Flex Space with Roll-Up
For Sale
$184,900
1516 East Waco Drive, Waco, TX 76704
C-3-zoned commercial property with an interior build-out currently in progress.
Property Size1,581 SF
Lot Size0.31 Acres
Price / SF$116.95
Days on Market108
Property Features for 1516 East Waco Drive
General Information
Standard status
Active
Size
1,581 SF
Lot size
0.31 Acres
Property subtype
SCR-COM, SCR-FREE
Zoning
C-3
Site & Location
Traffic Count
10,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
3
Building Details
Building Size
1,581 SF
Year Renovated
2026
Buildings
1
Stories
1
Listing Agency:
Onward Real Estate Team - Keller Williams
(254) 870-0050
Listed By:
Brad Harrell, CCIM · License #363789
(254) 870-0050
Source:
Realnex
Added: May 15
Changed: Aug 30
Last Checked: Aug 30 at 1:39AM
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.
This 1,581-square-foot flex property occupies 0.31 acres and includes three grade-level roll-up doors measuring 10' x 10' each. Interior improvements are underway, allowing the next owner or occupant to shape the space around its operational requirements. A new roof was installed in 2026.
The property is located at 1516 East Waco Drive along US Highway 84 in Waco, Texas, with direct exposure to approximately 10,000 vehicles per day. Interstate 35 is nearby, carrying traffic counts exceeding 97,000 vehicles per day. C-3 zoning and the combination of open commercial space, vehicle access, and ongoing interior work define the property’s current configuration.
The property is located at 1516 East Waco Drive along US Highway 84 in Waco, Texas, with direct exposure to approximately 10,000 vehicles per day. Interstate 35 is nearby, carrying traffic counts exceeding 97,000 vehicles per day. C-3 zoning and the combination of open commercial space, vehicle access, and ongoing interior work define the property’s current configuration.
Key Highlights
- 1,581 square feet on 0.31 acres
- Three grade‑level roll‑up doors, each measuring 10' x 10'
- New roof installed in 2026
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
$15,914
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
8.61%
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%
$318,280
$318.3K
Cap Rate 7%
$227,343
$227.3K
Cap Rate 9%
$176,822
$176.8K
Market Conditions
NOI Build-Up for 1,581 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
$27.5K $17.40/SF
− Vacancy
−$3.0K −$1.91/SF
EGI
$24.5K $15.49/SF
− OpEx
−$8.6K −$5.42/SF
NOI
$15.9K $10.07/SF
Area
Waco, TX
Vacancy
11.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
35.00%
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%
$318,280
Cap Rate 7%
$227,343
Cap Rate 9%
$176,822
Alternative Uses
Best Use
Retail
$263.2K
$230.3K – $307.1K
NOI $18,423 @ 7.0% cap · market cap 9.96%
Second Best
Flex RnD
$227.3K
$198.9K – $265.2K
NOI $15,914 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$417.1K
$365.0K – $486.6K
NOI $29,198 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
10,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76704, TX
7,220
Population
3,703
Households
1.9
Avg Household Size
35
Median Age
8%
College-Educated
78%
High-School Grad
5.4 sq mi
ZIP Area
1,337
Density / Sq Mi
$24,208
Median Household Income
$24,363
Median Earnings
$788
Median Rent
$112,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Papa Jack's BBQ — 700 E Waco Dr suite A, Waco, TX 76704
Frequently Asked Questions
What type of property is this?
Flex space - C-3-zoned commercial property with an interior build-out currently in progress.
Where is this flex space located?
The property is located at 1516 East Waco Drive Waco, TX.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: 1,581 square feet on 0.31 acres; Three grade‑level roll‑up doors, each measuring 10' x 10'; New roof installed in 2026
