Renovated Duplex on Corner
For Sale
$329,000
3830 Colina Lane, Waco, TX 76705
MULTI_FAMILY - Waco, TX
Property Size1,732 SF
Lot Size0.55 Acres
Price / SF$189.95
Days on Market54
Property Features for 3830 Colina Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1
Parking
4
Parking features
Garage, On Street, Off Street
Security features
Security
Interior features
DecorativeDesignerLightingFixtures, EatInKitchen, OpenFloorplan
Fireplace
1
Appliances
Dryer, ElectricRange, ElectricWaterHeater, Microwave, VentedExhaustFan, Washer
Subdivision
Tomas De La Vega
Lot features
Corner Lot, Few Trees
Elementary school
La Vega
Middle school
La Vega
High school
La Vega
Elementary school district
La Vega ISD
Middle school district
La Vega ISD
High school district
La Vega ISD
Directions
Use GPS
Standard status
Active
APN
280267010340001
Size
1,732 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Description
TOMAS DE LA VEGA ACRES .55
Tax Annual Amount
2639
Legal Description
TOMAS DE LA VEGA ACRES .55
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air, Electric
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Number of units
2
Flooring type
Laminate
Building materials
Frame, Rock, Stone, WoodSiding
Roof type
Composition, Shingle
Listing Agency:
Arise Capital Real Estate
(682) 558-0005
Listed By:
Reyna Reyes · License #0795198
(817) 907-8699
Added: Jul 6
Changed: Aug 3
Last Checked: Aug 28 at 11:06AM
MLS# 21321944
Copyright © 2026 North Texas Real Estate Information Systems, Inc. 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 duplex is currently configured as two units, with the option to convert back into a single-family home with four bedrooms and three bathrooms by modifying a wall. The home offers 1,732 square feet of fully remodeled living space and includes an eat-in kitchen and open floorplan. Interior features include decorative designer lighting fixtures, and the home has a fireplace.
Set on a 0.55-acre corner lot, the property includes both off-street and on-street parking and a garage. Construction is frame with stone and wood siding, with a composition shingle roof. Heating and cooling are electric, with central air and ceiling fans, and the home is served by public water and public sewer. Appliances include a washer, dryer, electric range, microwave, and electric water heater.
Set on a 0.55-acre corner lot, the property includes both off-street and on-street parking and a garage. Construction is frame with stone and wood siding, with a composition shingle roof. Heating and cooling are electric, with central air and ceiling fans, and the home is served by public water and public sewer. Appliances include a washer, dryer, electric range, microwave, and electric water heater.
Key Highlights
- Currently configured as a duplex with option to convert to a 4‑bedroom, 3‑bath single‑family home
- Fully remodeled interior with open floorplan and eat‑in kitchen, plus a fireplace
- 0.55‑acre corner lot with off‑street parking and garage plus on‑street parking
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
$15,003
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
4.56%
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%
$300,060
$300.1K
Cap Rate 7%
$214,329
$214.3K
Cap Rate 9%
$166,700
$166.7K
Market Conditions
NOI Build-Up for 1,732 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
$23.5K $13.56/SF
− Vacancy
−$2.1K −$1.19/SF
EGI
$21.4K $12.37/SF
− OpEx
−$6.4K −$3.71/SF
NOI
$15.0K $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%
$300,060
Cap Rate 7%
$214,329
Cap Rate 9%
$166,700
Alternative Uses
Best Use
Multifamily LT 5
$214.3K
$187.5K – $250.1K
NOI $15,003 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$197.2K
$172.6K – $230.1K
NOI $13,805 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$457.0K
$399.8K – $533.1K
NOI $31,987 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 76705, TX
31,736
Population
12,107
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
80%
High-School Grad
118.6 sq mi
ZIP Area
268
Density / Sq Mi
$54,881
Median Household Income
$33,076
Median Earnings
$941
Median Rent
$167,000
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 - Renovated duplex in La Vega ISD with flexible layout options and central electric HVAC, plus public water and sewer.
Where is this duplex located?
The property is located at 3830 Colina Lane Waco, TX.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Currently configured as a duplex with option to convert to a 4‑bedroom, 3‑bath single‑family home; Fully remodeled interior with open floorplan and eat‑in kitchen, plus a fireplace; 0.55‑acre corner lot with off‑street parking and garage plus on‑street parking
