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    500 Lake Air Dr Waco, TX 76710

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    For Lease
    Contact for pricing

    Prime Waco Office Space, Two Suites Available

    Lot size:
    32,700 SF

    Property Features for 500 Lake Air Dr

    General Information

    Property type
    Office properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,700 SF
    Class
    B
    Total Rate
    30928.75

    Building Details

    Year Built/Renovated
    1969/1973
    Buildings
    1

    Spaces For Lease

    at 500 Lake Air Dr, Waco, TX 76710 Contact us
    Unit Suite 500

    $12 /Mo

    Size
    1,802 SF
    Contact us
    Unit Suite 502

    $11 /Mo

    Size
    1,850 SF
    Contact us

    We can help!

    Listing Contact
    Brad Wetzel
    Brad Wetzel

    Listing Agency: Kelly Realtors, Commercial Listing Agent: Brad Wetzel

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

    Learn more

    Property Insight Report

    Overview

    This exceptional commercial property, "The Market at Lake Air," offers two available office suites totaling 3,652 square feet in a well-established retail center. Located in McLennan County, this Class B building boasts a highly visible location near the intersection of Valley Mills Drive and Lake Air Drive, ensuring excellent exposure for your business. Built in 1969 and renovated in 1973, the property features a total of 32,700 square feet across one building, with each of the two available suites offering a minimum of 3,652 contiguous square feet. The suites are perfect for businesses seeking a versatile and established location. The property is zoned C-2 Community Commercial, allowing for a variety of uses. This presents a unique opportunity for businesses seeking a prominent presence in a thriving commercial area. The individual suites are ideal for businesses needing space ranging from 1,802 to 3,652 square feet. The property's strategic location and ample space make it an attractive option for businesses looking to establish or expand their operations in a high-traffic area. Don't miss this chance to secure your ideal office space in this established and visible location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Hairitage Salon Hair Salon Waco Med Spa/Uptown ... Spa & Massage Center Nana African Hair ... Hair Salon

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store 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
    -97.185448141958
    Latitude
    31.524175396455

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    FAQs

    What type of property is this?
    Office property - Prime Waco Office Space, Two Suites Available
    Where is this office property located?
    The property is located at 500 Lake Air Dr Waco, TX.
    What is the lease rate?
    The lease rate is $11-$12 SF/Yr.
    What are key features of this property?
    This property features: 32,700 SF retail/office building with two suites available.; Suites range from 1,802 SF to 3,652 SF.; Located in an established retail center with high visibility.
    (254) 709-9703 Call to check price and availability
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    500 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
    500 Lake Air Dr Waco, TX 76710
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brad Wetzel
    Brad Wetzel
    Real Estate License ID: 694170
    (254) 709-9703
    Learn more
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