Income Duplex with Fenced
For Sale
$599,900
2012 8th Street, Waco, TX 76706
Two mirror-image units each offer open kitchen-to-living space, carpeted bedrooms, tiled bath, on-site laundry, and dedicated parking.
Property Size2,800 SF
Price / SF$214.25
Days on Market1095
Property Features for 2012 8th Street
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Duplex
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,669
Amenities
Central Air, Electric
Double Pane
Dishwasher, Washer, Dryer, Disposal, Microwave, Range, Refrigerator, Oven
Composition
O-2
Storage Area.
Paved Driveway, No Parking.
Brick Trim/Veneer
Extra Storage.
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
Keller Williams Realty, Waco
(254) 751-7900
Listed By:
Jeffery Bird · License #478704
(254) 717-6721
Source:
Xome
Added: Sep 10, 2023
Changed: Sep 1
Last Checked: Sep 7 at 5:57AM
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 Keller Williams Realty, Waco
Investment Insights
Based on property information with market context.
This duplex offers two functional, mirror-image units designed for low-maintenance living. Each unit features an open flow from the kitchen into the living and dining areas, with well-equipped kitchens that include ample cabinet space and practical counters. Flooring is a mix of tile and wood-looking laminate, and each unit includes two carpeted bedrooms with closets plus one tiled, clean and functional bathroom. The property also includes a fully fenced backyard with a storage shed and on-site laundry in both units, along with dedicated parking spaces.
The property is located near Baylor University and surrounded by nearby amenities, including restaurants and coffee shops, which supports ongoing rental demand.
With a paired duplex configuration and practical in-unit layouts, this property is well-suited for owners seeking steady income and straightforward day-to-day maintenance.
The property is located near Baylor University and surrounded by nearby amenities, including restaurants and coffee shops, which supports ongoing rental demand.
With a paired duplex configuration and practical in-unit layouts, this property is well-suited for owners seeking steady income and straightforward day-to-day maintenance.
Key Highlights
- Duplex built in 2004 with two mirror‑image units
- Each unit features an open kitchen‑to‑living and dining layout
- Bedrooms and bathrooms: 2 carpeted bedrooms per unit with closets and 1 tiled bathroom per unit
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
$24,255
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
4.04%
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%
$485,100
$485.1K
Cap Rate 7%
$346,500
$346.5K
Cap Rate 9%
$269,500
$269.5K
Market Conditions
NOI Build-Up for 2,800 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
$38.0K $13.56/SF
− Vacancy
−$3.3K −$1.19/SF
EGI
$34.6K $12.37/SF
− OpEx
−$10.4K −$3.71/SF
NOI
$24.3K $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%
$485,100
Cap Rate 7%
$346,500
Cap Rate 9%
$269,500
Alternative Uses
Best Use
Multifamily LT 5
$346.5K
$303.2K – $404.3K
NOI $24,255 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$318.8K
$279.0K – $372.0K
NOI $22,317 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$738.7K
$646.4K – $861.8K
NOI $51,710 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
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
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 - Two mirror-image units each offer open kitchen-to-living space, carpeted bedrooms, tiled bath, on-site laundry, and dedicated parking.
Where is this duplex located?
The property is located at 2012 8th Street Waco, TX.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Duplex built in 2004 with two mirror‑image units; Each unit features an open kitchen‑to‑living and dining layout; Bedrooms and bathrooms: 2 carpeted bedrooms per unit with closets and 1 tiled bathroom per unit
