Duplex Portfolio with Rental
For Sale
$302,000
2400 Ethel Avenue, Waco, TX 76707
Two residences are included, with one leased and the other recently rented.
Property Size2,515 SF
Price / SF$120.08
Days on Market1369
Property Features for 2400 Ethel Avenue
General Information
Standard status
Active
Size
2,515 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1bd/1ba, 1 x 3bd/2ba
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,155
Amenities
Central Air
3
Dishwasher, Microwave, Range, Refrigerator, Oven
Composition
No Fence, Stone
Paved Driveway, No Parking.
Wood, Stone
No Pool
None.
Building Details
Year Built
1947
Buildings
2
Listing Agency:
ListwithFreedom.com Inc.
(855) 456-4945
Listed By:
Salvador Caballero · License #338742
(855) 456-4945
Source:
Xome
Added: Dec 2, 2022
Changed: Aug 31
Last Checked: Aug 31 at 3:22PM
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 ListwithFreedom.com Inc.
Investment Insights
Based on property information with market context.
This duplex offering includes two residential properties with a combined 2,515 square feet. The residences provide different configurations: a 1-bedroom, 1-bath home at 1416 N 24th St and a 3-bedroom, 2-bath home at 2400 Ethel Avenue. The 2400 Ethel Avenue property is currently leased, while the other residence was recently rented.
Built in 1947, the properties include central air and kitchens equipped with a dishwasher, microwave, range, refrigerator, and oven. Exterior features include composition materials, stone, wood, and paved driveways. The property at 2400 Ethel Avenue is located in Waco, Texas.
Built in 1947, the properties include central air and kitchens equipped with a dishwasher, microwave, range, refrigerator, and oven. Exterior features include composition materials, stone, wood, and paved driveways. The property at 2400 Ethel Avenue is located in Waco, Texas.
Key Highlights
- Two residential properties included in the sale
- Combined property size of 2,515 square feet
- 1‑bedroom, 1‑bath residence at 1416 N 24th St
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
$21,786
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
7.21%
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%
$435,720
$435.7K
Cap Rate 7%
$311,229
$311.2K
Cap Rate 9%
$242,067
$242.1K
Market Conditions
NOI Build-Up for 2,515 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
$34.1K $13.56/SF
− Vacancy
−$3.0K −$1.19/SF
EGI
$31.1K $12.37/SF
− OpEx
−$9.3K −$3.71/SF
NOI
$21.8K $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%
$435,720
Cap Rate 7%
$311,229
Cap Rate 9%
$242,067
Alternative Uses
Best Use
Multifamily LT 5
$311.2K
$272.3K – $363.1K
NOI $21,786 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$286.4K
$250.6K – $334.1K
NOI $20,046 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$663.5K
$580.6K – $774.1K
NOI $46,447 @ 7.0% cap · market cap 15.38%
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
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 76707, TX
16,227
Population
6,678
Households
2.4
Avg Household Size
31
Median Age
15%
College-Educated
76%
High-School Grad
3.3 sq mi
ZIP Area
4,917
Density / Sq Mi
$38,208
Median Household Income
$27,124
Median Earnings
$1,055
Median Rent
$113,600
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 residences are included, with one leased and the other recently rented.
Where is this duplex located?
The property is located at 2400 Ethel Avenue Waco, TX.
What is the asking price?
The asking price for this property is $302,000.
What are key features of this property?
This property features: Two residential properties included in the sale; Combined property size of 2,515 square feet; 1‑bedroom, 1‑bath residence at 1416 N 24th St
