Single-Tenant Retail
For Sale
Contact for pricing
4909 W Waco Dr, Waco, TX 76710
Single-story Barnes & Noble property on a signalized hard corner with ample parking and recent roof and lot maintenance.
Property Size20,010 SF
Lot Size1.99 Acres
Price / SF$174.91
Days on Market83
Property Features for 4909 W Waco Dr
General Information
Standard status
Active
Size
20,010 SF
Total Parking Spaces
122
Lot size
1.99 Acres
Property subtype
Retail
Additional Details
Traffic Count
34,000 vehicles/day
Building Details
Year Built
1995
Stories
1
Construction
brick & EIFS
Tenancy
Single
Listing Agency:
Coldwell Banker Commercial Apex, Realtors
Listed By:
Raynor Campbell, SIOR · License #634453
Source:
Crexi
Added: May 23
Changed: Aug 10
Last Checked: Aug 10 at 10:15PM
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 Coldwell Banker Commercial Apex, Realtors
Investment Insights
Based on property information with market context.
Cromwell Commercial is offering for sale a single-tenant, leased Barnes & Noble retail property. The building is single-story with a brick and EIFS exterior and is sited on 1.99 acres. The site includes 122 parking spaces, and parking lot repairs, sealcoating, and striping were completed in 2019. A new roof was installed in 2015.
The property is located on a signalized hard corner at the intersection of Waco Drive and Lake Air Drive, providing visibility within a primary retail corridor. The combined traffic count is approximately 34,000 vehicles per day.
Constructed in 1995, the building has been continuously occupied by Barnes & Noble for 31 years. The original lease was for 15 years, with multiple extensions since then; the current lease term extends through March 31, 2030.
The property is located on a signalized hard corner at the intersection of Waco Drive and Lake Air Drive, providing visibility within a primary retail corridor. The combined traffic count is approximately 34,000 vehicles per day.
Constructed in 1995, the building has been continuously occupied by Barnes & Noble for 31 years. The original lease was for 15 years, with multiple extensions since then; the current lease term extends through March 31, 2030.
Key Highlights
- Single‑tenant leased Barnes & Noble retail property in Waco with current lease term through March 31, 2030
- Built in 1995 and continuously occupied by Barnes & Noble for 31 years
- Single‑story brick and EIFS building on a signalized hard corner at Waco Drive and Lake Air Drive
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
$233,175
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
6.66%
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%
$4,663,500
$4.7M
Cap Rate 7%
$3,331,071
$3.3M
Cap Rate 9%
$2,590,833
$2.6M
Market Conditions
NOI Build-Up for 20,010 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
$372.2K $18.60/SF
− Vacancy
−$39.1K −$1.95/SF
EGI
$333.1K $16.65/SF
− OpEx
−$99.9K −$4.99/SF
NOI
$233.2K $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%
$4,663,500
Cap Rate 7%
$3,331,071
Cap Rate 9%
$2,590,833
Alternative Uses
Best Use
Retail
$3.33M
$2.91M – $3.89M
NOI $233,175 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,545 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
34,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,302
Businesses Nearby
223k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 32%
Apparel 25%
Home Improvements & Furnishings 24%
Dining 10%
Dillard's
Apparel
55,730 visits/mo
0.5 miles
The Home Depot
Home Improvements & Furnishings
51,358 visits/mo
0.2 miles
Barnes & Noble
Shops & Services
25,270 visits/mo
0.1 miles
Ollie's Bargain Outlet
Shops & Services
23,028 visits/mo
0.2 miles
Big Lots
Superstores
20,282 visits/mo
0.1 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Single-story Barnes & Noble property on a signalized hard corner with ample parking and recent roof and lot maintenance.
Where is this retail space located?
The property is located at 4909 W Waco Dr Waco, TX.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Single‑tenant leased Barnes & Noble retail property in Waco with current lease term through March 31, 2030; Built in 1995 and continuously occupied by Barnes & Noble for 31 years; Single‑story brick and EIFS building on a signalized hard corner at Waco Drive and Lake Air Drive
