Waco Duplex Investment
1501 S 29th Street, Waco, TX 76711
Multiple Single Units - Waco, TX
Property size:
1,658 SFLot size:
0.17 AcresPrice / SF:
$150/SF- Added:
- May 7, 2026
- Days on Market:
- 10
- Last Refresh:
- May 16 at 5:06 pm
Property Features for 1501 S 29th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking
- 4
- Parking features
- Driveway
- Interior features
- Cable Tv Available, High Speed Internet Available, Open Floorplan
- Appliances
- Garbage Disposer, Range, Range - Gas, Refrigerator
- Standard status
- Active
- APN
- 197218
- Size
- 1,658 SF
- Lot size
- 0.17 Acres
Utilities
- Utilities
- Cable Available
- Heating system
- Central, Natural Gas
- Cooling system
- Ceiling Fan(s), Central Air, Electric
Building Details
- Year built
- 1985
- Floors in Building
- 1
- Flooring type
- Laminate
- Building materials
- Brick
- Roof type
- Composition
- Architectural style
- Other
Listing agent Brad Harrell License #0363789 (254) 751-7900
Listing office Keller Williams Realty, Waco 3701 W Waco Drive, Waco, TX (254) 751-7900
Listing date May 7, 2026
MLS# 21172996
Listing URL
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
- Significant recent capital improvements completed including foundation, HVAC, water heaters, flooring, roof, and gutters.
- Duplex with immediate rental income potential; most recent unit rented for $1,300 per month.
- Zoned C‑2 Commercial, offering flexibility for future use or redevelopment.
- Located near a heavy retail corridor and adjacent to South Waco Park, enhancing tenant appeal.
- Each unit offers approximately 829 SF, suitable for long‑term tenants.
- Attractive asking price of $259,900 in a growing Waco submarket.
Overview
Located at 1501 South 29th Street in Waco, Texas, this two-unit duplex offers an investment opportunity with potential for increased rental income. Each unit provides approximately 829 square feet of space. The property is suitable for long-term tenants or potential repositioning. Significant capital improvements have been made recently, which reduces near-term maintenance needs. Updates include foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring. In April 2026, the roof and gutters were replaced. The most recently rented unit was rented out for $1,300 per month. Zoned C-2: Commercial (Beverly Hills), the property offers flexibility for future use or redevelopment. Its location near a heavy retail corridor and adjacent to South Waco Park enhances tenant appeal and long-term value. The property is situated on a lot of 0.172 acres. The total property size is 1658 square feet. The 2025 taxes were $2,567.58.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$159.6K
NOI $14,362 @ 9.00% cap · cautious / downside scenario
Moderate
$205.2K
NOI $14,362 @ 7.00% cap · market / base-case scenario
Aggressive
$287.2K
NOI $14,362 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.5k | $13.56 |
| − Vacancy | −$2.0k | −$1.19 |
| EGI | $20.5k | $12.37 |
| − OpEx | −$6.2k | −$3.71 |
| NOI | $14.4k | $8.66 |
1,658 SF · lease $13.56/SF/yr · vacancy 8.74% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$205.2K
$179.5K – $239.4K
NOI $14,362 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,215 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$437.4K
$382.8K – $510.3K
NOI $30,620 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Waco
- County
- McLennan
- State
- Texas
- Longitude
- -97.141577
- Latitude
- 31.526746
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two-unit duplex with recent upgrades and income potential in Waco.
Where is this duplex located?
The property is located at 1501 S 29th Street Waco, TX.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Significant recent capital improvements completed including foundation, HVAC, water heaters, flooring, roof, and gutters.; Duplex with immediate rental income potential; most recent unit rented for $1,300 per month.; Zoned C‑2 Commercial, offering flexibility for future use or redevelopment.
