Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1508 Speight Ave Waco, TX 76706

    • Commercial real estate
    • 10,650 SF
    • 0.95 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Last Sale
    Oct 27, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-9661835
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Barefoot Campus Outfitter / (Bike/Boat/Book/etc) Store
    • Giles Emergency AC Repair / Hardware & Home Improvement / Home Appliance Store
    • Baylor Flowers / (Bike/Boat/Book/etc) Store / Florist
    • Jimmy John's / Take-out & Catering
    • Herbert Amos Clothier / Clothing Store

    Property Details for 1508 Speight Ave

    Year built
    2014
    Construction
    STEEL FRAME
    Lot size
    0.95 lot acres
    Property size
    10,650 SF
    Property type
    Commercial real estate
    APN
    480029000283000
    APU
    480029000283000

    Description

    This exceptional 2,500 square foot retail property, located at 1508 Speight Ave, Waco, TX 76706, presents a unique investment opportunity. Situated in a high-traffic area with excellent visibility from Interstate 35, this single-tenant building benefits from its proximity to Baylor University, drawing significant foot traffic from students, faculty, and tourists. The property's strategic location places it within easy reach of the vibrant downtown entertainment scene. Current neighboring businesses include a diverse range of established retailers such as Schlotzsky's, Burger King, Fuego Tortilla Grill, Cupp's Drive Inn, and Vitek's BBQ, creating a synergistic retail environment. The property itself is a single-suite building, offering a cohesive and efficient space for a variety of retail uses. This prime location ensures high visibility and accessibility, making it an ideal investment for businesses seeking a strong presence in the thriving Waco market. The property is classified as Retail and Land, offering potential for future development or expansion.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,270,000
      6.5%
      $2,095,000
      7%
      $1,945,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,766,000
      Market price range: $504k - $1.77M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,765,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    Mclennan
    State
    Texas
    Longitude
    -97.1278
    Latitude
    31.5367
    CBSA code
    47380
    CBSA name
    WACO, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $67,257
    $965,710
    $2,034,290
    $3,000,000
    -
    $965,710
    $2,034,290
    $3,000,000

    Comparable in this City

    • Value Estimation by Request
      5.50 Acres

      150 Garden Dr

      Land • 5.50 Acres
      150 Garden Dr, Waco, TX 76706
      View Details
    • Value Estimation by Request
      0.20 Acres

      521 12th St

      COMMERCIAL (GENERAL) • 0.20 Acres
      521 12th St, Waco, TX 76706
      View Details
    • Value Estimation by Request
      0.94 Acres

      1712 12th St, Unit 1724

      COMMERCIAL (GENERAL) • 0.94 Acres
      1712 12th St, Waco, TX 76706-2114
      View Details
    • Value Estimation by Request
      0.32 Acres

      1001 19th St

      COMMERCIAL (GENERAL) • 0.32 Acres
      1001 19th St, Waco, TX 76706-1952
      View Details
    • Value Estimation by Request
      0.53 Acres

      2715 Benton Dr

      COMMERCIAL (GENERAL) • 0.53 Acres
      2715 Benton Dr, Waco, TX 76706-3917
      View Details
    • Value Estimation by Request
      0.28 Acres

      1718 Clay Ave

      COMMERCIAL (GENERAL) • 0.28 Acres
      1718 Clay Ave, Waco, TX 76706
      View Details

    Similar Nearby for Sale

    • $450,000
      1.37 Acres

      I-35 Waco Commercial Land Investment

      1.37 Acres, High-Traffic I-35 Frontage.
      3400 I-35, Waco, TX 76706
      View Details
    • $435,000
      1.28 Acres

      Prime Robinson Commercial Land

      1.28 Acres, High Traffic Area
      618 Robinson Dr, Robinson, TX 76706
      View Details
    • Contact for pricing
      5.50 Acres

      Prime Waco Development Land

      5.5 Acres near Baylor University
      150 Garden Dr, Waco, TX 76706
      View Details
    • Contact for pricing
      33.92 Acres

      Robinson Industrial Park Land

      Prime Waco Industrial Land, 33.92 Acres
      0 33.92 Acres Robinson Industrial Park, Robinson, TX 76706
      View Details
    • $250,000

      Camden Ave Medical Office Space

      Prime Winthrop location, 3516 sq ft, single tenant.
      1213 Clay Ave, Waco, TX 76706
      View Details
    • Contact for pricing
      14.98 Acres

      14.98 Acres Robinson, TX Land

      Prime Commercial/Residential Land
      0 Woodcock Dr, Robinson, TX 76706
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      I-35 Frontage Road Land Lease

      Prime Waco, TX commercial land. Two pads available.
      820 Ih-35, Robinson, TX 76706
      View Details
    • Contact for pricing

      Waco Land: Ground Lease Opportunity

      Prime Waco location near Baylor University. High traffic, interstate visibility.
      1612 Speight Ave, Waco, TX 76706
      View Details
    • $10 SF/Yr
      25,202 SF

      Office Space with Dock High

      Climate-controlled office space with dock high and ample parking.
      3700 Interstate 35 S, Waco, TX 76706
      View Details
    • $4 SF/Yr

      Waco Industrial Warehouse Suites

      Two suites, 26,578 SF total. Immediate occupancy.
      211 Webster Ave, Waco, TX 76706
      View Details
    • Contact for pricing
      6,858 SF

      Waco Retail Center - Prime Location

      High-traffic retail space, immediate occupancy.
      921 9Th St, Waco, TX 76706
      View Details
    • $20 SF/Yr
      3,000 SF

      Waco Retail Space - Great Location

      Prime Waco retail space, 3,000 sq ft, 1.1 acres.
      2524 La Salle Ave, Waco, TX 76706
      View Details
    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.
    1508 Speight Ave
    Waco, TX 76706
    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

    Google sign-in failed. Please try again or use another login method.