49-Unit Renovated Apartment
New
For Sale
Contact for pricing
6701 May Dr, Waco, TX 76710
Renovated interiors and upgraded common areas complement recent site and building improvements.
Property Size39,200 SF
Price / SF$89.29
Days on Market6
Property Features for 6701 May Dr
General Information
Standard status
Active
Size
39,200 SF
Class
C
Property subtype
Multifamily
Zoning
139175
Occupancy
92%
Investment Type
Value Add
Net Operating Income
$329,067
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
49
Building Details
Year Built
1971
Buildings
2
Units
49
Tenancy
Multi
Listing Agency:
Rowan Properties
Listed By:
Jaxton Hoelting · License #790742-SA
Source:
Crexi
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 7:09AM
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 Rowan Properties
Investment Insights
Based on property information with market context.
The Creole Apartments is a 49-unit multifamily property totaling 39,200 square feet. Constructed in 1971, the community includes renovated interiors and refreshed common areas. Capital work has added security gates, resurfaced the parking lot, and addressed plumbing and HVAC systems.
The property is in Waco near Baylor University, with connections to Interstate 35 and U.S. Highway 84. Waco Regional Airport and downtown Waco are also nearby, along with parks, Lake Waco, trail heads, golf courses, schools, shopping, dining, and entertainment. The property is identified under zoning code 139175.
The property is in Waco near Baylor University, with connections to Interstate 35 and U.S. Highway 84. Waco Regional Airport and downtown Waco are also nearby, along with parks, Lake Waco, trail heads, golf courses, schools, shopping, dining, and entertainment. The property is identified under zoning code 139175.
Key Highlights
- 49‑unit multifamily property with 39,200 square feet
- Built in 1971 with renovated interiors and upgraded common areas
- New security gates and resurfaced parking lot
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
$312,441
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
8.93%
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%
$6,248,820
$6.2M
Cap Rate 7%
$4,463,443
$4.5M
Cap Rate 9%
$3,471,567
$3.5M
Market Conditions
NOI Build-Up for 39,200 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
$625.6K $15.96/SF
− Vacancy
−$57.6K −$1.47/SF
EGI
$568.1K $14.49/SF
− OpEx
−$255.6K −$6.52/SF
NOI
$312.4K $7.97/SF
Area
Waco, TX
Vacancy
9.20%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$6,248,820
Cap Rate 7%
$4,463,443
Cap Rate 9%
$3,471,567
Alternative Uses
Best Use
Apartment 5plus
$4.46M
$3.91M – $5.21M
NOI $312,441 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.34M
$9.05M – $12.07M
NOI $723,946 @ 7.0% cap · market cap 20.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
49
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,518
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated interiors and upgraded common areas complement recent site and building improvements.
Where is this apartment building located?
The property is located at 6701 May Dr Waco, TX.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 49‑unit multifamily property with 39,200 square feet; Built in 1971 with renovated interiors and upgraded common areas; New security gates and resurfaced parking lot
