Freestanding Storefront
For Sale
$3,950,000
611 Washington Ave, Waco, TX 76701
C-4 zoning and a central commercial setting support a retail-oriented profile.
Property Size11,595 SF
Price / SF$340.66
Days on Market673
Property Features for 611 Washington Ave
General Information
Standard status
Active
Size
11,595 SF
Property subtype
Commercial
Zoning
C-4
Building Details
Year Built
1951
Buildings
1
Listing Agency:
Harrell Realty Company
(254) 776-7599
Listed By:
Hunter Harrell · License #TX-619933
Source:
Magnoliarealtywaco
Added: Oct 26, 2024
Changed: Aug 28
Last Checked: Aug 29 at 10:34AM
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 Harrell Realty Company
Investment Insights
Based on property information with market context.
This freestanding storefront property contains 11,595 SF of commercial space in a building constructed in 1951. The asset is positioned for retail and other commercial applications, with C-4 zoning identifying it as part of Waco’s Central Commercial District. Its configuration provides a substantial footprint for an owner-user, retailer, or commercial operator seeking a downtown building.
The property is located at 611 Washington Ave in Waco, within the downtown district. Surrounding activity includes retail, entertainment, eateries, and boutique shops. Magnolia Market at the Silos and the Waco Suspension Bridge are identified nearby, adding established visitor destinations to the surrounding context.
The Curry Building name and established construction date provide a distinct identity within the downtown commercial environment. The combination of freestanding construction, retail-oriented zoning, and central placement creates a clearly defined commercial property profile.
The property is located at 611 Washington Ave in Waco, within the downtown district. Surrounding activity includes retail, entertainment, eateries, and boutique shops. Magnolia Market at the Silos and the Waco Suspension Bridge are identified nearby, adding established visitor destinations to the surrounding context.
The Curry Building name and established construction date provide a distinct identity within the downtown commercial environment. The combination of freestanding construction, retail-oriented zoning, and central placement creates a clearly defined commercial property profile.
Key Highlights
- 11,595 SF freestanding commercial building
- Constructed in 1951
- C‑4 zoning: Central Commercial District
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
$135,115
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
3.42%
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%
$2,702,300
$2.7M
Cap Rate 7%
$1,930,214
$1.9M
Cap Rate 9%
$1,501,278
$1.5M
Market Conditions
NOI Build-Up for 11,595 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
$215.7K $18.60/SF
− Vacancy
−$22.6K −$1.95/SF
EGI
$193.0K $16.65/SF
− OpEx
−$57.9K −$4.99/SF
NOI
$135.1K $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%
$2,702,300
Cap Rate 7%
$1,930,214
Cap Rate 9%
$1,501,278
Alternative Uses
Best Use
Retail
$1.93M
$1.69M – $2.25M
NOI $135,115 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,136 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,906
Businesses Nearby
32k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Hotels & Casinos 39%
Dining 6%
Home Improvements & Furnishings 3%
Wells Fargo
Shops & Services
9,047 visits/mo
0.2 miles
Hotel Indigo Waco - Baylor
Hotels & Casinos
6,248 visits/mo
0.4 miles
Sunoco
Shops & Services
4,133 visits/mo
0.5 miles
Courtyard Waco
Hotels & Casinos
3,740 visits/mo
0.3 miles
Residence Inn Waco
Hotels & Casinos
2,382 visits/mo
0.5 miles
Demographics for 76701, TX
1,674
Population
1,029
Households
1.6
Avg Household Size
29
Median Age
32%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,522
Density / Sq Mi
$24,593
Median Household Income
$21,897
Median Earnings
$1,008
Median Rent
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- St Florist & Flower Delivery Waco TX — 824 S 6th St, Waco, TX 76706
Frequently Asked Questions
What type of property is this?
Storefront property - C-4 zoning and a central commercial setting support a retail-oriented profile.
Where is this storefront property located?
The property is located at 611 Washington Ave Waco, TX.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 11,595 SF freestanding commercial building; Constructed in 1951; C‑4 zoning: Central Commercial District
