Duplex Apartment Building With 20
For Sale
$4,250,000
2300-2338 Century Drive, Waco, TX 76712
MULTI_FAMILY - Waco, TX
Property Size21,950 SF
Lot Size2.28 Acres
Price / SF$193.62
Days on Market239
Property Features for 2300-2338 Century Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
25
Bathrooms
20
Full bathrooms
20
Rooms
Bathroom 5, Bedroom 3, Bedroom 9, Bathroom 8, Bedroom 1, Bathroom 9, Bathroom 14, Bedroom 24, Bedroom 12, Bathroom 11, Bathroom 19, Bathroom 7, Bedroom 20, Bedroom 17, Bedroom 7, Bedroom 15, Bathroom 6, Bedroom 23, Bedroom 6, Bathroom 12, Bedroom 25, Bathroom 15, Bathroom 10, Bedroom 8, Bedroom 19, Bathroom 2, Bedroom 16, Bedroom 22, Bedroom 14, Bathroom 3, Bathroom 17, Bedroom 10, Bedroom 11, Bedroom 13, Bathroom 16, Bedroom 21, Bedroom 4, Bathroom 20, Bedroom 5, Bathroom 18, Bedroom 2, Bathroom 1, Bathroom 4, Bathroom 13, Bedroom 18
Parking
20
Parking features
Assigned, Carport, Covered
Interior features
WalkInClosets
Fencing
Fenced
Appliances
Dishwasher, ElectricRange, ElectricWaterHeater, Microwave, Refrigerator
Subdivision
Panther Way Est.
Elementary school
Hewitt
Middle school
Midway
High school
Midway
Elementary school district
Midway ISD
Middle school district
Midway ISD
High school district
Midway ISD
Directions
Heading Southeast on Hewitt Drive, Turn Left onto Panther Way. The property will be on your right side, across from Hewitt Elementary.
Standard status
Active
APN
148761
Size
21,950 SF
Lot size
2.28 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Ceiling Fan(s), Central Air
Water source
Public
Amenities
covered parking
in-unit washer-dryer hookups
Building Details
Year built
2018
Floors in Building
1
Number of units
20
Flooring type
Vinyl, Carpet
Building materials
Brick, Rock, Stone
Roof type
Composition
Listing Agency:
Keller Williams Realty, Waco
(254) 751-7900
Listed By:
Brad Harrell · License #363789
(254) 751-7900
Added: Jan 5
Changed: Aug 5
Last Checked: Sep 1 at 9:06AM
MLS# 21091942
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.
Century Court Duplexes is a 20-unit duplex apartment property built in 2018, set up as 10 duplex buildings totaling 2.2765 acres at 2300-2338 Century Drive. The unit mix includes 10 two-bedroom, two-bath units and 10 three-bedroom, two-bath units.
Apartments feature open-concept living, in-unit washer-dryer hookups, walk-in closets, and contemporary finishes. Kitchens include appliances such as a dishwasher, electric range, microwave, and refrigerator. Residents benefit from covered parking with carport, assigned, and covered parking features. The property has public water and public sewer service, with electric heating and central air conditioning. The exterior is constructed with brick, rock, and stone, with a composition roof.
The complex is positioned directly across from Hewitt Elementary School, with minutes access to Highway 84 and Hewitt Drive.
Apartments feature open-concept living, in-unit washer-dryer hookups, walk-in closets, and contemporary finishes. Kitchens include appliances such as a dishwasher, electric range, microwave, and refrigerator. Residents benefit from covered parking with carport, assigned, and covered parking features. The property has public water and public sewer service, with electric heating and central air conditioning. The exterior is constructed with brick, rock, and stone, with a composition roof.
The complex is positioned directly across from Hewitt Elementary School, with minutes access to Highway 84 and Hewitt Drive.
Key Highlights
- 20 units in 10 duplex buildings: 10 two‑bedroom, two‑bath and 10 three‑bedroom, two‑bath units
- Built in 2018 on 2.2765 acres (Century Court Duplexes)
- In‑unit washer‑dryer hookups and walk‑in closets in each 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
$174,951
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
4.12%
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%
$3,499,020
$3.5M
Cap Rate 7%
$2,499,300
$2.5M
Cap Rate 9%
$1,943,900
$1.9M
Market Conditions
NOI Build-Up for 21,950 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
$350.3K $15.96/SF
− Vacancy
−$32.2K −$1.47/SF
EGI
$318.1K $14.49/SF
− OpEx
−$143.1K −$6.52/SF
NOI
$175.0K $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 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%
$3,499,020
Cap Rate 7%
$2,499,300
Cap Rate 9%
$1,943,900
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $174,951 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.79M
$5.07M – $6.76M
NOI $405,373 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 76712, TX
27,800
Population
11,704
Households
2.4
Avg Household Size
41
Median Age
49%
College-Educated
96%
High-School Grad
52.4 sq mi
ZIP Area
531
Density / Sq Mi
$96,267
Median Household Income
$56,879
Median Earnings
$1,333
Median Rent
$302,100
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?
Apartment building - Built in 2018, 20-unit duplex apartment complex with covered parking and in-unit washer-dryer hookups.
Where is this apartment building located?
The property is located at 2300-2338 Century Drive Waco, TX.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 20 units in 10 duplex buildings: 10 two‑bedroom, two‑bath and 10 three‑bedroom, two‑bath units; Built in 2018 on 2.2765 acres (Century Court Duplexes); In‑unit washer‑dryer hookups and walk‑in closets in each unit
