Waco Retail/Office Property For
For Sale
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300 Lake Air Dr, Waco, TX 76710
Highly visible Waco property suitable for retail or office use.
Property Size5,100 SF
Price / SF$132.35
Days on Market103
Property Features for 300 Lake Air Dr
General Information
Standard status
Active
Size
5,100 SF
Total Parking Spaces
15
Property subtype
Retail, Office
Zoning
City of Waco C-3
Investment Type
Owner/User
Building Details
Year Built
1970
Tenancy
Single
Listing Agency:
Kelly Commercial
(254) 722-5104
Listed By:
Michael Taylor · License #TX
Source:
Crexi
Added: May 20
Changed: Aug 23
Last Checked: Aug 28 at 9:36PM
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 Kelly Commercial
Investment Insights
Based on property information with market context.
Located on Lake Air Drive in Waco, Texas, this 5,100-square-foot property is suitable for retail or office use. Its layout is particularly well-suited for nonprofit organizations, training centers, specialty retail users, and office/showroom concepts. The building benefits from high visibility and a location near Barnes & Noble, Fastsigns, Home Depot, and Richland Mall.
Key Highlights
- Highly visible location on Lake Air Dr near major retailers.
- Unique layout suitable for diverse uses such as nonprofit, training, retail, or office/showroom.
- Excellent exposure and accessibility.
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
$59,430
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
8.80%
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%
$1,188,600
$1.2M
Cap Rate 7%
$849,000
$849.0K
Cap Rate 9%
$660,333
$660.3K
Market Conditions
NOI Build-Up for 5,100 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
$94.9K $18.60/SF
− Vacancy
−$10.0K −$1.95/SF
EGI
$84.9K $16.65/SF
− OpEx
−$25.5K −$4.99/SF
NOI
$59.4K $11.65/SF
Area
Waco, TX
Vacancy
10.50%
Lease Rate
$18.60 /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%
$1,188,600
Cap Rate 7%
$849,000
Cap Rate 9%
$660,333
Alternative Uses
Best Use
Office B
$1.01M
$886.3K – $1.18M
NOI $70,904 @ 7.0% cap · market cap 10.50%
Second Best
Retail
$849.0K
$742.9K – $990.5K
NOI $59,430 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,187 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,515
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76710, TX
24,874
Population
12,391
Households
2
Avg Household Size
38
Median Age
32%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,675
Density / Sq Mi
$53,304
Median Household Income
$36,425
Median Earnings
$1,098
Median Rent
$229,000
Median Home Value
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 space - Highly visible Waco property suitable for retail or office use.
Where is this office space located?
The property is located at 300 Lake Air Dr Waco, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Highly visible location on Lake Air Dr near major retailers.; Unique layout suitable for diverse uses such as nonprofit, training, retail, or office/showroom.; Excellent exposure and accessibility.
