New Construction Two-Story
For Sale
$465,000
1605 Clark Avenue Unit A & B, Waco, TX 76708
Two-unit residential property with flexible owner-occupant or rental use near McLennan Community College.
Property Size2,602 SF
Price / SF$178.71
Days on Market1241
Property Features for 1605 Clark Avenue Unit A & B
General Information
Standard status
Active
Size
2,602 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$337
Amenities
Central Air, Electric
3
Double Pane
Composition
Patio, Covered, Deck
Deck.
Paved Driveway, No Parking.
Frame
Building Details
Year Built
2024
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Apex, REALTORS
(254) 776-0000
Listed By:
Valerie Warschak · License #567821
(254) 235-6856
Source:
Xome
Added: Apr 8, 2023
Changed: Aug 30
Last Checked: Aug 30 at 2:17PM
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 Coldwell Banker Apex, REALTORS
Investment Insights
Based on property information with market context.
Completed in 2024, this two-story duplex provides 2602 square feet under roof, with each residence offering 3 bedrooms and 2 bathrooms. Both units include an open living and kitchen arrangement, a private primary suite, laundry space, and two upstairs guest bedrooms with a full bathroom. The first floors feature 9-foot ceilings, while foam insulation, double-pane windows, and central electric air conditioning support everyday comfort and efficiency.
Each unit also includes a covered outdoor area and access to a paved driveway. The property is located near McLennan Community College, with dining and shopping available in the surrounding area. Its configuration supports occupying one residence while leasing the other or using both units as rental housing.
Each unit also includes a covered outdoor area and access to a paved driveway. The property is located near McLennan Community College, with dining and shopping available in the surrounding area. Its configuration supports occupying one residence while leasing the other or using both units as rental housing.
Key Highlights
- Duplex with 2602 square feet under roof
- Each unit includes 3 bedrooms and 2 bathrooms
- Two‑story layout with open living and kitchen areas
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
$22,540
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
4.85%
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%
$450,800
$450.8K
Cap Rate 7%
$322,000
$322.0K
Cap Rate 9%
$250,444
$250.4K
Market Conditions
NOI Build-Up for 2,602 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
$35.3K $13.56/SF
− Vacancy
−$3.1K −$1.19/SF
EGI
$32.2K $12.37/SF
− OpEx
−$9.7K −$3.71/SF
NOI
$22.5K $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%
$450,800
Cap Rate 7%
$322,000
Cap Rate 9%
$250,444
Alternative Uses
Best Use
Multifamily LT 5
$322.0K
$281.8K – $375.7K
NOI $22,540 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$296.3K
$259.2K – $345.7K
NOI $20,739 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$686.5K
$600.7K – $800.9K
NOI $48,054 @ 7.0% cap · market cap 10.33%
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
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 76708, TX
28,499
Population
11,241
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
85%
High-School Grad
48.1 sq mi
ZIP Area
592
Density / Sq Mi
$66,764
Median Household Income
$39,409
Median Earnings
$1,087
Median Rent
$204,600
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 - Two-unit residential property with flexible owner-occupant or rental use near McLennan Community College.
Where is this duplex located?
The property is located at 1605 Clark Avenue Unit A & B Waco, TX.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Duplex with 2602 square feet under roof; Each unit includes 3 bedrooms and 2 bathrooms; Two‑story layout with open living and kitchen areas
