Gas Station and Service
For Sale
$265,000
1525 Franklin Avenue, Waco, TX 76701
Vintage 1950s gas station and service shop on a high-traffic corner lot with partial renovations and ample parking.
Property Size1,078 SF
Price / SF$245.83
Days on Market1038
Property Features for 1525 Franklin Avenue
General Information
Standard status
Active
Size
1,078 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$1,950
Amenities
3
C-3
Parking. Corner Lot.
Paved Driveway, Carport, Lot.
Corner, City Road, Community Maintenance.
Listing Agency:
NextHome Our Town
(254) 855-9500
Listed By:
Cristi McGowan · License #0598401
(254) 214-8900
Source:
Xome
Added: Nov 5, 2023
Changed: Sep 2
Last Checked: Sep 7 at 6:18AM
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 NextHome Our Town
Investment Insights
Based on property information with market context.
A vintage 1950s-era gasoline station and service shop offering a retained service-oriented layout. The property has been partially renovated and includes ample parking to support day-to-day customer access.
Set on a high-traffic corner lot in downtown Waco, Texas, the site is positioned along a main route in and out of the downtown area.
In addition to gas station facilities, the property includes a service shop component, providing an existing configuration that can support retail or service uses requiring on-site parking and direct roadside presence.
Set on a high-traffic corner lot in downtown Waco, Texas, the site is positioned along a main route in and out of the downtown area.
In addition to gas station facilities, the property includes a service shop component, providing an existing configuration that can support retail or service uses requiring on-site parking and direct roadside presence.
Key Highlights
- Vintage 1950s gasoline station and service shop on a high‑traffic downtown Waco corner lot
- Partially renovated property with 3 guest facilities
- Zoned C‑3
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
$14,488
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
5.47%
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%
$289,760
$289.8K
Cap Rate 7%
$206,971
$207.0K
Cap Rate 9%
$160,978
$161.0K
Market Conditions
NOI Build-Up for 1,078 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
$21.3K $19.80/SF
− Vacancy
−$2.0K −$1.88/SF
EGI
$19.3K $17.92/SF
− OpEx
−$4.8K −$4.48/SF
NOI
$14.5K $13.44/SF
Area
Waco, TX
Vacancy
9.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$289,760
Cap Rate 7%
$206,971
Cap Rate 9%
$160,978
Alternative Uses
Best Use
Specialty Retail
$207.0K
$181.1K – $241.5K
NOI $14,488 @ 7.0% cap · market cap 5.47%
Second Best
Retail
$179.5K
$157.0K – $209.4K
NOI $12,562 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$284.4K
$248.9K – $331.8K
NOI $19,909 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,534
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 40%
Home Improvements & Furnishings 6%
Shipley Do-Nuts
Dining
8,898 visits/mo
0.5 miles
Dollar General
Shops & Services
7,714 visits/mo
0.5 miles
El Charro
Dining
6,814 visits/mo
0.5 miles
U-Haul
Shops & Services
1,685 visits/mo
0.4 miles
Cash America
Shops & Services
1,656 visits/mo
0.5 miles
Demographics for 76701, TX
1,674
Population
1,029
Households
1.6
Avg Household Size
29
Median Age
32%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,522
Density / Sq Mi
$24,593
Median Household Income
$21,897
Median Earnings
$1,008
Median Rent
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - Vintage 1950s gas station and service shop on a high-traffic corner lot with partial renovations and ample parking.
Where is this gas station located?
The property is located at 1525 Franklin Avenue Waco, TX.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Vintage 1950s gasoline station and service shop on a high‑traffic downtown Waco corner lot; Partially renovated property with 3 guest facilities; Zoned C‑3
