Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multi-Building Corner Retail Investment Title is generated by Realmo AI

    1501 Herring Avenue, Waco, TX 76708

    View on Map
    Claim this Listing
    For Sale
    $349,999

    SINGLE_FAMILY - Waco, TX

    Type:Retail
    Property size:
    12,500 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $27/SF
    Added:
    Nov 10, 2025
    Days on Market:
    207
    Last Refresh:
    Jun 5 at 5:06 am

    Property Features for 1501 Herring Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Parking features
    Parking Lot, Paved or Surfaced
    Standard status
    Active
    APN
    181202
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Description
    MACKEY J H SUB LOT 10 BLOCK 95 ACRES .203
    Tax Annual Amount
    911

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1922
    Floors in Building
    1
    Number of units
    4
    Flooring type
    Wood, Concrete
    Building materials
    Concrete
    Roof type
    Metal

    We can help!

    Listing Contact
    Mercedes Lane

    Listing agent Mercedes Lane License #746855

    Listing office Agents Of Texas, LLC Waco, TX

    Listing date Nov 10, 2025

    MLS# 21108757

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Three commercial buildings totaling over 12,500 SF on a corner lot (1501, 1505, 1509, 1513).
    • Additional vacant lot included in the sale, zoned O3 (1501,1505,1509,1513 listed; “Herring” to be included).
    • Roofing: metal roof; construction materials include concrete; flooring includes wood and concrete.
    • Central heating and central air conditioning.
    • Utilities: public water and public sewer.
    • Parking: parking lot with paved or surfaced parking.

    Overview

    This offering features three well-positioned buildings totaling over 12,500 square feet of versatile space, designed to support a range of commercial uses. The property sits on a corner lot and includes an additional vacant lot that is zoned O3, creating opportunities for expansion or further development alongside the existing structures. An included lot is identified in the remarks as 1501, 1505, 1509, and 1513 (Lot) Herring.

    Located in Waco, Texas at 1501 Herring Avenue, the corner positioning is intended to support visibility for prospective customers and tenants. The site is described as having easy access, which can be an important practical consideration for businesses evaluating space that serves walk-in traffic and drive-by interest.

    For investors and business owners, the mix of existing building space plus an additional zoned vacant lot may appeal to buyers looking for flexibility in how they operate, lease, or develop the property over time. The configuration can be suitable for multiple commercial concepts, while the corner lot location may help improve presentation for retail-oriented uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Pats State Inspection ... Discount Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.157736
    Latitude
    31.569116

    Nearby Similar for Sale

    • $1,399,000
      4,264 SF

      Turnkey Two-Home Short-Term Rental

      Two brownstone-style short-term rentals with en-suite baths and in-unit laundry, positioned in downtown Waco’s Silo District.
      602-606 S 8th Street, Waco, TX 76706
      View Details
    • $600,000

      Automotive Repair and Warehouse Building

      Fully functioning automotive facility with multiple roll-up doors and added warehouse space in the back.
      3421 Franklin Avenue, Waco, TX 76710
      View Details
    • $895,000

      Multi-Unit Flex Warehouse Building

      Two separate warehouse-flex units with breezeway and enclosed rear patio provide flexible storage and workspace options.
      1013 Austin Avenue, Waco, TX 76701
      View Details
    • $1,150,000

      Landmark Office Building with Secured Lobby

      Iconic, recently refreshed office building with key-card lobby access, private offices, and abundant parking for professional use.
      3901 W Waco Drive, Waco, TX 76710
      View Details
    • $1,200,000

      Industrial Development Land Zoned C-2

      Versatile 5-acre site with C-2 mixed-use zoning, supporting warehousing, equipment storage, and large-format retail development.
      1300 S Loop Drive, Waco, TX 76704
      View Details
    • $550,000

      Corner Lot Worship and School Facility

      Well-maintained facility with classrooms, offices, gathering space, and fenced play yards on a highly visible corner lot.
      2225 Cumberland Avenue, Waco, TX 76707
      View Details
    • $2,750,000

      Historic Hospitality Property

      Historic barns, a short-term rental, and a flexible commercial building create a destination-driven opportunity.
      230 Halbert Ln, Waco, TX 76705
      View Details
    • $320,000

      Three-Bay Automotive Service Building

      Versatile C-3 property with three bay doors and strong street visibility, well-suited for automotive uses or office/creative conversions.
      2115 Franklin Avenue, Waco, TX 76701
      View Details
    • $634,000

      Single-Story Masonry Commercial Building

      C3 zoned property with direct road frontage and drive-around surface parking for convenient customer access.
      10215 China Spring Road, Waco, TX 76708
      View Details
    • $525,000

      Versatile Office Building with O-2 Zoning

      Updated office building with a mostly open interior, multiple restrooms, and O-2 zoning for flexible business use.
      1311 N New Road, Waco, TX 76710
      View Details
    • $325,000

      Corner Office Building

      Highly visible corner property with a main building plus modular unit, formerly operating as a daycare in Waco.
      2000 N 25th Street, Waco, TX 76708
      View Details
    • $974,999

      High-Traffic Commercial Land

      Commercial land in city limits with C-3 flexibility and strong daily roadway exposure for retail, office, restaurant, or automotive uses.
      400 Precision Drive, Waco, TX 76710
      View Details

    FAQs

    What type of property is this?
    Retail space - Three buildings on a corner lot with an additional O3-zoned vacant lot, offering flexible retail and investment opportunities.
    Where is this retail space located?
    The property is located at 1501 Herring Avenue Waco, TX.
    What is the asking price?
    The asking price for this property is $349,999.
    What are key features of this property?
    This property features: Three commercial buildings totaling over 12,500 SF on a corner lot (1501, 1505, 1509, 1513).; Additional vacant lot included in the sale, zoned O3 (1501,1505,1509,1513 listed; “Herring” to be included).; Roofing: metal roof; construction materials include concrete; flooring includes wood and concrete.
    (817) 501-2996
    We can help!
    Listing Contact
    Mercedes Lane
    Real Estate License ID: 746855
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1501 Herring Avenue, Waco, TX 76708
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!