Two-Unit Duplex Income
For Sale
$299,000
1404 Chapel Creek Road Unit 1406, Waco, TX 76712
Duplex for sale in Midway ISD with each side featuring 2 bedrooms and 1.5 bathrooms.
Property Size2,016 SF
Price / SF$148.31
Days on Market213
Property Features for 1404 Chapel Creek Road Unit 1406
General Information
Standard status
Active
Size
2,016 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Full Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,958
Amenities
Central Air, Electric
Central, Electric
No
Carpet
Other
Cable TV Available
Composition
One
1
Slab
Assessor
2
Brick, Frame, Stone Veneer
Building Details
Year Built
1982
Buildings
1
Listing Agency:
JA Group Companies
(254) 776-1296
Listed By:
Charles Johnson · License #0218916
(254) 776-1296
Source:
Compass
Added: Jan 31
Changed: Aug 8
Last Checked: Jul 23 at 10:12AM
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 JA Group Companies
Investment Insights
Based on property information with market context.
This duplex income property offers two separate units, with each side built out as a 2-bedroom, 1.5-bath layout. The configuration is designed for residential rental use on both sides of the property.
The property is located in Midway ISD. The listing is for 1404 Chapel Creek Road, Unit 1406, Waco, TX 76712.
With matching unit layouts, the property provides a straightforward two-unit setup for residential income.
The property is located in Midway ISD. The listing is for 1404 Chapel Creek Road, Unit 1406, Waco, TX 76712.
With matching unit layouts, the property provides a straightforward two-unit setup for residential income.
Key Highlights
- Duplex in Midway ISD with 2 total units; each side offers 2 bedrooms and 1.5 bathrooms
- Built in 1982 with one‑story brick, frame, and stone veneer construction
- Central air conditioning and central electric heating on each unit
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
$17,463
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
5.84%
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%
$349,260
$349.3K
Cap Rate 7%
$249,471
$249.5K
Cap Rate 9%
$194,033
$194.0K
Market Conditions
NOI Build-Up for 2,016 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
$27.3K $13.56/SF
− Vacancy
−$2.4K −$1.19/SF
EGI
$24.9K $12.37/SF
− OpEx
−$7.5K −$3.71/SF
NOI
$17.5K $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%
$349,260
Cap Rate 7%
$249,471
Cap Rate 9%
$194,033
Alternative Uses
Best Use
Multifamily LT 5
$249.5K
$218.3K – $291.1K
NOI $17,463 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$229.5K
$200.9K – $267.8K
NOI $16,068 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$531.9K
$465.4K – $620.5K
NOI $37,231 @ 7.0% cap · market cap 12.45%
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
81
Businesses Nearby
Explore this area
Business Placement
Demographics for 76712, TX
27,800
Population
11,704
Households
2.4
Avg Household Size
41
Median Age
49%
College-Educated
96%
High-School Grad
52.4 sq mi
ZIP Area
531
Density / Sq Mi
$96,267
Median Household Income
$56,879
Median Earnings
$1,333
Median Rent
$302,100
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 - Duplex for sale in Midway ISD with each side featuring 2 bedrooms and 1.5 bathrooms.
Where is this duplex located?
The property is located at 1404 Chapel Creek Road Unit 1406 Waco, TX.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Duplex in Midway ISD with 2 total units; each side offers 2 bedrooms and 1.5 bathrooms; Built in 1982 with one‑story brick, frame, and stone veneer construction; Central air conditioning and central electric heating on each unit
