Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    6601 May Dr Waco, TX 76710
    Property profile & analytics

    6601 May Dr, Waco, TX 76710

    View on Map
    • Commercial real estate
    • 40,600 SF
    Off-Market
    Property ID
    US83-3795024
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 6601 May Dr

    Year built
    1970
    Property type
    Commercial real estate

    Description

    This exceptional 49-unit apartment building, situated in Waco, Texas, presents a compelling investment opportunity. Boasting 40,600 square feet, this Class C property, built in 1970, is ideally located near Baylor University, ensuring consistently high occupancy rates due to strong student housing demand. Its prime location offers easy access to major roadways, connecting residents to the broader Waco area and its amenities. The property benefits from a diverse tenant base, including students, young professionals, and families, creating a balanced and stable rental market. The surrounding area features abundant shopping, dining, and entertainment options, further enhancing the property's appeal. Waco's ongoing economic growth and revitalization, fueled by Baylor University and other employers, contribute to a robust job market and increased property value. The land value is assessed at $99 per square foot, and the asking price is $4,000,000, representing a price per unit of $81,633. This property offers a unique blend of strong rental income potential and long-term appreciation prospects in a thriving Texas market. The address is 6601 May Dr, Waco, TX 76710.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Waco
    County
    McLennan
    State
    Texas
    Longitude
    -97.197059846537
    Latitude
    31.519563876719

    Comparable in this City

    • $3,900,000

      Waco Multifamily Value-Add Opportunity

      49-unit apartment complex in Waco, Texas with value-add potential.
      6701 May Dr, Waco, TX 76710
      View Details
    • $279,900

      Mid-Century Modern Highrise Condo

      Impressive 2-bedroom condo with amenities in Waco's Lake Highlands.
      4924 Cobbs Dr, Waco, TX 76710
      View Details
    • Contact for pricing

      49-Unit Multifamily Property in Waco

      Value-add multifamily property with rental upside potential in Waco, Texas.
      6701 May Dr, Waco, TX 76710
      View Details
    • Contact for pricing
      12,896 SF

      Waco Multifamily Property For Sale

      Renovated multifamily property in Waco, Texas, with modern upgrades.
      701 N New Rd, Waco, TX 76710
      View Details
    • $300,000
      0.23 Acres

      Well-Maintained Duplex Investment

      Fully leased duplex with two 2BR/2BA units, in-unit laundry, private backyards, and off-street parking for immediate rental income.
      6716 Wiethorn Dr, Waco, TX 76710
      View Details
    • New
      $229,000
      0.21 Acres

      Leased Duplex Investment

      Fully occupied duplex with immediate rental income potential in a convenient Waco location near everyday amenities.
      3717 Parkwood St, Waco, TX 76710
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,896 SF

      Waco Multifamily Property For Sale

      Renovated multifamily property in Waco, Texas, with modern upgrades.
      701 N New Rd, Waco, TX 76710
      View Details
    • Contact for pricing

      49-Unit Multifamily Property in Waco

      Value-add multifamily property with rental upside potential in Waco, Texas.
      6701 May Dr, Waco, TX 76710
      View Details
    • $3,900,000

      Waco Multifamily Value-Add Opportunity

      49-unit apartment complex in Waco, Texas with value-add potential.
      6701 May Dr, Waco, TX 76710
      View Details
    • $279,900

      Mid-Century Modern Highrise Condo

      Impressive 2-bedroom condo with amenities in Waco's Lake Highlands.
      4924 Cobbs Dr, Waco, TX 76710
      View Details
    • $300,000
      0.23 Acres

      Well-Maintained Duplex Investment

      Fully leased duplex with two 2BR/2BA units, in-unit laundry, private backyards, and off-street parking for immediate rental income.
      6716 Wiethorn Dr, Waco, TX 76710
      View Details
    • New
      $229,000
      0.21 Acres

      Leased Duplex Investment

      Fully occupied duplex with immediate rental income potential in a convenient Waco location near everyday amenities.
      3717 Parkwood St, Waco, TX 76710
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr

      Waco Retail Space Available

      15,000 SF retail space in high-traffic Waco Centre.
      240 North New Rd, Waco, TX 76710
      View Details
    • Contact for pricing
      29,700 SF

      Waco Warehouse with Dock Doors

      Warehouse with dock doors, offices, and ample parking.
      5045 Franklin Ave, Waco, TX 76710
      View Details
    • Contact for pricing

      Richland Mall Retail Opportunity

      Large shopping center with retail and dining options available for rent.
      6001 W Waco Dr, Waco, TX 76710
      View Details
    • Contact for pricing
      2,016 SF

      High-Visibility Office Space Available

      Prime office space in Waco's established commercial corridor.
      720 Lake Air Dr, Waco, TX 76710
      View Details
    • Contact for pricing
      1,710 SF

      Prime Retail Space in Waco

      High-visibility retail space in a desirable Waco shopping center.
      4330 W Waco Dr, Waco, TX 76710
      View Details
    • Contact for pricing
      1,786 SF

      Retail Space on Bosque Boulevard

      Retail space available for lease on Bosque Boulevard.
      5400 Bosque Blvd, Waco, TX 76710
      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.
    6601 May Dr
    Waco, TX 76710
    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
    6601 May Dr, Waco, TX, 76710
    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!