4-Unit Multifamily
For Sale
$395,000
1603 West Avenue, Waco, TX 76707
Built in 1912 with shared laundry, central air, and an eat-in kitchen.
Property Size3,256 SF
Price / SF$121.31
Days on Market365
Property Features for 1603 West Avenue
General Information
Standard status
Active
Size
3,256 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Fourplex
Taxes and HOA fees
Annual Taxes
$3,775
Amenities
shared laundry room
Ceiling Fan(s), Central Air, Electric
Central, Electric
Carpet, Vinyl
Electric Range, Microwave, Refrigerator
1
Eat-in Kitchen
Brick
No
Composition
Two
2
Pillar/Post/Pier
Public Records
4
Siding
Building Details
Year Built
1912
Buildings
1
Listing Agency:
EG Realty
(254) 723-7745
Listed By:
Kyle Weissler · License #739367
(254) 723-7745
Source:
Compass
Added: Aug 31, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:52PM
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 EG Realty
Investment Insights
Based on property information with market context.
This 4-unit multifamily property at 1603 West Avenue in Waco, Texas, contains 3256 square feet and dates to 1912. Interior features include living areas, kitchens with dining space, carpet and vinyl flooring, ceiling fans, and central electric air conditioning. Kitchens are equipped with electric ranges, microwaves, and refrigerators.
A shared laundry room includes a washer and dryer. Exterior details include brick and siding, along with a composition roof. The property is located in Waco’s 76707 ZIP code.
A shared laundry room includes a washer and dryer. Exterior details include brick and siding, along with a composition roof. The property is located in Waco’s 76707 ZIP code.
Key Highlights
- 4‑unit multifamily property with 3256 square feet
- Built in 1912
- Shared laundry room with washer and dryer
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
$28,205
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
7.14%
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%
$564,100
$564.1K
Cap Rate 7%
$402,929
$402.9K
Cap Rate 9%
$313,389
$313.4K
Market Conditions
NOI Build-Up for 3,256 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
$44.2K $13.56/SF
− Vacancy
−$3.9K −$1.19/SF
EGI
$40.3K $12.37/SF
− OpEx
−$12.1K −$3.71/SF
NOI
$28.2K $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%
$564,100
Cap Rate 7%
$402,929
Cap Rate 9%
$313,389
Alternative Uses
Best Use
Multifamily LT 5
$402.9K
$352.6K – $470.1K
NOI $28,205 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$370.7K
$324.4K – $432.5K
NOI $25,952 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$859.0K
$751.7K – $1.00M
NOI $60,132 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
690
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?
Quadplex - Built in 1912 with shared laundry, central air, and an eat-in kitchen.
Where is this quadplex located?
The property is located at 1603 West Avenue Waco, TX.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 4‑unit multifamily property with 3256 square feet; Built in 1912; Shared laundry room with washer and dryer
