Move-In-Ready Commercial
For Sale
Contact for pricing
2313 Washington Ave, Waco, TX 76701
Recently renovated 1,440+/- SF building with an open layout and a large private parking lot behind the structure.
Property Size1,440 SF
Price / SF$208.33
Days on Market53
Property Features for 2313 Washington Ave
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Office
Listing Agency:
Coldwell Banker Commercial Apex, Realtors
Listed By:
Gregg Glime, SIOR, CCIM · License #620081
Source:
Crexi
Added: Jul 9
Changed: Aug 27
Last Checked: Aug 29 at 11:18AM
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 Coldwell Banker Commercial Apex, Realtors
Investment Insights
Based on property information with market context.
This move-in-ready commercial building totals approximately 1,440+/- SF and has recently been renovated. The interior is configured with a versatile open layout suited to a range of business uses, and the property is being offered in turnkey condition.
The building is located near Downtown Waco at 2313 Washington Ave. A large private parking lot is situated behind the building, providing convenient parking for both customers and staff.
Previously used as a hair salon, the space supports professional office or service-oriented operations alongside retail and other personal service concepts, depending on a buyer’s needs.
The building is located near Downtown Waco at 2313 Washington Ave. A large private parking lot is situated behind the building, providing convenient parking for both customers and staff.
Previously used as a hair salon, the space supports professional office or service-oriented operations alongside retail and other personal service concepts, depending on a buyer’s needs.
Key Highlights
- Recently renovated 1,440+/- SF commercial building near Downtown Waco
- Open layout designed for a variety of business uses, including retail, personal services, office, or professional space
- Large private parking lot behind the building for customer and staff access
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
$20,020
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
6.67%
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%
$400,400
$400.4K
Cap Rate 7%
$286,000
$286.0K
Cap Rate 9%
$222,444
$222.4K
Market Conditions
NOI Build-Up for 1,440 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
$32.0K $22.20/SF
− Vacancy
−$5.3K −$3.66/SF
EGI
$26.7K $18.54/SF
− OpEx
−$6.7K −$4.63/SF
NOI
$20.0K $13.90/SF
Area
Waco, TX
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$400,400
Cap Rate 7%
$286,000
Cap Rate 9%
$222,444
Alternative Uses
Best Use
Office B
$286.0K
$250.3K – $333.7K
NOI $20,020 @ 7.0% cap · market cap 6.67%
Second Best
Retail
$239.7K
$209.8K – $279.7K
NOI $16,780 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$379.9K
$332.4K – $443.2K
NOI $26,594 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Explore this area
Business Placement
Demographics for 76701, TX
1,674
Population
1,029
Households
1.6
Avg Household Size
29
Median Age
32%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,522
Density / Sq Mi
$24,593
Median Household Income
$21,897
Median Earnings
$1,008
Median Rent
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Recently renovated 1,440+/- SF building with an open layout and a large private parking lot behind the structure.
Where is this office building located?
The property is located at 2313 Washington Ave Waco, TX.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Recently renovated 1,440+/- SF commercial building near Downtown Waco; Open layout designed for a variety of business uses, including retail, personal services, office, or professional space; Large private parking lot behind the building for customer and staff access
