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
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1516 Waco Dr Waco, TX 76704-2417

    • Commercial real estate
    • 1,581 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Aug 07, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4872668
    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

    • Commercial real estate

    Property Details for 1516 Waco Dr

    Year built
    1961
    Construction
    CONCRETE BLOCKS
    Lot size
    0.32 lot acres
    Property size
    1,581 SF
    Zone code
    C2
    Property type
    Commercial real estate
    APN
    480350000032000
    APU
    480350000032000

    Description

    This exceptional 1,581 square foot flex space in Waco, Texas, is situated on a 0.31-acre lot and offers a unique blend of functionality and accessibility. Previously used as an auto mechanic shop, the property boasts four 10' x 10' roll-up doors, ideal for easy equipment and vehicle access. The 14-foot ceiling height and open layout provide ample space for a variety of uses, from light industrial operations to storage. Inside, you'll find a convenient single restroom and a dedicated office space. The property's C-3 General Commercial zoning allows for diverse business applications. Its prime location ensures high visibility, attracting customers and clients. The ample yard space offers additional functionality, perfect for outdoor work areas or vehicle storage. Built in 1961, this single-story building presents a compelling opportunity for businesses seeking a versatile and highly accessible space in a thriving Waco location. The asking price is $185,000, translating to $117.01 per square foot. The address is 1516 E Waco Dr, Waco, TX 76704.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    Mclennan
    State
    Texas
    Longitude
    -97.1186
    Latitude
    31.5809
    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
    $706
    $16,830
    $14,650
    $31,480
    -
    $16,830
    $14,650
    $31,480

    Comparable in this City

    • Value Estimation by Request
      0.18 Acres

      1300 Martin Luther King Jr Blvd

      COMMERCIAL (GENERAL) • 0.18 Acres
      1300 Martin Luther King Jr Blvd, Waco, TX 76704
      View Details
    • Value Estimation by Request
      0.16 Acres

      425 Garrison St

      COMMERCIAL (GENERAL) • 0.16 Acres
      425 Garrison St, Waco, TX 76704
      View Details
    • Value Estimation by Request
      0.08 Acres

      706 Linn St

      COMMERCIAL (GENERAL) • 0.08 Acres
      706 Linn St, Waco, TX 76704-2335
      View Details
    • Value Estimation by Request
      0.06 Acres

      608 Elm Ave

      COMMERCIAL (GENERAL) • 0.06 Acres
      608 Elm Ave, Waco, TX 76704
      View Details
    • Value Estimation by Request
      0.08 Acres

      904 Elm Ave

      COMMERCIAL (GENERAL) • 0.08 Acres
      904 Elm Ave, Waco, TX 76704-2623
      View Details
    • Value Estimation by Request
      0.07 Acres

      500 Elm Ave

      COMMERCIAL (GENERAL) • 0.07 Acres
      500 Elm Ave, Waco, TX 76704
      View Details

    Similar Nearby for Sale

    • $240,000

      Prime Waco Commercial Land

      40,000+ SF Commercial Lot, Waco, TX
      523 Mann St, Waco, TX 76704
      View Details
    • Contact for pricing
      1.01 Acres

      Waco Development Land: Prime Acreage

      Historic Elm Avenue District, 1.01 acres, C-4 Zoning
      305 Elm Ave, Waco, TX 76704
      View Details
    • $33,000
      0.13 Acres

      Waco Land Package Deal

      Three vacant lots in Waco, TX, ready for development.
      609 Preston St, Waco, TX 76704
      View Details
    • $33,000
      0.13 Acres

      Waco Land Package Deal

      Three vacant lots in Waco, TX, for development.
      615 Preston St, Waco, TX 76704
      View Details
    • Contact for pricing

      Land Near IH35

      Land located one mile from IH35 and Central Texas Marketplace.
      340 S Loop Dr, Waco, TX 76704
      View Details
    • Contact for pricing
      0.15 Acres

      Waco Land Ready for Development

      Corner lot in Waco's Carver neighborhood, ready for your vision.
      820 Calumet St, Waco, TX 76704
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      52,000 SF

      Waco Warehouse with Steel Frame

      52,000 SF warehouse featuring steel frame and full fencing.
      2825 Gholson Rd, Waco, TX 76704
      View Details
    • Contact for pricing
      1 SF

      I-35 Frontage Road Land Lease

      Ground lease opportunity with high visibility on I-35.
      1520 North Frontage Rd, Waco, TX 76704
      View Details
    • $22 SF/Yr
      10,000 SF

      Versatile Commercial Space Near Baylor

      Prime location near I-35 and Baylor University.
      201 Elm Ave, Waco, TX 76704
      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.
    1516 Waco Dr
    Waco, TX 76704-2417
    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.