Renovated Four-Unit
For Sale
$360,000
2601 - 2603 Summer Avenue, Waco, TX 76708
Residential, Waco, TX
Property Size2,876 SF
Lot Size0.19 Acres
Price / SF$125.17
Days on Market51
Property Features for 2601 - 2603 Summer Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 2
Interior features
CeilingFans
Appliances
ElectricRange, SomeElectricAppliances
Subdivision
Farwell Heights
Lot features
City Lot, Less Than Quarter Acre
Elementary school district
Waco ISD
Middle school district
Waco ISD
High school district
Waco ISD
Directions
From 35 - Take the exit to S Martin Luther King Dr; turn left onto Herring Ave. Turn right onto N 25th St. Turn left onto Summer Ave. Property will be on your right.
Standard status
Active
APN
48-017600-006300-4
Size
2,876 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FARWELL HTS LOT 14 BLOCK 17 ACRES .1894
Tax Annual Amount
5388
Legal Description
FARWELL HTS LOT 14 BLOCK 17 ACRES .1894
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1949
Floors in Building
2
Number of units
1
Flooring type
Vinyl
Building materials
BoardAndBattenSiding
Roof type
Shingle, Composition
Listing Agency:
eXp Realty - Austin
(888) 519-7431
Listed By:
Lauren Rohr · License #0716656
(254) 630-0997
Added: Jul 24
Changed: Sep 6
Last Checked: Sep 12 at 6:06PM
MLS# 620710
Copyright © 2026 Central Texas Multiple Listing Service. 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.
This renovated quadplex contains four separate residences totaling 2,876 square feet. The configuration includes two two-bedroom, one-bath units and two one-bedroom, one-bath units, for six bedrooms and four bathrooms overall. Appliances are included, while vinyl flooring, ceiling fans, electric heating and cooling, board-and-batten siding, and composition shingle roofing provide the primary interior and exterior features. The property was built in 1949 and is being offered as-is.
Set on a 0.1894-acre lot in Waco, the property is approximately 12 minutes from Downtown Waco and Magnolia Market at the Silos, with Baylor University about 13 minutes away. Public water and public sewer serve the property. A sizable backyard provides additional outdoor space shared by the residences.
Set on a 0.1894-acre lot in Waco, the property is approximately 12 minutes from Downtown Waco and Magnolia Market at the Silos, with Baylor University about 13 minutes away. Public water and public sewer serve the property. A sizable backyard provides additional outdoor space shared by the residences.
Key Highlights
- Four‑unit quadplex with 2,876 square feet
- Unit mix includes two 2‑bedroom, 1‑bath residences and two 1‑bedroom, 1‑bath residences
- Total configuration includes 6 bedrooms and 4 bathrooms
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
$24,913
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
6.92%
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%
$498,260
$498.3K
Cap Rate 7%
$355,900
$355.9K
Cap Rate 9%
$276,811
$276.8K
Market Conditions
NOI Build-Up for 2,876 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
$39.0K $13.56/SF
− Vacancy
−$3.4K −$1.19/SF
EGI
$35.6K $12.37/SF
− OpEx
−$10.7K −$3.71/SF
NOI
$24.9K $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%
$498,260
Cap Rate 7%
$355,900
Cap Rate 9%
$276,811
Alternative Uses
Best Use
Multifamily LT 5
$355.9K
$311.4K – $415.2K
NOI $24,913 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$327.5K
$286.5K – $382.1K
NOI $22,923 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$758.8K
$663.9K – $885.2K
NOI $53,114 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
Explore this area
Business Placement
Demographics for 76708, TX
28,499
Population
11,241
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
85%
High-School Grad
48.1 sq mi
ZIP Area
592
Density / Sq Mi
$66,764
Median Household Income
$39,409
Median Earnings
$1,087
Median Rent
$204,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated multifamily property with varied unit layouts, included appliances, and public water and sewer service.
Where is this quadplex located?
The property is located at 2601 - 2603 Summer Avenue Waco, TX.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,876 square feet; Unit mix includes two 2‑bedroom, 1‑bath residences and two 1‑bedroom, 1‑bath residences; Total configuration includes 6 bedrooms and 4 bathrooms
