| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 52nd | Good |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1226 James Ave, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 1997 |
| Units | 24 |
| Transaction Date | 2013-12-01 |
| Transaction Price | $1,290,000 |
| Buyer | LG Village LLC |
| Seller | Lone Star Funds |
1226 James Ave, Waco, TX Multifamily Investment
Strong renter concentration in the surrounding neighborhood supports a steady tenant base, according to WDSuite’s CRE market data. Occupancy trends and local demand drivers point to durable leasing performance with prudent management.
Located in an Inner Suburb of Waco, the neighborhood ranks 20 out of 92 metro neighborhoods (top quartile), signaling competitive fundamentals for small to mid-size multifamily. Restaurant density is high while grocery access is strong relative to national norms, which can aid resident convenience and leasing appeal.
Within a 3-mile radius, population and household counts have increased over the last five years, with further growth projected. This expansion indicates a larger tenant base and supports occupancy stability for well-positioned assets. The area also exhibits a high share of renter-occupied housing units, reinforcing multifamily demand depth.
Median contract rents in the 3-mile radius sit below many large metros but are projected to rise, which may offer measured rent growth potential. At the same time, neighborhood rent-to-income ratios signal affordability pressure, suggesting operators should balance pricing with retention strategies to sustain performance.
Built in 1997 versus a neighborhood average vintage of 1986, the property is newer than much of the local stock. That positioning can support competitiveness against older assets, while still warranting selective modernization planning as systems age to maintain curb appeal and operational reliability.
Neighborhood safety indicators are around the national median overall, with recent year-over-year improvements in both violent and property offense estimates. This places the area competitive among Waco neighborhoods, with trend momentum more favorable than static point-in-time readings alone.
Interpreting the data comparatively, recent declines in estimated offense rates suggest constructive directionality, though conditions can vary by block and over time. Investors should focus on property-level controls and tenant screening while tracking local trend data in the context of the broader Waco metro (92 neighborhoods).
The surrounding area draws from a mix of education, healthcare, and public-sector employment, supporting workforce renter demand and commute convenience for a range of households.
1226 James Ave offers exposure to a renter-heavy submarket with growing 3-mile radius population and households, supporting a deeper tenant pool and stable leasing. According to CRE market data from WDSuite, the neighborhood’s restaurant and grocery access, combined with a competitive metro ranking, points to durable demand drivers for daily-needs convenience. The 1997 vintage is newer than much of the nearby stock, which can support positioning versus older comparables while leaving room for targeted updates to enhance rents and retention.
Forward-looking rent growth in the area appears attainable from a low base, but elevated rent-to-income ratios call for disciplined rent management to mitigate turnover. Operators who pair measured pricing with light value-add and resident experience improvements are positioned to sustain occupancy and drive consistent NOI over the hold period.
- Renter-heavy neighborhood and projected 3-mile radius growth support a larger tenant base and occupancy stability.
- Competitive metro ranking with strong daily-needs access (restaurants, groceries) enhances leasing appeal.
- 1997 construction offers relative competitiveness versus older stock, with selective modernization upside.
- Potential for measured rent growth from a low base with thoughtful value-add execution.
- Risk: Elevated rent-to-income ratios and mid-80s neighborhood occupancy require careful pricing and retention management.