501 12Th St Waco, TX 76701

Property Details for 501 12Th St

Year built

1982

Lot size

0.32 lot acres

Property size

6,480 SF

Property type

Commercial real estate

Description

This exceptional 12-unit apartment building, located at 501 N 12th St, Waco, TX 76701, presents a compelling value-add investment opportunity. The property, built in 1982, comprises a single, two-story building totaling 6,480 square feet on a 0.32-acre lot. Currently boasting 100% occupancy, the property features 12 one-bedroom, one-bathroom units, each approximately 540 square feet. The asking price is $1,050,000, representing $87,500 per unit and $162.04 per square foot. The current Net Operating Income (NOI) is $63,353, yielding a 6.03% cap rate. Pro-forma NOI is projected at $72,319, resulting in a 6.89% pro-forma cap rate. The property is zoned O-2: Office Residence, offering potential for future development or expansion. Its prime location in Waco, Texas, offers easy access to downtown Waco, Baylor University, and major highways (IH-35 & US-84), ensuring high demand for rental units. Residents enjoy convenient on-site parking. The property is within walking distance of local schools, parks, public transportation, and shopping centers, including the Waco Downtown District and the Brazos Riverwalk. This well-maintained property offers a stable income stream with significant potential for long-term growth and cash flow in a thriving Central Texas rental market. Financial details are available upon request.