1323 Morrow Avenue
About This Property
Situated on a spacious corner lot in a rapidly growing area, 1323 Morrow Ave offers a fantastic opportunity for investors, builders, or anyone looking to develop in Waco's urban core. Zoned R-2, this property allows for short-term rentals and multifamily construction, making it an ideal spot for anything from a duplex to a modern STR setup.
A soil test has already been completed, saving you time and money-this lot is ready for construction. Located just minutes from downtown Waco, Magnolia Market, and Baylor University, this property sits in one of the city's most active redevelopment areas.
Whether you're looking to build a personal investment property or develop for resale or rental income, 1323 Morrow Ave is a solid opportunity with flexibility and potential.
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Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 4, 2025 | Sold | ||
| Sold | |||
| Jul 24, 2025 | In contract | - | |
| In contract | |||
| Jul 11, 2025 | Listed by Bramlett Partners | $109,000 | |
| Listed by Bramlett Partners | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017