Flex Space with
New
For Sale
$1,500,000
4601 W Waco Drive 4605, Waco, TX 76710
Conditioned showroom and office space is paired with a warehouse area featuring a roll-up door and washer-dryer connections.
Property Size9,760 SF
Days on Market3
Property Features for 4601 W Waco Drive 4605
General Information
Standard status
Active
Size
9,760 SF
Property subtype
Retail
Site & Location
Traffic Count
35,238 vehicles/day
Road Access
Yes
Additional Details
Clear Height
12 ft
Taxes and HOA fees
Annual Taxes
$10,135
Building Details
Building Size
9,760 SF
Year Built
1981
Listing Agency:
Kelly, Realtors
Listed By:
Nathan Embry · License #668380
(254) 741-1500
Source:
Agwaco
Added: Oct 1
Last Checked: Oct 3 at 1:48AM
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, Realtors
Investment Insights
Based on property information with market context.
This flex property combines conditioned showroom and office space with a warehouse area. The warehouse has a 10-foot roll-up door, 12-foot side walls, and washer-dryer connections. Built in 1981, the property is located on W. Waco Drive in Waco, where the stated traffic count is approximately 35,238 vehicles per day.
Key Highlights
- Conditioned showroom and office area
- Warehouse with a 10‑foot roll‑up door and 12‑foot side walls
- Washer‑dryer connections in the warehouse
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
$113,732
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
7.58%
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%
$2,274,640
$2.3M
Cap Rate 7%
$1,624,743
$1.6M
Cap Rate 9%
$1,263,689
$1.3M
Market Conditions
NOI Build-Up for 9,760 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
$181.5K $18.60/SF
− Vacancy
−$19.1K −$1.95/SF
EGI
$162.5K $16.65/SF
− OpEx
−$48.7K −$4.99/SF
NOI
$113.7K $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%
$2,274,640
Cap Rate 7%
$1,624,743
Cap Rate 9%
$1,263,689
Alternative Uses
Best Use
Retail
$1.62M
$1.42M – $1.90M
NOI $113,732 @ 7.0% cap · market cap 7.58%
Second Best
Flex RnD
$1.40M
$1.23M – $1.64M
NOI $98,243 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$2.57M
$2.25M – $3.00M
NOI $180,248 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12 ft
Clear height
35,238 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,274
Businesses Nearby
Under-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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Conditioned showroom and office space is paired with a warehouse area featuring a roll-up door and washer-dryer connections.
Where is this flex space located?
The property is located at 4601 W Waco Drive 4605 Waco, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Conditioned showroom and office area; Warehouse with a 10‑foot roll‑up door and 12‑foot side walls; Washer‑dryer connections in the warehouse
