Four-Bedroom
New
For Sale
$575,000
1916 S 15th Street, Waco, TX 76706
ResidentialIncome, Waco, TX
Property Size3,506 SF
Lot Size0.19 Acres
Price / SF$164
Days on Market2
Property Features for 1916 S 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 2, Bedroom 3, Bedroom 7, Bedroom 8, Bathroom 1, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 5, Bedroom 2, Bathroom 6, Bathroom 7, Bathroom 8, Bedroom 1, Bedroom 4
Parking
8
Parking features
Garage, Off Street
Interior features
Pantry
Fencing
Privacy
Appliances
Dishwasher, ElectricRange, Refrigerator
Subdivision
Baylor
Lot features
Interior Lot, Level
Elementary school
South Waco
Middle school
Cesar Chavez
High school
University
Elementary school district
Waco ISD
Middle school district
Waco ISD
High school district
Waco ISD
Directions
From La Salle Ave, head northwest on 15th St. Duplex is on your right after you pass Daughtrey Ave.
Standard status
Active
APN
480029000274004
Size
3,506 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
BAYLOR LOT 14 BLOCK 22 ACRES .1894
Tax Annual Amount
8769
Legal Description
BAYLOR LOT 14 BLOCK 22 ACRES .1894
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Ceiling Fan(s), Electric, Central Air
Water source
Public
Amenities
fenced backyard
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Brick
Roof type
Composition, Shingle
Listing Agency:
Keller Williams Realty, Waco
(254) 751-7900
Listed By:
Jeffery Bird · License #478704
(254) 717-6721
Added: Sep 25
Last Checked: Sep 26 at 12:06PM
MLS# 21392949
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.
Investment Insights
Based on property information with market context.
This two-unit duplex totals 3,506 square feet on a 0.189-acre lot. Built in 2002, it contains two 1,753-square-foot residences, each arranged with four bedrooms and four full bathrooms. One bedroom and bath are on the ground floor, with three bedrooms and baths upstairs. Each residence also includes a living room, dining area, kitchen, and laundry space. Interior finishes include vinyl and carpet flooring, ceiling fans, and kitchens equipped with a dishwasher, microwave, range, and refrigerator.
The brick property at 1916 S 15th Street is near Baylor University. Exterior features include off-street concrete parking, a fenced backyard, and garage parking.
The brick property at 1916 S 15th Street is near Baylor University. Exterior features include off-street concrete parking, a fenced backyard, and garage parking.
Key Highlights
- Two residences totaling 3,506 square feet on a 0.189‑acre lot
- Each unit measures 1,753 square feet and has 4 bedrooms and 4 full baths
- Built in 2002
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
$30,370
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
5.28%
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%
$607,400
$607.4K
Cap Rate 7%
$433,857
$433.9K
Cap Rate 9%
$337,444
$337.4K
Market Conditions
NOI Build-Up for 3,506 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
$47.5K $13.56/SF
− Vacancy
−$4.2K −$1.19/SF
EGI
$43.4K $12.37/SF
− OpEx
−$13.0K −$3.71/SF
NOI
$30.4K $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%
$607,400
Cap Rate 7%
$433,857
Cap Rate 9%
$337,444
Alternative Uses
Best Use
Multifamily LT 5
$433.9K
$379.6K – $506.2K
NOI $30,370 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$399.2K
$349.3K – $465.7K
NOI $27,944 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$925.0K
$809.4K – $1.08M
NOI $64,749 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
427
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence has its own living, dining, kitchen, and laundry areas, with bedrooms and bathrooms on both levels.
Where is this duplex located?
The property is located at 1916 S 15th Street Waco, TX.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two residences totaling 3,506 square feet on a 0.189‑acre lot; Each unit measures 1,753 square feet and has 4 bedrooms and 4 full baths; Built in 2002
