| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 52nd | Good |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1600 S 5th St, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 2000 |
| Units | 31 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1600 S 5th St Waco Multifamily Investment
Renter concentration is among the strongest in the metro, supporting a durable tenant base even as neighborhood occupancy trends sit below the metro median, according to WDSuite’s CRE market data. Grocery and dining density further reinforce day-to-day livability, with near-term performance hinging on thoughtful lease management and pricing discipline.
The immediate neighborhood is an Inner Suburb with an A- rating and strong day-to-day convenience. Grocery access is a local strength, ranking first among 92 Waco neighborhoods and in the mid‑90s nationally, while restaurant density is also competitive in the metro. By contrast, parks, pharmacies, cafes, and childcare are limited within the neighborhood footprint, so resident amenity expectations may skew toward on‑site features and nearby commercial corridors.
Neighborhood renter concentration is the highest in the Waco metro (ranked 1 of 92), signaling deep demand for multifamily product and a broad leasing pool. At the same time, neighborhood occupancy is below the metro median, which suggests performance is more sensitive to property operations and pricing strategy than in tighter submarkets. Investors should plan for active leasing and renewal management to sustain occupancy stability.
Within a 3‑mile radius, population has expanded over the last five years and is projected to continue growing, with households rising faster than population — an indicator of a larger tenant base and ongoing demand for rental units. The area remains majority renter‑occupied today, though forecasts point to a gradual mix shift toward ownership; multifamily should continue to serve a sizable renter pool, with product positioning and renewals key to retention.
The asset’s 2000 vintage is newer than the neighborhood’s average construction year (mid‑1980s), offering relative competitiveness versus older stock. Select modernization and systems updates may still be warranted to support rents and leasing velocity, but the baseline physical profile can help reduce near‑term capital intensity compared with older properties.
Safety indicators are middling to slightly better than average relative to national comparisons, and the neighborhood performs above the metro median among 92 Waco neighborhoods. Recent trend data show material improvement: estimated violent and property offense rates declined year over year, which supports resident retention and leasing confidence if the trajectory continues.
As always, investors should underwrite to submarket‑level trends rather than block‑level assumptions and revisit the latest comparable data during diligence to confirm that recent improvements are sustained.
This 31‑unit property built in 2000 competes well against older neighborhood stock and benefits from a metro‑leading renter concentration that deepens the tenant base. Neighborhood occupancy trends track below the metro median, so performance leans on hands‑on operations; however, strong grocery and dining access supports livability and leasing. Based on commercial real estate analysis from WDSuite, maintaining affordability positioning and renewal discipline should help convert neighborhood demand into steadier occupancy.
Demographic data within a 3‑mile radius point to ongoing population and household growth, reinforcing near‑ to medium‑term demand for rental housing. The property’s relative vintage provides a platform for targeted renovations to drive rent premiums versus older comparables while remaining mindful of rent‑to‑income pressures in the neighborhood.
- Metro‑leading renter concentration supports a deep tenant base and leasing pipeline.
- 2000 vintage offers competitive positioning versus older neighborhood stock with targeted value‑add potential.
- Strong grocery and dining access enhances resident convenience and retention.
- Population and household growth within 3 miles supports demand for rental units.
- Risks: neighborhood occupancy below metro median and elevated rent‑to‑income pressures require active pricing and renewal management.