Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Waco Redevelopment Opportunity Title is generated by Realmo AI

    500 Franklin Ave Waco, Waco, TX 76710

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Redevelopment opportunity in Downtown Waco with retail and office potential.

    Type:Retail
    Property size:
    21 SF
    Added:
    Sep 10, 2025
    Days on Market:
    265
    Last Refresh:
    Apr 5 at 8:18 pm

    Property Features for 500 Franklin Ave Waco

    General Information

    Standard status
    Active
    Size
    21 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Gregg Glime
    Gregg Glime

    Listing agent Gregg Glime License #0620081

    Listing office Cromwell Commercial Group

    Listing date Sep 10, 2025

    Source Cbcworldwide

    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 Cromwell Commercial Group

    HighLights

    • Prime downtown location on Franklin Avenue and 5th Street, connecting entertainment districts.
    • Redevelopment opportunity for office or mixed‑use development.
    • Potential for ground floor retail with upper floor residential or office space.
    • Strategically located between federal and county courthouses.
    • On‑site, gated, exclusive parking.
    • Surrounded by food, beverage, and entertainment retailers.

    Overview

    Located on Franklin Avenue, one of Downtown Waco's most traveled streets, and 5th Street, a primary connector between downtown's entertainment districts, this property presents a redevelopment opportunity. The 21-square-foot property offers the flexibility to purchase a leasable office building or completely revitalize it into a professional office or mixed-use downtown development. The property allows for ground floor, storefront retail along 5th Street and Franklin Avenue, with potential residential or office redevelopment on the second and third floors. Strategically positioned between the federal and county courthouses, it is surrounded by food, beverage, and entertainment retailers. The building is serviced by on-site, gated, exclusive parking, along with ample street parking and public garage parking at the intersection. Please do not disturb the existing tenant.
    Property Profile Location Intelligence

    Current Use by Public Records

    EOAC Training Center Waco ISD Admin ... Corporate Office Economic Opportunities Charitable Organization

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.1309
    Latitude
    31.5557

    Nearby Similar for Sale

    • $895,000
      3,900 SF

      Waco Mixed-Use Opportunity

      Two mixed-use units with multiple possibilities in Waco, TX.
      1013 Austin Avenue, Waco, TX 76701
      View Details
    • $550,000
      8,600 SF

      Waco Commercial Opportunity For Sale

      Versatile 8,600+ sqft space ideal for various uses.
      2225 Cumberland Avenue, Waco, TX 76707
      View Details
    • $2,750,000
      6,299 SF

      Unique Waco Commercial Property

      Historic property with income, hospitality infrastructure, and commercial flexibility.
      230 Halbert Ln, Waco, TX 76705
      View Details
    • $320,000
      4,782 SF

      High-Visibility Commercial Property on Franklin

      Versatile 4,782 SF commercial space on Waco's Franklin Avenue.
      2115 Franklin Avenue, Waco, TX 76701
      View Details
    • $389,900
      2,564 SF

      Newer Duplex: Income-Producing Investment

      Newer duplex in Waco, TX, ideal for investment.
      1617 Cumberland Avenue, Waco, TX 76708
      View Details
    • $525,000

      Waco Office Building For Sale

      High-visibility commercial building in Waco, near New Road and Bosque.
      1311 N New Road, Waco, TX 76710
      View Details
    • $1,150,000

      Landmark Office Building on Waco

      Prominent office building with unmatched visibility and modern amenities.
      3901 W Waco Drive, Waco, TX 76710
      View Details
    • $615,000
      3,246 SF

      Spacious Ranch Home with Acreage

      Ranch-style home on 16.73 acres near Waco, Texas.
      12145 Tree Lake Drive, Waco, TX 76708
      View Details
    • $1,350,000
      3,182 SF

      Downtown Waco Furnished Rental Property

      Turnkey short-term rental property in downtown Waco near Magnolia.
      632 S 7th Street, Waco, TX 76706
      View Details
    • $685,000
      2,329 SF

      Downtown Waco Business Opportunity

      Prime downtown location with high ceilings and rear entrance.
      707 Austin Avenue, Waco, TX 76701
      View Details
    • $325,000

      Waco Corner Lot Opportunity

      Highly visible corner lot near Downtown Waco, previously a daycare.
      2000 N 25th Street, Waco, TX 76708
      View Details
    • $349,999

      Waco Retail Property Opportunity

      Versatile commercial space with development potential in Waco, Texas.
      1501 Herring Avenue, Waco, TX 76708
      View Details

    FAQs

    What type of property is this?
    Retail space - Redevelopment opportunity in Downtown Waco with retail and office potential.
    Where is this retail space located?
    The property is located at 500 Franklin Ave Waco Waco, TX.
    What are key features of this property?
    This property features: Prime downtown location on Franklin Avenue and 5th Street, connecting entertainment districts.; Redevelopment opportunity for office or mixed‑use development.; Potential for ground floor retail with upper floor residential or office space.
    (254) 313-0000
    We can help!
    Listing Contact
    Gregg Glime
    Gregg Glime
    Real Estate License ID: 0620081
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    500 Franklin Ave Waco, TX 76710, TX 76710
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!