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    1201 Lake Air Dr Waco, TX 76710

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    For Lease
    Contact for pricing

    Waco, TX: Prime Retail/Office Opportunity

    Lot size:
    1,771 SF

    Property Features for 1201 Lake Air Dr

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,771 SF
    Class
    B
    Total Rate
    2361.33

    Building Details

    Year Renovated
    2024
    Buildings
    1
    Stories
    1

    Spaces For Lease

    at 1201 Lake Air Dr, Waco, TX 76710 Contact us
    Unit

    $16 /Mo

    Size
    1,771 SF
    Contact us

    We can help!

    Listing Contact
    Will Phipps
    Will Phipps

    Listing Agency: Cromwell Commercial Group Listing Agent: Will Phipps

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 1,771 square foot commercial property, located at 1201 Lake Air Drive in Waco, Texas, presents a unique investment opportunity. Situated in the O-2 zoning district, this single-tenant building is ideal for a variety of uses, including retail, office, or restaurant establishments. The property boasts a single story, offering convenient access and ample space. Recently renovated in 2024, the building is in excellent condition and ready for immediate occupancy. The building's prime location on a busy Waco thoroughfare connecting Bosque Blvd to N. Valley Mills and Waco Drive/Franklin ensures high visibility and accessibility for customers. The O-2 zoning is designed to support businesses serving local needs, promoting convenient access for both vehicles and pedestrians, and minimizing traffic congestion. This strategic location offers significant potential for growth and profitability. The property features a total of 1,771 square feet of space, spread across a single suite within a single building. Its Class B designation reflects its well-maintained condition and attractive features. The zip code is 76710. This property is an excellent choice for businesses seeking a high-traffic location in a thriving Waco community. The property's recent renovation ensures modern amenities and a move-in ready condition. This is a rare opportunity to acquire a well-located, updated commercial space in a desirable area of Waco.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farmers Insurance - Jason ... Insurance Agency Kodou African Hair ... Hair Salon Heaven's Gifted Hands ... Alternative Medicine Practice World Finance Loan Service Rodtech Solutions Telecommunications Service

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    Mclennan
    State
    Texas
    Longitude
    -97.186295494873
    Latitude
    31.532672693939

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    FAQs

    What type of property is this?
    Lifestyle center - Waco, TX: Prime Retail/Office Opportunity
    Where is this lifestyle center located?
    The property is located at 1201 Lake Air Dr Waco, TX.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Excellent location in a strip center with World Finance and Farmer's Insurance as neighbors.; Convenient access from Bosque Blvd, N. Valley Mills Dr., and Waco Drive.; High-visibility location with Lake Air frontage.
    (254) 313-0000 Call to check price and availability
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    1201 Lake Air Dr Waco, TX 76710
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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.

    More about this property
    1201 Lake Air Dr Waco, TX 76710
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    Contact for Pricing
    Please call us for current price
    and status of this listing Will Phipps
    Will Phipps
    Real Estate License ID: 744913
    (254) 313-0000 (806) 790-6896
    Learn more
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