New Construction
For Sale
$340,000
1623 Seley Ave, Waco, TX 76704
Two separately accessed units feature contemporary finishes and two-level layouts.
Property Size1,596 SF
Price / SF$213.03
Days on Market119
Property Features for 1623 Seley Ave
General Information
Standard status
Active
Size
1,596 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Greater Waco Realty, LLC
(254) 230-4222
Listed By:
Ryan Simpson · License #0811203
Source:
Realestatestation
Added: May 6
Changed: Aug 31
Last Checked: Aug 31 at 5:28PM
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
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.
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 = 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
$13,825
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
4.07%
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%
$276,500
$276.5K
Cap Rate 7%
$197,500
$197.5K
Cap Rate 9%
$153,611
$153.6K
Market Conditions
NOI Build-Up for 1,596 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
$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 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%
$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
NOI $13,825 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$181.7K
$159.0K – $212.0K
NOI $12,721 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$421.1K
$368.4K – $491.3K
NOI $29,475 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
