| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 52nd | Good |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1500 S 9th St, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1500 S 9th St Waco Multifamily Value-Add
Renter concentration is notably high in the immediate neighborhood, supporting a deep tenant base even as local occupancy trends require hands-on leasing strategy, according to WDSuite s commercial real estate analysis. Positioning and renovations can help capture demand from nearby growth corridors.
The property sits in an Inner Suburb of Waco where neighborhood fundamentals are competitive among Waco neighborhoods (ranked 20 out of 92, A-). Grocery access is a relative strength (ranked 1 of 92; top decile nationally), and restaurant density is also strong (ranked 4 of 92), while parks, pharmacies, cafes, and childcare are limited nearby. These dynamics suggest daily-needs convenience with fewer lifestyle amenities within close proximity.
Construction year average in the neighborhood skews to the mid-1980s, and this 1977 asset is older than the local average. For investors, that typically implies capital planning for systems, exteriors, and interiors, alongside potential value-add upside to improve competitive positioning against 1980s and newer stock.
The share of housing units that are renter-occupied is among the highest locally (ranked 1 of 92; 99th percentile nationally), indicating a large and reliable tenant pool for multifamily. At the same time, the neighborhood s occupancy rate ranks in the lower half of the metro (65 of 92; 30th percentile nationally), signaling the need for active leasing, targeted upgrades, and competitive pricing to support stability.
Within a 3-mile radius, WDSuite s CRE market data shows population growth over the last five years with further gains projected through 2028, and households are expanding at a faster pace than population, pointing to a larger tenant base. Median household income has been rising and is expected to continue increasing, while contract rents are also projected to grow. This combination can support demand, though affordability pressure should be managed through product differentiation and careful lease management to sustain retention.
Safety indicators are competitive among Waco neighborhoods (crime rank 39 out of 92) and modestly better than the national middle (55th percentile nationwide). Recent year-over-year trends in the neighborhood show notable declines in both violent offenses (-52.1%) and property offenses (-26.3%), which is constructive for perception and leasing. However, given Metro and national variability, investors should assess property-level controls and lighting, and continue monitoring submarket trends alongside management practices.
Built in 1977, this 20-unit asset presents a clear value-add angle relative to the neighborhood s 1980s-vintage average, with scope to modernize interiors and systems to compete with newer stock. The immediate area has one of the highest shares of renter-occupied housing units in the metro, supporting depth of tenant demand, though current neighborhood occupancy ranks below the metro median, emphasizing the importance of active leasing and targeted upgrades. According to CRE market data from WDSuite, the broader 3-mile radius shows growth in population and households today with additional gains projected, helping support occupancy stability over the hold.
Amenity access favors daily-needs convenience with strong grocery and restaurant density, while limited parks and specialty services suggest that on-site improvements and resident programming can further enhance retention. Income and rent projections indicate ongoing rent growth potential alongside affordability pressure, reinforcing the need for precise pricing, expense control, and value-oriented renovations.
- High renter concentration supports a deep tenant base and leasing velocity
- 1977 vintage offers value-add and CapEx-driven competitiveness versus 1980s stock
- 3-mile growth in population and households supports demand and occupancy stability
- Daily-needs amenity access (strong grocery/restaurant density) aids resident convenience
- Risk: Neighborhood occupancy ranks below metro median; requires hands-on leasing and pricing discipline