New Duplex Investment
For Sale
$465,000
1912 22nd Street, Waco, TX 76706
Brand-new duplex with two units, each featuring 3 bedrooms, 3.5 bathrooms, vinyl-wood flooring, and granite countertops.
Property Size2,976 SF
Price / SF$156.25
Days on Market1167
Property Features for 1912 22nd Street
General Information
Standard status
Active
Size
2,976 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$651
Amenities
Central Air, Electric
3
Dishwasher, Microwave
Double Pane
Composition
No Fence
R-2
Paved Driveway, No Parking.
No Pool
None.
Building Details
Year Built
2024
Stories
2
Listing Agency:
EG Realty
(254) 218-4220
Listed By:
Anel Perales · License #651652
(254) 644-5508
Source:
Xome
Added: Jun 30, 2023
Changed: Sep 2
Last Checked: Sep 7 at 6:01AM
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 EG Realty
Investment Insights
Based on property information with market context.
This brand-new duplex is configured as two separate units, each offering 3 bedrooms and 3.5 bathrooms. Interior finishes include modern vinyl wood flooring in the living and kitchen areas, along with granite countertops throughout the home, including the kitchen and bathrooms. The downstairs layout includes a living room, kitchen, and a half-bathroom, while all bedrooms are located on the second floor for added privacy. Additional construction features include spray foam insulation and double-paned windows, and a concrete driveway extends to the back of the property to provide parking.
The property is described as being located in the Baylor Bubble near Baylor University.
The property is described as being located in the Baylor Bubble near Baylor University.
Key Highlights
- Brand‑new 2024 duplex with 2 units, each offering 3 bedrooms and 3.5 bathrooms
- Central air with electric heating and double‑pane windows
- Kitchen and bathrooms feature granite countertops
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
$25,779
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
5.54%
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%
$515,580
$515.6K
Cap Rate 7%
$368,271
$368.3K
Cap Rate 9%
$286,433
$286.4K
Market Conditions
NOI Build-Up for 2,976 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
$40.4K $13.56/SF
− Vacancy
−$3.5K −$1.19/SF
EGI
$36.8K $12.37/SF
− OpEx
−$11.0K −$3.71/SF
NOI
$25.8K $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%
$515,580
Cap Rate 7%
$368,271
Cap Rate 9%
$286,433
Alternative Uses
Best Use
Multifamily LT 5
$368.3K
$322.2K – $429.7K
NOI $25,779 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$338.9K
$296.5K – $395.3K
NOI $23,720 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$785.2K
$687.0K – $916.0K
NOI $54,961 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
457
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
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 - Brand-new duplex with two units, each featuring 3 bedrooms, 3.5 bathrooms, vinyl-wood flooring, and granite countertops.
Where is this duplex located?
The property is located at 1912 22nd Street 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: Brand‑new 2024 duplex with 2 units, each offering 3 bedrooms and 3.5 bathrooms; Central air with electric heating and double‑pane windows; Kitchen and bathrooms feature granite countertops
