Multifamily Property Near Baylor
For Sale
$1,800,000
1902 S 8th St, Waco, TX 76706
Well-maintained multifamily property near Baylor University with recent updates.
Property Size6,889 SF
Price / SF$261.29
Days on Market149
Property Features for 1902 S 8th St
General Information
Standard status
Active
Size
6,889 SF
Building Details
Year Built
1998
Listing Agency:
Compass RE Texas, LLC
Listed By:
Kristofer Kasper · License #0609931
(512) 966-9781
Source:
Olverabolton
Added: May 21
Changed: Oct 2
Last Checked: Oct 7 at 1:48PM
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 Compass RE Texas, LLC
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Investment Insights
Based on property information with market context.
This well-maintained multifamily property is situated in a location near Baylor University, offering visibility and accessibility. Recent updates include a roof, fresh exterior paint, durable Hardiplank sheathing, modern vinyl plank flooring, security lighting, and updated entry pads. The property offers the possibility of converting to condominiums and selling units individually. The property is located in a somewhat walkable and bikeable area, with a walk score of 56 and a bike score of 56.
Key Highlights
- Strong 7% Cap Rate: Provides immediate and substantial return on investment.
- Highly Sought‑After Location Near Baylor University: Ensures consistent demand and excellent visibility.
- Future Condominium Conversion Potential: Offers a high‑value exit strategy.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,908
Cap Rate
3.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,098,160
$1.1M
Cap Rate 7%
$784,400
$784.4K
Cap Rate 9%
$610,089
$610.1K
Market Conditions
NOI Build-Up for 6,889 SF
Gross rent
$109.9K $15.96/SF
− Vacancy
−$10.1K −$1.47/SF
EGI
$99.8K $14.49/SF
− OpEx
−$44.9K −$6.52/SF
NOI
$54.9K $7.97/SF
Area
Waco, TX
Vacancy
9.20%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,098,160
Cap Rate 7%
$784,400
Cap Rate 9%
$610,089
Alternative Uses
Best Use
Apartment 5plus
$784.4K
$686.4K – $915.1K
NOI $54,908 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,226 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 76706, TX
39,303
Population
16,600
Households
2.4
Avg Household Size
27
Median Age
23%
College-Educated
85%
High-School Grad
72.3 sq mi
ZIP Area
544
Density / Sq Mi
$42,277
Median Household Income
$23,954
Median Earnings
$1,063
Median Rent
$180,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property near Baylor University with recent updates.
Where is this apartment building located?
The property is located at 1902 S 8th St Waco, TX.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Strong 7% Cap Rate: Provides immediate and substantial return on investment.; Highly Sought‑After Location Near Baylor University: Ensures consistent demand and excellent visibility.; Future Condominium Conversion Potential: Offers a high‑value exit strategy.
