Building Details

Year Built 2023

Buildings 1

Listing Agency: Greater Waco Realty, LLC

Listed By: Robert Barnes · License #TX678805 Show Phone

Source: Granburyhomefinder

Added: May 10 Changed: Oct 15 Last Checked: Oct 19 at 7:25AM

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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 Greater Waco Realty, LLC

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Investment Insights

Based on property information with market context.

Completed in 2023, this 1,596-square-foot duplex contains two units, each with 2 bedrooms and 1.5 bathrooms. Both residences include open living and kitchen areas, a downstairs half bath, and an upstairs Jack-and-Jill full bathroom arrangement. Interior details include butcher block countertops, black fixtures, updated cabinetry, luxury vinyl plank flooring on the lower level, and carpet upstairs.

Each unit has its own entrance and driveway. Electric ranges, electric water heaters, microwaves, ceiling fans, and kitchen islands are included. The property also offers access to downtown Waco, Baylor, and I-35.

Key Highlights

• Built in 2023 with 1,596 square feet across the duplex
• Two units, each with 2 bedrooms and 1.5 bathrooms
• Open living and kitchen areas with kitchen islands

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,825

Cap Rate

4.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$276,500 $276.5K

Cap Rate 7%

$197,500 $197.5K

Cap Rate 9%

$153,611 $153.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,596 SF

Gross rent

$21.6K $13.56/SF

− Vacancy

−$1.9K −$1.19/SF

EGI

$19.8K $12.37/SF

− OpEx

−$5.9K −$3.71/SF

NOI

$13.8K $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 Rate 5%

$276,500

Cap Rate 7%

$197,500

Cap Rate 9%

$153,611

Alternative Uses

Best Use

Multifamily LT 5

$197.5K

$172.8K – $230.4K (±1% cap)

NOI $13,825 @ 7.0% cap · market cap 4.07%

Second Best

Apartment 5plus

$181.7K

$159.0K – $212.0K (±1% cap)

NOI $12,721 @ 7.0% cap · market cap 3.74%

Theoretical Best

Office A

$421.1K

$368.4K – $491.3K (±1% cap)

NOI $29,475 @ 7.0% cap · market cap 8.67%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

188

Businesses Nearby

Explore this area Business Placement

Demographics for 76704, TX

7,220

Population

3,703

Households

1.9

Avg Household Size

35

Median Age

8%

College-Educated

78%

High-School Grad

5.4 sq mi

ZIP Area

1,337

Density / Sq Mi

$24,208

Median Household Income

$24,363

Median Earnings

$788

Median Rent

$112,800

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two separately accessed units feature contemporary finishes and two-level layouts.

Where is this duplex located?

The property is located at 1623 Seley Ave Waco, TX.

What is the asking price?

The asking price for this property is $340,000.

What are key features of this property?

This property features: Built in 2023 with 1,596 square feet across the duplex; Two units, each with 2 bedrooms and 1.5 bathrooms; Open living and kitchen areas with kitchen islands