500 5Th St Waco, TX 76701

This exceptional 21,326-square-foot office building, located at 500 Franklin Ave & 209 S 5th St in Waco, Texas, presents a compelling redevelopment opportunity. Situated in the heart of downtown Waco, this C-4 zoned property boasts a prime location between the Federal and County Courthouses, surrounded by thriving food, beverage, and entertainment establishments. Franklin Avenue and 5th Street, two of the city's busiest thoroughfares, ensure high visibility and accessibility. The building offers the flexibility to function as a leasable office space or undergo a complete revitalization into a mixed-use development. Imagine ground-floor retail space along 5th Street and Franklin Avenue, complemented by residential or office space on the upper two floors. The property includes on-site gated parking, supplemented by ample street parking and a nearby public garage. This strategic location within both a Tax Increment Financing (TIF) zone and an Opportunity Zone presents significant investment advantages for owner-users, leasehold occupancy, or redevelopment projects. The current Net Operating Income (NOI) stands at $421,180. The lot size is 20,182 square feet. Please note that the existing tenant should not be disturbed. This is a truly unique opportunity to acquire a high-value property in a rapidly growing Texas city.