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    Multifamily Investment Property Title is generated by Realmo AI

    1702 Ethel Avenue, Waco, TX 76707

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    For Sale
    $595,000

    MULTI_FAMILY - Waco, TX

    Added:
    Dec 30, 2025
    Days on Market:
    158
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 1702 Ethel Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    13
    Bathrooms
    10
    Rooms
    Bathroom 2, Bedroom 5, Bathroom 3, Bathroom 4, Bedroom 2, Bathroom 8, Bathroom 6, Bathroom 7, Bedroom 9, Bedroom 11, Bathroom 1, Bathroom 5, Bathroom 10, Bathroom 9, Bedroom 4, Bedroom 8, Bedroom 12, Bedroom 6, Bedroom 13, Bedroom 3, Bedroom 1, Bedroom 7, Bedroom 10
    Appliances
    Refrigerator
    Standard status
    Active
    APN
    171282

    Taxes and HOA fees

    Tax Description
    DICKEY Lot C5 Block 83 Acres .24
    Tax Annual Amount
    6298

    Building Details

    Year built
    1920
    Floors in Building
    1
    Number of units
    9
    Building materials
    Frame
    Roof type
    Composition

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    Listing Contact
    Hunter Harrell
    Hunter Harrell

    Listing agent Hunter Harrell License #0619933

    Listing office Harrell Realty Company Waco, TX

    Listing date Dec 30, 2025

    MLS# 225745

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Multi‑building, multi‑unit property on Ethel Avenue
    • 7 one‑bedroom/one‑bath units ranging from 504 SF to 690 SF
    • Additional unit mix includes one 2BR/1BA unit (1,152 SF) and one 4BR/2BA unit (1,632 SF)
    • Built in 1920 with frame construction
    • Composition roof
    • Appliances include refrigerator

    Overview

    This multi-building, multi-unit residential income property is located on Ethel Avenue and currently features a total of nine units. The mix includes seven 1BR/1BA units with sizes ranging from 504 to 690 square feet, along with one 2BR/1BA unit and one 4BR/2BA unit. The 2BR/1BA unit totals 1,152 square feet, while the 4BR/2BA unit is 1,632 square feet. The configuration supports an investor approach focused on cash flow or an alternative strategy that includes potential redevelopment.

    The asset is offered for sale in Waco, Texas. The listing notes that the property can be sold as a standalone investment or grouped with other properties as part of a larger investment package, depending on an investor’s goals and underwriting needs. For additional details on the current setup and specifics, the listing requests that interested parties inquire.

    Given the current unit mix, this property may appeal to buyers looking for a small multifamily portfolio with multiple floorplan sizes. It also provides a straightforward platform for operators who want to evaluate lease-up, unit optimization, or longer-term redevelopment potential. Investors and brokers can coordinate further information requests to review the details most relevant to their acquisition thesis.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.152408
    Latitude
    31.556789

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    FAQs

    What type of property is this?
    Apartment building - Multi-building rental property with seven 1BR units plus larger 2BR and 4BR options for flexible income strategies.
    Where is this apartment building located?
    The property is located at 1702 Ethel Avenue Waco, TX.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Multi‑building, multi‑unit property on Ethel Avenue; 7 one‑bedroom/one‑bath units ranging from 504 SF to 690 SF; Additional unit mix includes one 2BR/1BA unit (1,152 SF) and one 4BR/2BA unit (1,632 SF)
    (254) 772-8572
    We can help!
    Listing Contact
    Hunter Harrell
    Hunter Harrell
    Real Estate License ID: 0619933
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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