Multi-Tenant Office
New
For Sale
$1,375,000
1600 Lake Air Drive, Waco, TX 76710
CommercialSale, Waco, TX
Property Size8,576 SF
Lot Size0.78 Acres
Price / SF$160.33
Days on Market5
Property Features for 1600 Lake Air Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
O-1
Security features
Security
Subdivision
Lake Air Center
Lot features
Corner Lot
Directions
Lake air across from Extraco Event Center
Standard status
Active
APN
480266080010010
Lot size
0.78 Acres
Taxes and HOA fees
Tax Description
LAKE AIR CENTER BLOCK C LOT A ACRES .775
Tax Annual Amount
24343
Legal Description
LAKE AIR CENTER BLOCK C LOT A ACRES .775
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
private offices
secure coded entry
Wi-Fi
utilities
shared conference room
kitchenette
common areas
on-site parking
Building Details
Year built
1976
Floors in Building
1
Number of units
1
Flooring type
Tile, Laminate
Building materials
Concrete
Roof type
Slate, Asphalt
Listing Agency:
Duck Brothers Real Estate
(254) 733-3008
Listed By:
Alan Cooper
(469) 373-3118
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 15 at 3:06AM
MLS# 21384542
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.
Investment Insights
Based on property information with market context.
Located at 1600 Lake Air Drive in Waco, this approximately 8,576-square-foot office building is arranged for multiple executive and professional suites. The 0.775-acre property includes private offices in several sizes, a shared conference room, kitchenette, common areas, secure coded entry, Wi-Fi, utilities, and on-site parking. Concrete construction, laminate and tile flooring, central heating, central air, and public water and sewer support the existing office configuration.
Built in 1976, the property is suited to an owner-user or continued multi-tenant operation. Its office layout accommodates professional users, while the existing suite arrangement allows occupancy across separate private offices within the building.
Built in 1976, the property is suited to an owner-user or continued multi-tenant operation. Its office layout accommodates professional users, while the existing suite arrangement allows occupancy across separate private offices within the building.
Key Highlights
- Approximately 8,576‑square‑foot multi‑tenant office building
- 0.775‑acre property at 1600 Lake Air Drive, Waco, TX 76710
- Private offices in multiple sizes for executive and professional users
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
$119,230
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
8.67%
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%
$2,384,600
$2.4M
Cap Rate 7%
$1,703,286
$1.7M
Cap Rate 9%
$1,324,778
$1.3M
Market Conditions
NOI Build-Up for 8,576 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
$190.4K $22.20/SF
− Vacancy
−$31.4K −$3.66/SF
EGI
$159.0K $18.54/SF
− OpEx
−$39.7K −$4.63/SF
NOI
$119.2K $13.90/SF
Area
Waco, TX
Vacancy
16.50%
Lease Rate
$22.20 /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%
$2,384,600
Cap Rate 7%
$1,703,286
Cap Rate 9%
$1,324,778
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.99M
NOI $119,230 @ 7.0% cap · market cap 8.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,382 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,211
Businesses Nearby
Explore this area
Business Placement
Demographics for 76710, TX
24,874
Population
12,391
Households
2
Avg Household Size
38
Median Age
32%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,675
Density / Sq Mi
$53,304
Median Household Income
$36,425
Median Earnings
$1,098
Median Rent
$229,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible executive and professional suites with shared amenities, coded entry, utilities, and on-site parking.
Where is this office building located?
The property is located at 1600 Lake Air Drive Waco, TX.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Approximately 8,576‑square‑foot multi‑tenant office building; 0.775‑acre property at 1600 Lake Air Drive, Waco, TX 76710; Private offices in multiple sizes for executive and professional users
