| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Good |
| Demographics | 32nd | Fair |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1800 N Martin Luther King Jr Blvd, Waco, TX, 76704, US |
| Region / Metro | Waco |
| Year of Construction | 1984 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1800 N Martin Luther King Jr Blvd Waco 24-Unit Multifamily
Renter concentration is high in the immediate neighborhood and occupancy trends hover around the low-90s, according to WDSuite’s CRE market data, supporting a durable tenant base for smaller units. Near-term leasing should benefit from steady local services while longer-term upside ties to projected household growth within the 3-mile radius.
This Inner Suburb pocket of Waco shows a solid base of renter demand. Neighborhood tenure data indicate that 59.9% of housing units are renter-occupied, which points to a deeper pool of prospective tenants and supports leasing velocity for smaller formats. Within a 3-mile radius, households have grown over the last five years and are projected to expand further by 2028, implying a larger tenant base and support for occupancy stability.
Local amenity access is mixed. Grocery and restaurant density is competitive among Waco neighborhoods (ranks 13 and 11 out of 92), while parks, pharmacies, and cafes are limited. For investors, this suggests daily-needs convenience for residents with fewer lifestyle amenities nearby, a profile consistent with workforce-oriented renter demand.
The property’s 1984 vintage is slightly newer than the neighborhood’s average construction year of 1979. That positioning can help competitiveness versus older stock, though investors should still anticipate targeted capital for aging systems and potential modernization to support rent growth and resident retention.
Home values in the neighborhood are on the lower end for the metro, which can create some competition with ownership options. However, within the broader Waco context and nationally, elevated rent-to-income ratios in the immediate area underscore the importance of disciplined pricing and renewal management to sustain occupancy and limit turnover risk.
Safety indicators for the neighborhood are mixed but trending better. Against neighborhoods nationwide, the area sits modestly above the national middle on overall safety (national percentile 56). Within the Waco metro, it is competitive among 92 neighborhoods, and year-over-year, both property and violent incidents have moved lower, signaling an improving backdrop rather than a deterioration.
For underwriting, the key takeaway is directional improvement and a position near the metro middle rather than an outlier. Framing risk comparatively instead of block-by-block is prudent: trends suggest conditions are stabilizing, but investors should continue to underwrite standard security measures and resident experience initiatives typical for Inner Suburb assets.
This 24-unit, 1984-vintage asset offers exposure to a renter-heavy neighborhood with steady occupancy and accessible daily-needs retail. Within a 3-mile radius, households and families are set to increase meaningfully by 2028, indicating a larger tenant base to support leasing and renewal performance. Operating metrics in the immediate area trail national benchmarks, but that gap frames value-add potential through targeted renovations and professional management.
According to CRE market data from WDSuite, neighborhood occupancy has been holding near the low-90s, and recent safety trends show improvement, both supportive of income stability when paired with disciplined lease management. With modest amenity depth and lower local home values, pricing strategy and resident retention programs remain central to protecting NOI while capturing measured rent growth.
- Renter-heavy neighborhood supports a deeper tenant pool and steadier leasing
- 3-mile household growth outlook expands demand and aids occupancy stability
- 1984 vintage offers value-add and systems modernization pathways
- Daily-needs access (grocery, restaurants) aligns with workforce renter profile
- Risks: affordability pressure and limited lifestyle amenities require careful pricing and retention management