Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Downtown Phoenix Building For Lease Title is generated by Realmo AI

    401 S 3rd St, Waco, TX 76706

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Historic building suitable for restaurant, retail, office, or live/work.

    Type:Retail, Office
    Added:
    Mar 24, 2021
    Days on Market:
    1895
    Last Refresh:
    May 12 at 10:41 pm

    Property Features for 401 S 3rd St

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1907

    Spaces For Lease

    at 401 S 3rd St Contact us

    We can help!

    Listing Contact
    Clay Fuller

    Listing agent Clay Fuller License #TX

    Listing office Coldwell Banker Commercial Apex, Realtors

    Listing date Mar 24, 2021

    Source Crexi

    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 Coldwell Banker Commercial Apex, Realtors

    HighLights

    • Prime location between Magnolia Silos and upcoming Riverfront Development
    • High‑quality finishes and original 1907 structural elements
    • Versatile 2nd‑floor live/work units
    • Suitable for restaurant, retail, or office use
    • Features 14 ft Chandelier Ceilings
    • Historic building (Year Built: 1907)

    Overview

    The Historic Downtown Phoenix Building is available for lease. Situated between the Magnolia Silos and the anticipated Riverfront Development, the Phoenix is suited for an anchor restaurant, boutique shopping square, and various office uses. The building features 14 ft chandelier ceilings, original 1907 structural beams, and floors. The second floor offers live/work units suitable for business or luxury loft living.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jonathon Roberts — Team ... Loan Service Regis Medical Group Medical Group Kalynn Tindall - State ... Insurance Agency Griffith Barbee PLLC ... Law Firm Silos Tuscan Market (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Building Supply Dental Office Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.127069
    Latitude
    31.555506

    Nearby Similar for Lease

    • $3,774/Mo

      High-Visibility Office Space in Waco

      Move-in ready office space in a high-traffic commercial corridor.
      720 Lake Air Drive, Waco, TX 76710
      View Details
    • $3,000/Mo

      Waco Retail Space For Lease

      High-visibility retail space in Waco, near Bosque Boulevard.
      1311 N New Road, Waco, TX 76710
      View Details
    • $28 SF/Yr
      4,420 SF

      Turnkey Dental Office on Franklin

      Professionally designed dental facility in high-traffic Waco location.
      4215 Franklin Ave, Waco, TX 76710
      View Details
    • $24 SF/Yr
      12,936 SF

      Retail/Office/Medical Space For Lease

      Shell space suitable for retail, office, or medical use.
      1120 Lake Air, Waco, TX 76710
      View Details
    • $6,035/Mo
      2,329 SF

      Downtown Waco Retail Space

      Retail space in downtown Waco with high ceilings.
      707 Austin Avenue, Waco, TX 76701
      View Details
    • $3,000/Mo
      1,440 SF

      Renovated Commercial Building For Lease

      Recently renovated commercial building with versatile layout and parking.
      2313 Washington Ave, Waco, TX 76701
      View Details
    • $15 SF/Yr
      4,488 SF

      Renovated Flex Space with Showroom

      Renovated flex space featuring showroom, warehouse, and distribution areas.
      2905 Franklin Ave, Waco, TX 76710
      View Details
    • $18 SF/Yr
      2,760 SF

      Waco Drive Commercial Suites

      Retail, office, and medical suites available on Waco Drive.
      4700-4734 W Waco Dr, Waco, TX 76710
      View Details
    • $14 SF/Yr
      3,200 SF

      Office/Flex Space For Lease

      3,200+/- SF office/flex space, divisible, central location, easy access.
      1716 Franklin Ave, Waco, TX 76701
      View Details
    • $18 SF/Yr
      4,800 SF

      Retail Space in Waco, Texas

      Renovated retail space with high traffic and negotiable tenant improvements.
      1525-1603 Washington Ave, Waco, TX 76701
      View Details
    • $24 SF/Yr
      680 SF

      Second Floor Office Suite

      Second floor office suite with reception area and offices.
      5006 Lakeland Cir, Waco, TX 76710
      View Details
    • $400/Mo
      10,761 SF

      Professional Office Space on Franklin

      Office space for lease in central Waco with convenient access.
      4949 Franklin Ave., Waco, TX 76710
      View Details

    FAQs

    What type of property is this?
    Live-work space - Historic building suitable for restaurant, retail, office, or live/work.
    Where is this live-work space located?
    The property is located at 401 S 3rd St Waco, TX.
    What are key features of this property?
    This property features: Prime location between Magnolia Silos and upcoming Riverfront Development; High‑quality finishes and original 1907 structural elements; Versatile 2nd‑floor live/work units
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Clay Fuller
    Real Estate License ID: TX
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    401 S 3rd St, Waco, TX 76706
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!