New-Build Duplex with Concrete
For Sale
$365,000
1515 Trice Avenue, Waco, TX 76707
New-build duplex with two 3-bedroom units, concrete floors, double-pane windows, and paved front and back areas.
Property Size2,116 SF
Price / SF$172.50
Days on Market1054
Property Features for 1515 Trice Avenue
General Information
Standard status
Active
Size
2,116 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$502
Amenities
Central Air, Electric
3
Microwave
Double Pane
Composition
Other, Brick Wall
R-2
Fenced Yard.
Paved Driveway, No Parking.
Brick, Frame
Garden. Other.
Building Details
Year Built
2025
Listing Agency:
Magnolia Realty
(254) 218-5940
Listed By:
Lily Flores · License #0787285
(254) 450-4037
Source:
Xome
Added: Oct 18, 2023
Changed: Sep 1
Last Checked: Sep 5 at 3:42AM
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 Magnolia Realty
Investment Insights
Based on property information with market context.
New-build duplex at 1515 Trice Avenue in Waco, TX, offering two residential units with matching layouts. Each unit features 3 bedrooms and 2 bathrooms. Interior finishes include durable concrete floors and updated kitchen areas, complemented by double-pane windows. The property is designed for year-round comfort with a high-performance HVAC system and high-capacity water heaters.
Outside, the home provides paved front and back areas for convenient access and comfortable parking. A privacy fence is currently being built, and the property is described as STR eligible.
The duplex is offered for sale as a ready-to-own residential income property, with proximity to downtown Waco described as about 7 minutes.
Outside, the home provides paved front and back areas for convenient access and comfortable parking. A privacy fence is currently being built, and the property is described as STR eligible.
The duplex is offered for sale as a ready-to-own residential income property, with proximity to downtown Waco described as about 7 minutes.
Key Highlights
- New‑build duplex (Year Built 2025) with two 3‑bedroom units and 2 bathrooms per unit
- Concrete floors and double‑pane windows across the duplex
- Central Air (electric) with a high‑performance HVAC system and high‑capacity water heaters
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
$18,330
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
5.02%
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%
$366,600
$366.6K
Cap Rate 7%
$261,857
$261.9K
Cap Rate 9%
$203,667
$203.7K
Market Conditions
NOI Build-Up for 2,116 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
$28.7K $13.56/SF
− Vacancy
−$2.5K −$1.19/SF
EGI
$26.2K $12.37/SF
− OpEx
−$7.9K −$3.71/SF
NOI
$18.3K $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%
$366,600
Cap Rate 7%
$261,857
Cap Rate 9%
$203,667
Alternative Uses
Best Use
Multifamily LT 5
$261.9K
$229.1K – $305.5K
NOI $18,330 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$240.9K
$210.8K – $281.1K
NOI $16,865 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$558.3K
$488.5K – $651.3K
NOI $39,078 @ 7.0% cap · market cap 10.71%
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
457
Businesses Nearby
Explore this area
Business Placement
Demographics for 76707, TX
16,227
Population
6,678
Households
2.4
Avg Household Size
31
Median Age
15%
College-Educated
76%
High-School Grad
3.3 sq mi
ZIP Area
4,917
Density / Sq Mi
$38,208
Median Household Income
$27,124
Median Earnings
$1,055
Median Rent
$113,600
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 - New-build duplex with two 3-bedroom units, concrete floors, double-pane windows, and paved front and back areas.
Where is this duplex located?
The property is located at 1515 Trice Avenue Waco, TX.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: New‑build duplex (Year Built 2025) with two 3‑bedroom units and 2 bathrooms per unit; Concrete floors and double‑pane windows across the duplex; Central Air (electric) with a high‑performance HVAC system and high‑capacity water heaters
