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 Market396
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: Sep 10
Last Checked: Sep 16 at 7:48PM
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
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 = 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
$76,163
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
5.13%
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%
$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
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
$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 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%
$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.
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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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
