Building Details

Building Size 2,520 SF

Year Built 1973

Listing Agency: Reid Peevey Commercial Real Estate

Listed By: Pat Farrar · License #TX #547422 Show Phone

Source: Reidpeevey

Added: Jun 2 Changed: Oct 15 Last Checked: Oct 23 at 5:13AM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

Freestanding office building at 1901 Austin Ave in Waco, TX, built in 1973. The space is laid out with five spacious offices plus a flex/bullpen area, along with a kitchen and two restrooms. The property also includes a drive-through configuration, previously used as a former credit union facility.

Access is supported by two curb cuts, with ample parking located in the rear. Zoning is listed as O2, which can support office-oriented uses.

This layout can work well for an organization looking for dedicated offices paired with an open flex/bullpen work area, while also benefiting from drive-through functionality and rear parking.

Key Highlights

• Drive‑through feature, previously used as a former credit union
• Five spacious offices plus flex/bullpen area
• Kitchen and two restrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,035

Cap Rate

8.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$700,700 $700.7K

Cap Rate 7%

$500,500 $500.5K

Cap Rate 9%

$389,278 $389.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,520 SF

Gross rent

$55.9K $22.20/SF

− Vacancy

−$9.2K −$3.66/SF

EGI

$46.7K $18.54/SF

− OpEx

−$11.7K −$4.63/SF

NOI

$35.0K $13.90/SF

Area

Waco, TX

Vacancy

16.50%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$700,700

Cap Rate 7%

$500,500

Cap Rate 9%

$389,278

Alternative Uses

Best Use

Office B

$500.5K

$437.9K – $583.9K (±1% cap)

NOI $35,035 @ 7.0% cap · market cap 8.87%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$664.8K

$581.7K – $775.7K (±1% cap)

NOI $46,539 @ 7.0% cap · market cap 11.78%

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

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Patterson Kent CPA Tax Preparation Dulock Fred B ... Tax Preparation Dulock Tracy Tax Preparation

Suggested Use

Top Pick Dental Office Pharmacy Carpet & Flooring Store Catering Service (Bike/Boat/Book/etc) Store Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,302

Businesses Nearby

Explore this area Business Placement

Demographics for 76701, TX

1,674

Population

1,029

Households

1.6

Avg Household Size

29

Median Age

32%

College-Educated

92%

High-School Grad

1.1 sq mi

ZIP Area

1,522

Density / Sq Mi

$24,593

Median Household Income

$21,897

Median Earnings

$1,008

Median Rent

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Freestanding office with flex bullpen area, kitchen, two restrooms, and a drive-through for convenient access.

Where is this office building located?

The property is located at 1901 Austin Ave Waco, TX.

What is the asking price?

The asking price for this property is $395,000.

What are key features of this property?

This property features: Drive‑through feature, previously used as a former credit union; Five spacious offices plus flex/bullpen area; Kitchen and two restrooms