Three-Unit Multifamily
For Sale
$525,000
700 Hines Ave, Waco, TX 76706
A cottage and duplex offer three residences with in-unit laundry and contemporary finishes.
Property Size2,612 SF
Price / SF$200
Days on Market170
Property Features for 700 Hines Ave
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1.5BA, 2 x 1BR/1BA
Multifamily Units
3
Amenities
fenced yard
covered front entry
in-unit washer & dryer
off-street parking
Building Details
Year Built
2021
Buildings
2
Listing Agency:
Coldwell Banker Apex, REALTORS
Listed By:
Garrett Alders · License #0740733
(254) 292-0817
Source:
Granburyhomefinder
Added: Apr 24
Changed: Oct 10
Last Checked: Oct 10 at 2:33AM
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.
This multifamily property combines a two-story cottage with a duplex, for three residences in total. The cottage has one bedroom, a flex room, and 1.5 baths; its kitchen includes a gas range, built-in microwave, dishwasher, and refrigerator. The two duplex apartments each have one bedroom and one bath, open living areas, kitchens with appliances, and in-unit laundry. Finishes include shaker cabinetry, solid-surface counters, recessed lighting, and durable flooring. The cottage also has a fenced yard and covered entry, while the property provides off-street parking.
The cottage was built in 2021. The arrangement includes a detached cottage-style residence alongside the two-unit building, with laundry facilities in each dwelling.
The cottage was built in 2021. The arrangement includes a detached cottage-style residence alongside the two-unit building, with laundry facilities in each dwelling.
Key Highlights
- Three residences: one cottage and a duplex
- 2021‑built, two‑story cottage with one bedroom, flex room, and 1.5 baths
- Each duplex apartment has one bedroom and one bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,626
Cap Rate
4.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$452,520
$452.5K
Cap Rate 7%
$323,229
$323.2K
Cap Rate 9%
$251,400
$251.4K
Market Conditions
NOI Build-Up for 2,612 SF
Gross rent
$35.4K $13.56/SF
− Vacancy
−$3.1K −$1.19/SF
EGI
$32.3K $12.37/SF
− OpEx
−$9.7K −$3.71/SF
NOI
$22.6K $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 Rate 5%
$452,520
Cap Rate 7%
$323,229
Cap Rate 9%
$251,400
Alternative Uses
Best Use
Multifamily LT 5
$323.2K
$282.8K – $377.1K
NOI $22,626 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$689.1K
$603.0K – $804.0K
NOI $48,238 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 76706, TX
39,303
Population
16,600
Households
2.4
Avg Household Size
27
Median Age
23%
College-Educated
85%
High-School Grad
72.3 sq mi
ZIP Area
544
Density / Sq Mi
$42,277
Median Household Income
$23,954
Median Earnings
$1,063
Median Rent
$180,600
Median Home Value
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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?
Multifamily property - A cottage and duplex offer three residences with in-unit laundry and contemporary finishes.
Where is this multifamily property located?
The property is located at 700 Hines Ave Waco, TX.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three residences: one cottage and a duplex; 2021‑built, two‑story cottage with one bedroom, flex room, and 1.5 baths; Each duplex apartment has one bedroom and one bath
