Downtown Waco Office
For Sale
$300,000
613 Austin Ave, Waco, TX 76701
Move-in ready office condo in downtown Waco on Austin Ave.
Property Size858 SF
Price / SF$349.65
Days on Market332
Property Features for 613 Austin Ave
General Information
Standard status
Active
Size
858 SF
Property subtype
Office
Listing Agency:
Coldwell Banker Apex, REALTORS
(254) 313-0000
Listed By:
Gregg Glime · License #0620081
(254) 313-0000
Source:
Cbcworldwide
Added: Sep 10, 2025
Changed: May 21
Last Checked: Apr 9 at 9:00PM
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 Apex, REALTORS
Investment Insights
Based on property information with market context.
An office condominium located in downtown Waco on Austin Avenue is available for purchase. Constructed in 2011, this first-floor unit offers 858 square feet of space. The layout includes a lobby, three offices of generous size, and a bathroom. The condominium has been updated and is move-in ready.
Key Highlights
- Downtown Waco location on Austin Ave.
- Move‑in ready condition with recent updates.
- First floor unit.
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
$11,929
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
3.98%
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%
$238,580
$238.6K
Cap Rate 7%
$170,414
$170.4K
Cap Rate 9%
$132,544
$132.5K
Market Conditions
NOI Build-Up for 858 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
$19.0K $22.20/SF
− Vacancy
−$3.1K −$3.66/SF
EGI
$15.9K $18.54/SF
− OpEx
−$4.0K −$4.63/SF
NOI
$11.9K $13.90/SF
Area
Waco, TX
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$238,580
Cap Rate 7%
$170,414
Cap Rate 9%
$132,544
Alternative Uses
Best Use
Office B
$170.4K
$149.1K – $198.8K
NOI $11,929 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$226.4K
$198.1K – $264.1K
NOI $15,846 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,077
Businesses Nearby
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Move-in ready office condo in downtown Waco on Austin Ave.
Where is this office units located?
The property is located at 613 Austin Ave Waco, TX.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Downtown Waco location on Austin Ave.; Move‑in ready condition with recent updates.; First floor unit.
