Shopping Center Adjacent to Hotel
For Sale
Contact for pricing
711 Washington Ave, Waco, TX 76701
6,536+/- SF retail opportunity directly adjacent to Magnolia’s Hotel 1928 in downtown Waco.
Property Size6,536 SF
Price / SF$227.20
Days on Market443
Property Features for 711 Washington Ave
General Information
Standard status
Active
Size
6,536 SF
Property subtype
RETAIL
Additional Details
Anchor Co-Tenants
Tecovas, Phillips Forest Products, Washington Gallery
Listing Agency:
Cromwell Commercial Group
(254) 313-0000
Listed By:
Caleb Loudamy · License #713215
(254) 981-3036
Source:
Moodyscre
Added: Aug 18, 2025
Changed: Oct 26
Last Checked: Nov 1 at 5:59AM
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 Cromwell Commercial Group
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Investment Insights
Based on property information with market context.
This shopping center offers a 6,536+/- SF retail investment opportunity with a direct neighbor relationship to Magnolia’s Hotel 1928 at 711 Washington Ave, Waco, TX 76701. The property is positioned as part of an anchored neighborhood retail center led by Tecovas.
The retail center sits between 7th and 8th Streets along busy Washington Ave, bringing both foot and vehicle traffic from locals and tourists. The immediate adjacency to Hotel 1928 provides additional day-to-day activity from guests and events connected to the hotel.
Overall, the site’s downtown setting, Tecovas anchor tenancy, and proximity to Hotel 1928 create a retail-focused environment intended for consistent street-level exposure.
The retail center sits between 7th and 8th Streets along busy Washington Ave, bringing both foot and vehicle traffic from locals and tourists. The immediate adjacency to Hotel 1928 provides additional day-to-day activity from guests and events connected to the hotel.
Overall, the site’s downtown setting, Tecovas anchor tenancy, and proximity to Hotel 1928 create a retail-focused environment intended for consistent street-level exposure.
Key Highlights
- 6,536+/- SF retail investment opportunity
- Direct neighbor to Magnolia’s Hotel 1928
- Anchored neighborhood retail center led by Tecovas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,163
Cap Rate
5.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,523,260
$1.5M
Cap Rate 7%
$1,088,043
$1.1M
Cap Rate 9%
$846,256
$846.3K
Market Conditions
NOI Build-Up for 6,536 SF
Gross rent
$121.6K $18.60/SF
− Vacancy
−$12.8K −$1.95/SF
EGI
$108.8K $16.65/SF
− OpEx
−$32.6K −$4.99/SF
NOI
$76.2K $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 Rate 5%
$1,523,260
Cap Rate 7%
$1,088,043
Cap Rate 9%
$846,256
Alternative Uses
Best Use
Retail
$1.09M
$952.0K – $1.27M
NOI $76,163 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,707 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,950
Businesses Nearby
25k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Hotels & Casinos 15%
Dining 8%
Electronics 5%
Wells Fargo
Shops & Services
9,047 visits/mo
0.4 miles
Sunoco
Shops & Services
4,133 visits/mo
0.3 miles
Courtyard Waco
Hotels & Casinos
3,740 visits/mo
0.5 miles
L&L Hawaiian Barbecue
Dining
1,982 visits/mo
0.4 miles
Terminix
Shops & Services
1,630 visits/mo
0.1 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
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Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- LaSalle Shoppes — 1700-1724 us-84, waco, tx 76701
- Waco Country Mart — 1002 Austin Ave, Waco, TX 76701
- Magnolia Farms — 418 S 8th St, Waco, TX 76706
- The Containery — 319 s 4th st, waco, tx 76701
- Mary Avenue Market — 300 S 6th St, Waco, TX 76701
Frequently Asked Questions
What type of property is this?
Shopping center - 6,536+/- SF retail opportunity directly adjacent to Magnolia’s Hotel 1928 in downtown Waco.
Where is this shopping center located?
The property is located at 711 Washington Ave Waco, TX.
What is the asking price?
The asking price for this property is $1,485,000.
What are key features of this property?
This property features: 6,536+/- SF retail investment opportunity; Direct neighbor to Magnolia’s Hotel 1928; Anchored neighborhood retail center led by Tecovas
