Waco Duplex Investment
1501 South 29th Street Waco, TX 76711
For Sale
$249,900
Two-unit duplex with income upside in Waco, Texas.
Property Size829 SF
Price / SF$301.45
Days on Market168
Property Features for 1501 South 29th Street
General Information
- Standard status
- Active
- Size
- 829 SF
- Property subtype
- MF
Listing Agency:
Onward Real Estate Team - Keller Williams
(254) 870-0050
Listed By:
Brad Harrell, CCIM · License #363789
(254) 870-0050
Source:
Realnex
Added: Feb 6
Changed: Jul 10
Last Checked: Jul 10 at 11:30AM
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 Onward Real Estate Team - Keller Williams
Investment Insights
Based on property information with market context.
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. The property is suitable for long-term tenants or potential repositioning. Recent capital improvements include foundation work, new HVAC systems, new water heaters, and updated flooring. One unit is currently rented at $1,100 per month, with market rent projected at $1,300 per month. The vacant space has just been offered for lease due to recent foundation work. Zoned C-2: Commercial (Beverly Hills), the property allows 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 located in a growing Waco submarket. The 2025 taxes are $2,567.58.
Key Highlights
- Duplex with immediate income: one unit rented at $1,100/month, potential to increase to $1,300/month.
- Recent capital improvements including foundation work, new HVAC systems, new water heaters, and updated flooring.
- Zoned C‑2: Commercial (Beverly Hills), offering flexibility.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $11.2k | $13.56 |
| − Vacancy | −$982 | −$1.19 |
| EGI | $10.3k | $12.37 |
| − OpEx | −$3.1k | −$3.71 |
| NOI | $7.2k | $8.66 |
829 SF · lease $13.56/SF/yr · vacancy 8.74% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$102.6K
$89.8K – $119.7K
NOI $7,181 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$94.4K
$82.6K – $110.1K
NOI $6,607 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$218.7K
$191.4K – $255.2K
NOI $15,310 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two-unit duplex with income upside in Waco, Texas.
Where is this duplex located?
The property is located at 1501 South 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: Duplex with immediate income: one unit rented at $1,100/month, potential to increase to $1,300/month.; Recent capital improvements including foundation work, new HVAC systems, new water heaters, and updated flooring.; Zoned C‑2: Commercial (Beverly Hills), offering flexibility.
