Renovated Triplex with Rear
New
For Sale
$465,000
1702 Ethel Avenue, Waco, TX 76707
Three residences have individual utility meters and mini-split heating and cooling systems.
Property Size3,324 SF
Days on Market2
Property Features for 1702 Ethel Avenue
General Information
Standard status
Active
Size
3,324 SF
Property subtype
Triplex
Units
Unit Mix
1 x 4BR/1BA, 1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,686
Amenities
mini-split systems
Building Details
Building Size
3,324 SF
Year Built
1920
Listing Agency:
Keller Williams Realty, Waco
Listed By:
Jonathon Villaescusa · License #0820265
(562) 652-7667
Source:
Whitelabelrealty
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 2:31AM
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 Keller Williams Realty, Waco
Investment Insights
Based on property information with market context.
At 1702 Ethel Avenue in Waco, this triplex contains three residences, including two units within the main house and a detached cottage at the rear. The lower residence has four bedrooms and one bathroom; the upper residence has two bedrooms and two bathrooms. The cottage provides one bedroom and one bathroom. The property was built in 1920, and all three units have been renovated. Each has a mini-split system for heating and cooling, along with separate water, gas, and electric meters.
Off-street parking is available. The property is offered within a portfolio that also includes 1704 Ethel Avenue and 1716 Ethel Avenue.
Off-street parking is available. The property is offered within a portfolio that also includes 1704 Ethel Avenue and 1716 Ethel Avenue.
Key Highlights
- Three residences: 4‑bedroom/1‑bath, 2‑bedroom/2‑bath, and 1‑bedroom/1‑bath layouts
- Detached 1‑bedroom, 1‑bath cottage at the rear
- Separate water, gas, and electric meters for each residence
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
$28,794
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
6.19%
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%
$575,880
$575.9K
Cap Rate 7%
$411,343
$411.3K
Cap Rate 9%
$319,933
$319.9K
Market Conditions
NOI Build-Up for 3,324 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
$45.1K $13.56/SF
− Vacancy
−$3.9K −$1.19/SF
EGI
$41.1K $12.37/SF
− OpEx
−$12.3K −$3.71/SF
NOI
$28.8K $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%
$575,880
Cap Rate 7%
$411,343
Cap Rate 9%
$319,933
Alternative Uses
Best Use
Multifamily LT 5
$411.3K
$359.9K – $479.9K
NOI $28,794 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$378.5K
$331.2K – $441.6K
NOI $26,494 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$877.0K
$767.4K – $1.02M
NOI $61,388 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences have individual utility meters and mini-split heating and cooling systems.
Where is this triplex located?
The property is located at 1702 Ethel Avenue 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: Three residences: 4‑bedroom/1‑bath, 2‑bedroom/2‑bath, and 1‑bedroom/1‑bath layouts; Detached 1‑bedroom, 1‑bath cottage at the rear; Separate water, gas, and electric meters for each residence
