Furnished Duplex with Leased
For Sale
$450,000
1621 Alexander Avenue, Waco, TX 76708
Two furnished residences include essential appliances and established lease occupancy.
Property Size2,082 SF
Days on Market10
Property Features for 1621 Alexander Avenue
General Information
Standard status
Active
Size
2,082 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$6,593
Building Details
Building Size
2,082 SF
Year Built
2022
Listing Agency:
Coldwell Banker Apex, REALTORS
Listed By:
Jordan Alders · License #0650436
(254) 776-0000
Source:
Whitelabelrealty
Added: Sep 11
Changed: Sep 17
Last Checked: Sep 19 at 11:22AM
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.
This duplex contains two furnished residential units, each arranged with 3 bedrooms and 2 bathrooms across more than 1,000 square feet of living space. Furnishings include beds, refrigerators, washers, and dryers, providing a complete setup for occupants. Both units are currently leased, and regular maintenance has been performed since construction in 2022.
Key Highlights
- Two furnished units, each with 3 bedrooms and 2 bathrooms
- Each residence offers over 1,000 square feet of living space
- Both units are currently leased
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
$18,035
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
4.01%
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%
$360,700
$360.7K
Cap Rate 7%
$257,643
$257.6K
Cap Rate 9%
$200,389
$200.4K
Market Conditions
NOI Build-Up for 2,082 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
$28.2K $13.56/SF
− Vacancy
−$2.5K −$1.19/SF
EGI
$25.8K $12.37/SF
− OpEx
−$7.7K −$3.71/SF
NOI
$18.0K $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%
$360,700
Cap Rate 7%
$257,643
Cap Rate 9%
$200,389
Alternative Uses
Best Use
Multifamily LT 5
$257.6K
$225.4K – $300.6K
NOI $18,035 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$237.1K
$207.4K – $276.6K
NOI $16,594 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$549.3K
$480.6K – $640.8K
NOI $38,450 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
241
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two furnished residences include essential appliances and established lease occupancy.
Where is this duplex located?
The property is located at 1621 Alexander Avenue Waco, TX.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two furnished units, each with 3 bedrooms and 2 bathrooms; Each residence offers over 1,000 square feet of living space; Both units are currently leased
