| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 15th | Poor |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1919 S 5th St, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1919 S 5th St, Waco TX — 20-Unit Multifamily Investment
Steady renter demand in an inner-suburban pocket of Waco, supported by a high neighborhood renter concentration and improving crime trends, according to WDSuite’s CRE market data.
This inner-suburb location in Waco balances workforce housing demand with access to everyday services. Neighborhood rent levels sit near the metro middle (rank 29 of 92 — above metro median), helping pricing remain competitive while sustaining absorption. Restaurants are reasonably accessible (rank 27 of 92 — competitive among Waco neighborhoods), though other amenities like grocery, parks, and pharmacies are limited within immediate proximity.
Construction in the surrounding neighborhood skews newer than this asset (average year built 1998; this property was built in 1977). For investors, the older vintage supports a value‑add or capital-planning angle to keep finishes, building systems, and curb appeal competitive against the newer cohort.
Renter-occupied housing is prevalent locally (renter share rank 4 of 92 — top quartile among Waco neighborhoods), indicating a deep tenant base for multifamily. While neighborhood occupancy has softened in recent years (rank 71 of 92), the elevated renter concentration points to depth of demand that can help leasing velocity when pricing and product positioning are aligned.
Within a 3‑mile radius, demographics show population growth over the last five years and a larger household count today, with further increases forecast by 2028. A sizable 18–34 renter cohort and projected household growth signal a growing renter pool that can support occupancy stability and renewal prospects. These dynamics, paired with measured rent levels, create a pragmatic backdrop for multifamily property research focused on durable tenancy rather than premium pricing.
Homeownership cost data is limited at the neighborhood level here, but median household incomes have historically trailed metro norms. With rent-to-income around 30% in the neighborhood, affordability pressure should be monitored; proactive lease management and amenity-right sizing can help sustain retention.
Safety indicators are mixed but trending in a constructive direction. The neighborhood sits modestly above the national middle on overall crime (56th percentile nationally), while violent offense levels are below the national middle (33rd percentile). Importantly, both violent and property offenses show notable year-over-year reductions, placing the area’s improvement pace in a stronger national bracket. For investors, this trajectory supports leasing narratives without overpromising block-level outcomes.
Within the Waco metro, crime positioning is mid-pack, not top-tier. This argues for standard operational measures—lighting, access controls, and resident engagement—rather than premium security spending. As always, compare site-specific incident histories to neighborhood trends to calibrate underwriting and insurance assumptions.
Nearby employment nodes support a workforce-renter profile and manageable commute times, which can aid leasing stability. Detailed employer proximity records with measured distances were not available for this address in the current dataset.
The investment case at 1919 S 5th St centers on renter demand depth, value‑add potential, and pragmatic rent positioning. The surrounding neighborhood shows a top‑quartile renter concentration within the Waco metro, while 3‑mile demographics point to population and household growth that expand the tenant base. Neighborhood rent levels are near the metro middle, and, according to CRE market data from WDSuite, occupancy softness is present but counterbalanced by a growing pool of renters and improving safety trends.
Built in 1977, the asset is older than nearby stock (neighborhood average 1998), suggesting clear renovation and systems-upgrade levers to improve competitiveness against newer comps. With incomes historically on the lower side locally and rent-to-income near 30%, underwriting should emphasize retention and steady occupancy over outsized rent lifts, using targeted upgrades and expense discipline to drive yield.
- Deep renter base: top‑quartile renter concentration in the neighborhood supports tenant depth and leasing velocity.
- Value‑add pathway: 1977 vintage creates renovation and system‑upgrade opportunities versus a newer neighborhood cohort.
- Demand growth: 3‑mile population and household expansion indicate a larger renter pool over the medium term.
- Balanced pricing power: neighborhood rents sit near the metro middle, aiding absorption with right positioning.
- Risks: neighborhood occupancy is below metro leaders and rent-to-income is elevated; plan for competitive pricing, retention focus, and measured capex.