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

    512 North New Rd Waco, TX 76710

    • Commercial real estate
    • 9,140 SF
    • 2.90 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    May 14, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-1700009
    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

    • Accent Printing & Copy Center / Printing Service / (Bike/Boat/Book/etc) Store
    • Farmers Insurance / Insurance Agency

    Property Details for 512 North New Rd

    Year built
    1972
    Construction
    CONCRETE BLOCKS
    Lot size
    2.90 lot acres
    Property size
    9,140 SF
    Zone code
    C3
    Property type
    Commercial real estate
    APN
    480267050001007
    APU
    480267050001007

    Description

    This single-story, 47,915 square foot retail strip center and restaurant space, located at 512-616 N. New Road in Waco, Texas, presents a compelling investment opportunity. Built in 1980, the property boasts high visibility and accessibility, situated in Waco's business district between Valley Mills Drive and Waco Drive. Currently, 19,702 square feet of space is available for lease, with spaces ranging from a minimum of 1,232 square feet to a maximum contiguous space of 6,440 square feet. The property is zoned C-3cv, allowing for a wide variety of commercial uses. This zoning designation, typical of General Commercial Districts, is designed to accommodate diverse businesses with easy access to major transportation routes. The lot size, building height, and yard requirements adhere to modern commercial development standards, both for individual sites and larger centers. This property offers excellent potential for both individual tenants and larger businesses seeking a prominent location in a thriving Waco market. The property's location ensures high traffic volume and strong brand visibility. This is an exceptional opportunity to acquire a well-positioned retail center in a dynamic Texas market. The address is 512-616 N. New Road, Waco, TX 76710.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,081,000
      Market price range: $317k - $1.08M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $700,000
      Current use
      OFFICE BUILDING
      $1,515,000
      Change: +116% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    Mclennan
    State
    Texas
    Longitude
    -97.1735
    Latitude
    31.5276
    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
    $59,782
    $1,262,810
    $1,403,760
    $2,666,570
    -
    $1,262,810
    $1,403,760
    $2,666,570

    Comparable in this City

    • Value Estimation by Request
      21,172 SF

      300 Valley Mills Dr

      Distribution properties • 21,172 SF
      300 Valley Mills Dr, Waco, TX 76710
      View Details
    • Value Estimation by Request
      40,118 SF

      Waco Dr

      Commercial real estate • 40,118 SF
      Waco Dr, Waco, TX 76710
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    • Value Estimation by Request
      0.16 Acres

      710 64th Stb

      COMMERCIAL (GENERAL) • 0.16 Acres
      710 64th Stb, Waco, TX 76710-4387
      View Details
    • Value Estimation by Request
      0.16 Acres

      710 64th Stc

      COMMERCIAL (GENERAL) • 0.16 Acres
      710 64th Stc, Waco, TX 76710-4387
      View Details
    • Value Estimation by Request
      0.36 Acres

      5001 Ft Ave

      COMMERCIAL (GENERAL) • 0.36 Acres
      5001 Ft Ave, Waco, TX 76710
      View Details
    • Value Estimation by Request
      0.32 Acres

      2120 Lk Air Dr

      COMMERCIAL (GENERAL) • 0.32 Acres
      2120 Lk Air Dr, Waco, TX 76710
      View Details

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      Prime Waco location, 1-acre commercial lot.
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    Similar Nearby for Lease

    • $4 SF/Yr
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      Waco Warehouse: 21,172 SF

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      Camarilla Office Center For Lease
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      Office/warehouse with pull-through, fenced yard, and convenient location.
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      2,400 SF

      Newly Remodeled Retail Space Available

      Remodeled retail space with excellent visibility and high traffic counts.
      512-616 N New Rd, Waco, TX 76710
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space on Bosque Boulevard

      Retail space available for lease on Bosque Boulevard.
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    • Contact for pricing
      1,792 SF

      Retail Space in Waco Heart

      Freestanding retail buildings with prime frontage and easy access.
      1717 S Valley Mills Dr, Waco, TX 76710
      View Details
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    512 North New Rd
    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
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