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    Four-Duplex Investment Community Title is generated by Realmo AI

    860 N Lacy Drive, Lacy Lakeview, TX 76705

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    For Sale
    $1,500,000

    MULTI_FAMILY - Lacy Lakeview, TX

    Lot size:
    1.17 Acres
    Added:
    Nov 11, 2025
    Days on Market:
    204
    Last Refresh:
    Jun 3 at 5:06 am

    Property Features for 860 N Lacy Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    24
    Bathrooms
    16
    Rooms
    Bathroom 2, Bathroom 16, Bathroom 15, Bathroom 11, Bedroom 5, Bedroom 22, Bedroom 17, Bathroom 12, Bathroom 13, Bathroom 3, Bedroom 15, Bedroom 10, Bedroom 18, Bathroom 4, Bedroom 2, Bathroom 14, Bathroom 8, Bedroom 21, Bathroom 6, Bathroom 7, Bedroom 19, Bedroom 9, Bedroom 11, Bedroom 14, Bathroom 1, Bathroom 5, Bathroom 9, Bathroom 10, Bedroom 4, Bedroom 8, Bedroom 12, Bedroom 6, Bedroom 13, Bedroom 3, Bedroom 23, Bedroom 1, Bedroom 7, Bedroom 20, Bedroom 24, Bedroom 16
    Parking
    16
    Interior features
    CableTv
    Appliances
    ElectricRange
    Standard status
    Active
    APN
    412299
    Lot size
    1.17 Acres

    Taxes and HOA fees

    Tax Description
    SKY VIEW ADD LOT 16-19+ BLOCK 1 ACRES 1.17
    Tax Annual Amount
    21910

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    2007
    Floors in Building
    1
    Number of units
    8
    Flooring type
    Vinyl, Carpet
    Building materials
    Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    Kenneth Hodges

    Listing agent Kenneth Hodges License #0690686

    Listing office Better Homes and Gardens Waco, TX

    Listing date Nov 11, 2025

    MLS# 21092188 Listing URL

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Complex of four duplexes with 8 total doors (units), offered together or in combinations of duplexes
    • Built in 2007 and 2008, with brick construction and a composition roof
    • All units are 3 bedrooms and 2 bathrooms
    • Each unit includes a fenced backyard and parking for tenants
    • Tenant‑paid utilities: tenants pay all bills
    • Reported close to 100% occupancy for years

    Overview

    A four-duplex investment community totaling eight residential doors, built in 2007 and 2008. Each unit is configured as a 3-bedroom, 2-bath home with fenced backyards. The property also provides two 2-car driveways per unit and two parking spots per unit, along with a storage area accessible from the end of the entry drive at the structure. Tenants are responsible for all utilities, which helps streamline operating expenses. The community has maintained close to 100% occupancy for years, supported by positive tenant feedback about quiet, safe living.

    The complex sits in a semi-private setting with one entry serving all four duplexes. It is located in Connally ISD with a park nearby, providing convenient access to outdoor space. The four duplexes are positioned together, with the option to purchase one duplex or multiple duplexes in combination.

    This property is well suited for investors seeking a small multifamily portfolio with consistent performance and practical unit amenities like fenced yards, convenient parking, and tenant-paid utilities. Its configuration and layout can appeal to operators looking for stable, long-term rental demand in a residential setting, with straightforward management across multiple similar units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop HVAC Service Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lacy Lakeview
    County
    McLennan
    State
    Texas
    Longitude
    -97.10468699
    Latitude
    31.63894735

    Nearby Similar for Sale

    • $1,900,000

      Turn-Key Plant Nursery Business

      Established wholesale and retail nursery with fenced acreage and multiple greenhouses ready for immediate operation.
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    • $400,000

      Four-Duplex Residential Investment

      Well-built 2007 duplex complex with consistently strong occupancy and tenants responsible for all utilities.
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    • $400,000

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      2007 duplex complex with fenced backyards, dedicated driveways, and consistently strong occupancy—designed for steady income.
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    • $400,000

      Well-Built Four-Duplex Investment

      Four 2007-built duplexes offer stable occupancy, fenced yards, and tenant-paid utilities in Connally ISD.
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    • $400,000

      Well-Built Duplex Investment

      2007 duplexes with fenced backyards, long-standing high occupancy, and tenants responsible for all utilities.
      860 N Lacy Drive, Lacy Lakeview, TX 76705
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    • $1,500,000

      Waco Wholesale Plant Nursery

      Turn-key retail and wholesale plant grower on 6.7 acres.
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    • $1,900,000

      Established Plant Nursery Business For Sale

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    FAQs

    What type of property is this?
    Apartment building - Well-built four-duplex complex offering fenced yards, strong historical occupancy, and tenant-paid utilities.
    Where is this apartment building located?
    The property is located at 860 N Lacy Drive Lacy Lakeview, TX.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Complex of four duplexes with 8 total doors (units), offered together or in combinations of duplexes; Built in 2007 and 2008, with brick construction and a composition roof; All units are 3 bedrooms and 2 bathrooms
    (254) 235-2229
    We can help!
    Listing Contact
    Kenneth Hodges
    Real Estate License ID: 0690686
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    860 N Lacy Drive, Lacy Lakeview, TX 76705
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