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    4924 Cobbs Drive #5C Waco, TX 76710

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    For Sale
    $279,900

    Impressive 2-bedroom condo with amenities in Waco's Lake Highlands.

    Type:Condominium
    Property size:
    1,538 SF
    Price / SF:
    $181/SF
    Added:
    Mar 21, 2025
    Days on Market:
    410
    Last Refresh:
    Apr 5 at 11:05 pm

    Property Features for 4924 Cobbs Drive #5C

    General Information

    Standard status
    Active
    Size
    1,538 SF
    Property subtype
    Condominium

    Building Details

    Year Built
    1966

    We can help!

    Listing Contact
    Marcia Bennett

    Listing agent Marcia Bennett License #566187

    Listing office Waco-Temple-Belton-Killeen-Harker Heights

    Listing date Mar 21, 2025

    Source Kw

    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 Waco-Temple-Belton-Killeen-Harker Heights

    Overview

    Mid-Century Modern Highrise Condo

    This mid-century modern ten-story building offers convenient access to Waco amenities. Located on the 5th floor, this corner highrise condo features 2 bedrooms, 3 bathrooms, and 1538 square feet. The property is pet and child-friendly, offering a lock-and-leave lifestyle. The isolated bedrooms each have their own bathrooms, with an additional full bath located off the living area. Balconies on two sides of the building provide treetop views of the Lake Highlands neighborhood. The basement includes a game room with a pool table, kitchenette, sitting/TV area, library, and exercise equipment. Additional basement amenities include storage, freezer space, a laundromat, and a vending area. A trash chute is conveniently located on every floor. The park-like pool area features mature trees, a grill, and umbrella-covered tables. The climate-controlled pool house includes a kitchen, restrooms, and a reflection pond. Two assigned covered parking spaces are provided in a gated area with remotely opened gates. A large fenced dog park and a gunite pool are located under the trees. HOA dues cover electricity, water, trash, basic cable, internet, heating/cooling, hot water, security, pool, parking, and basement storage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Spectrum Aerial Photography Film Production Andrew Hudson Translations Translation Service Lake Air Tower Condominium Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.1942
    Latitude
    31.5437

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    FAQs

    What type of property is this?
    Apartment building - Impressive 2-bedroom condo with amenities in Waco's Lake Highlands.
    Where is this apartment building located?
    The property is located at 4924 Cobbs Drive #5C Waco, TX.
    What is the asking price?
    The asking price for this property is $279,900.
    What are key features of this property?
    This property features: HOA dues cover all utilities: electricity, water, trash, basic cable, internet, heating/cooling, and hot water.; Enjoy treetop views from two balconies overlooking the Lake Highlands neighborhood.; Building amenities include a basement game room, additional storage, laundromat, gated covered parking, dog park, and a gunite pool with climate‑controlled pool house.
    (254) 751-7900
    We can help!
    Listing Contact
    Marcia Bennett
    Real Estate License ID: 566187
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    4924 Cobbs Drive #5C, Waco, TX 76710

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