Mixed-Use Property with
New
For Sale
$899,900
2424 Austin Avenue, Waco, TX 76701
The property combines office space in a five-bedroom main house with two apartments above a garage.
Property Size6,191 SF
Price / SF$145.36
Days on Market4
Property Features for 2424 Austin Avenue
General Information
Standard status
Active
Size
6,191 SF
Property subtype
Commercial
Zoning
R-2
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Building Details
Building Size
6,191 SF
Year Built
1923
Stories
2
Units
7
Listing Agency:
BOURQUIN REALTY
Listed By:
David Bourquin · License #0596715
(940) 329-5070
Source:
Bourquinrealty
Added: Oct 19
Changed: Oct 22
Last Checked: Oct 22 at 2:42PM
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 BOURQUIN REALTY
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Investment Insights
Based on property information with market context.
Built in 1923, the property includes a main house with more than 5,000 square feet, five bedrooms, and three bathrooms. It is currently used as rentable office space and retains original details, including a grand staircase and woodwork. Two one-bedroom apartments sit above the garage.
The property is on Austin Avenue in Waco, with proximity to Downtown Waco. Zoning is R-2.
The property is on Austin Avenue in Waco, with proximity to Downtown Waco. Zoning is R-2.
Key Highlights
- 1923 construction
- Main house includes more than 5,000 square feet, 5 bedrooms, and 3 bathrooms
- Two one‑bedroom apartments are located above the garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,225
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,584,500
$1.6M
Cap Rate 7%
$1,131,786
$1.1M
Cap Rate 9%
$880,278
$880.3K
Market Conditions
NOI Build-Up for 6,191 SF
Gross rent
$144.9K $23.40/SF
− Vacancy
−$18.1K −$2.93/SF
EGI
$126.8K $20.47/SF
− OpEx
−$47.5K −$7.68/SF
NOI
$79.2K $12.80/SF
Area
Waco, TX
Vacancy
12.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,584,500
Cap Rate 7%
$1,131,786
Cap Rate 9%
$880,278
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.43M
NOI $86,072 @ 7.0% cap · market cap 9.56%
Second Best
Mixed Use
$1.13M
$990.3K – $1.32M
NOI $79,225 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$1.63M
$1.43M – $1.91M
NOI $114,335 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines office space in a five-bedroom main house with two apartments above a garage.
Where is this mixed-use property located?
The property is located at 2424 Austin Avenue Waco, TX.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 1923 construction; Main house includes more than 5,000 square feet, 5 bedrooms, and 3 bathrooms; Two one‑bedroom apartments are located above the garage
