Two-Bedroom Residential Income
For Sale
$179,900
2905 Lake Shore Drive, Waco, TX 76708
Condo with updated flooring, fireplace, open kitchen, and HOA-covered exterior and community services.
Property Size1,178 SF
Price / SF$152.72
Days on Market71
Property Features for 2905 Lake Shore Drive
General Information
Standard status
Active
Size
1,178 SF
Property subtype
Commercial
Additional Details
Multifamily Units
1
Amenities
community pool
wood-burning fireplace
Building Details
Year Built
1974
Listing Agency:
Camille Johnson
Listed By:
Joslyn Horn · License #740149
(254) 405-6162
Source:
254group
Added: Aug 14
Changed: Oct 22
Last Checked: Oct 20 at 6:55PM
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 Camille Johnson
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Investment Insights
Based on property information with market context.
This 1,178-square-foot condominium, built in 1974, offers two bedrooms and two full bathrooms in a low-maintenance residential setting. Recent luxury vinyl plank flooring complements a living room with abundant natural light and a wood-burning fireplace. The open kitchen provides substantial cabinet storage and connects with the dining area. The primary bedroom has an ensuite bathroom and walk-in closet, while the second bedroom is positioned near the additional full bathroom and can accommodate guests, roommates, or office use.
HOA-covered services include community pool and landscaping maintenance, water service, roof insurance, and exterior building insurance. The property is located near Baylor University, Magnolia Market, shopping, grocery stores, and dining.
HOA-covered services include community pool and landscaping maintenance, water service, roof insurance, and exterior building insurance. The property is located near Baylor University, Magnolia Market, shopping, grocery stores, and dining.
Key Highlights
- Two‑bedroom, two‑bath condominium with 1,178 SF of living area
- Built in 1974 with new luxury vinyl plank flooring
- Light‑filled living room with a wood‑burning fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,389
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$187,780
$187.8K
Cap Rate 7%
$134,129
$134.1K
Cap Rate 9%
$104,322
$104.3K
Market Conditions
NOI Build-Up for 1,178 SF
Gross rent
$18.8K $15.96/SF
− Vacancy
−$1.7K −$1.47/SF
EGI
$17.1K $14.49/SF
− OpEx
−$7.7K −$6.52/SF
NOI
$9.4K $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 Rate 5%
$187,780
Cap Rate 7%
$134,129
Cap Rate 9%
$104,322
Alternative Uses
Best Use
Apartment 5plus
$134.1K
$117.4K – $156.5K
NOI $9,389 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$310.8K
$271.9K – $362.6K
NOI $21,755 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
252
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
Frequently Asked Questions
What type of property is this?
Residential income property - Condo with updated flooring, fireplace, open kitchen, and HOA-covered exterior and community services.
Where is this residential income property located?
The property is located at 2905 Lake Shore Drive Waco, TX.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with 1,178 SF of living area; Built in 1974 with new luxury vinyl plank flooring; Light‑filled living room with a wood‑burning fireplace
