Duplex With Garage
For Sale
$199,000
3000 Ethel Avenue, Waco, TX 76707
Two separate residences provide flexible occupancy for an owner-user, rental arrangement, or multigenerational household.
Property Size1,932 SF
Price / SF$103
Days on Market420
Property Features for 3000 Ethel Avenue
General Information
Standard status
Active
Size
1,932 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Full Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,474
Amenities
Ceiling Fan(s), Window Unit(s)
Natural Gas, Space Heater
No
Luxury Vinyl Plank
Gas Cooktop, Gas Water Heater
Window Coverings
Other
Composition
One
1
Slab
Public Records
2
Building Details
Year Built
1920
Buildings
2
Listing Agency:
Graceland Real Estate
(254) 709-9955
Listed By:
Patricia Meadows · License #0488304
(254) 709-9955
Source:
Compass
Added: Jul 9, 2025
Changed: Aug 30
Last Checked: Aug 31 at 10:20PM
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 Graceland Real Estate
Investment Insights
Based on property information with market context.
This duplex-style property combines two residences under one ownership record, with a total property size of 1,932 square feet. The primary dwelling is a single-family home, while the second residence is a 1-bedroom, 1-bath garage apartment at 1412 N 30th St. The apartment includes a compact residential layout suited to private occupancy or rental use. Interior details across the property include luxury vinyl plank flooring, ceiling fans, window units, window coverings, natural gas, a space heater, a gas cooktop, and a gas water heater.
The main residence is located at 3000 Ethel Avenue in Waco, with the two-home setup offering separation between occupants. The property is near downtown Waco, Baylor University, shopping, and local amenities. Built in 1920, the property received a new roof approximately in 2018.
The main residence is located at 3000 Ethel Avenue in Waco, with the two-home setup offering separation between occupants. The property is near downtown Waco, Baylor University, shopping, and local amenities. Built in 1920, the property received a new roof approximately in 2018.
Key Highlights
- Two residences on one property: a primary home and a 1‑bedroom, 1‑bath garage apartment
- 1,932‑square‑foot property with separate homes at 3000 Ethel Avenue and 1412 N 30th St
- New roof installed approximately 2018
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
$16,736
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
8.41%
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%
$334,720
$334.7K
Cap Rate 7%
$239,086
$239.1K
Cap Rate 9%
$185,956
$186.0K
Market Conditions
NOI Build-Up for 1,932 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
$26.2K $13.56/SF
− Vacancy
−$2.3K −$1.19/SF
EGI
$23.9K $12.37/SF
− OpEx
−$7.2K −$3.71/SF
NOI
$16.7K $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%
$334,720
Cap Rate 7%
$239,086
Cap Rate 9%
$185,956
Alternative Uses
Best Use
Multifamily LT 5
$239.1K
$209.2K – $278.9K
NOI $16,736 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$220.0K
$192.5K – $256.7K
NOI $15,399 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$509.7K
$446.0K – $594.7K
NOI $35,680 @ 7.0% cap · market cap 17.93%
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
292
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 separate residences provide flexible occupancy for an owner-user, rental arrangement, or multigenerational household.
Where is this duplex located?
The property is located at 3000 Ethel Avenue Waco, TX.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two residences on one property: a primary home and a 1‑bedroom, 1‑bath garage apartment; 1,932‑square‑foot property with separate homes at 3000 Ethel Avenue and 1412 N 30th St; New roof installed approximately 2018
