Duplex with Storage
For Sale
$232,500
500 N 34th St, Waco, TX 76710
Two-unit residential property with a detached outbuilding and additional parking area.
Property Size1,562 SF
Price / SF$148.85
Days on Market13
Property Features for 500 N 34th St
General Information
Standard status
Active
Size
1,562 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1945
Buildings
1
Listing Agency:
Burns Real Estate Services
Listed By:
Joel Burns · License #479312
(254) 776-8100
Source:
Findtexashomesforsale
Added: Sep 2
Changed: Sep 12
Last Checked: Sep 13 at 11:36AM
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 Burns Real Estate Services
Investment Insights
Based on property information with market context.
This 1945-built duplex contains 1,562 square feet and includes a separate outbuilding that can serve as storage. The property also offers additional parking area on the lot.
Located at 500 N 34th St in Waco, Texas, the property provides a two-unit residential configuration suitable for an income-property buyer. Financial information is available upon request.
Located at 500 N 34th St in Waco, Texas, the property provides a two-unit residential configuration suitable for an income-property buyer. Financial information is available upon request.
Key Highlights
- Two‑unit duplex configuration
- 1,562 square feet of building area
- Built in 1945
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
$13,531
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
5.82%
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%
$270,620
$270.6K
Cap Rate 7%
$193,300
$193.3K
Cap Rate 9%
$150,344
$150.3K
Market Conditions
NOI Build-Up for 1,562 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
$21.2K $13.56/SF
− Vacancy
−$1.9K −$1.19/SF
EGI
$19.3K $12.37/SF
− OpEx
−$5.8K −$3.71/SF
NOI
$13.5K $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%
$270,620
Cap Rate 7%
$193,300
Cap Rate 9%
$150,344
Alternative Uses
Best Use
Multifamily LT 5
$193.3K
$169.1K – $225.5K
NOI $13,531 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$177.9K
$155.6K – $207.5K
NOI $12,450 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$412.1K
$360.6K – $480.8K
NOI $28,847 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with a detached outbuilding and additional parking area.
Where is this duplex located?
The property is located at 500 N 34th St Waco, TX.
What is the asking price?
The asking price for this property is $232,500.
What are key features of this property?
This property features: Two‑unit duplex configuration; 1,562 square feet of building area; Built in 1945
