(254) 230-6726
Source:
Xome
Added: Nov 1, 2023
Changed: Aug 31
Last Checked: Aug 31 at 1:24PM
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 Turner Brothers Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains 3,248 square feet across two residential units with eight bedrooms total, including four bedrooms per unit. The interiors feature modern finishes and open-concept layouts, creating a contemporary configuration for both sides of the property.
Located at 10405 China Spring Road Unit A & B in Waco, the property is positioned steps from an elementary school. Each unit is equipped with central electric air conditioning and includes a dishwasher, microwave, range, and oven. The exterior has composition roofing and no fence or on-site parking.
Located at 10405 China Spring Road Unit A & B in Waco, the property is positioned steps from an elementary school. Each unit is equipped with central electric air conditioning and includes a dishwasher, microwave, range, and oven. The exterior has composition roofing and no fence or on-site parking.
Key Highlights
- Two‑unit duplex with 8 bedrooms total, configured as 4 bedrooms per unit
- 3,248 square feet of building area
- Built in 2023
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
$28,135
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
5.64%
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%
$562,700
$562.7K
Cap Rate 7%
$401,929
$401.9K
Cap Rate 9%
$312,611
$312.6K
Market Conditions
NOI Build-Up for 3,248 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
$44.0K $13.56/SF
− Vacancy
−$3.8K −$1.19/SF
EGI
$40.2K $12.37/SF
− OpEx
−$12.1K −$3.71/SF
NOI
$28.1K $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%
$562,700
Cap Rate 7%
$401,929
Cap Rate 9%
$312,611
Alternative Uses
Best Use
Multifamily LT 5
$401.9K
$351.7K – $468.9K
NOI $28,135 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$369.8K
$323.6K – $431.5K
NOI $25,888 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$856.9K
$749.8K – $999.7K
NOI $59,984 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 76708, TX
28,499
Population
11,241
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
85%
High-School Grad
48.1 sq mi
ZIP Area
592
Density / Sq Mi
$66,764
Median Household Income
$39,409
Median Earnings
$1,087
Median Rent
$204,600
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 - Two-unit property offers modern finishes, open-concept interiors, and central electric air conditioning.
Where is this duplex located?
The property is located at 10405 China Spring Road Waco, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑unit duplex with 8 bedrooms total, configured as 4 bedrooms per unit; 3,248 square feet of building area; Built in 2023
