| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 60th | Best |
| Amenities | 38th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2000 S 3rd St, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 1979 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2000 S 3rd St Waco Multifamily Opportunity
Renter-occupied housing is prevalent in the immediate neighborhood, supporting a deep tenant base even as occupancy trends warrant active leasing management, according to WDSuite’s CRE market data.
This Inner Suburb neighborhood rates highly within the Waco metro, ranked 6 out of 92 neighborhoods with an overall grade of A, indicating competitive fundamentals for multifamily investors. The local renter-occupied share is elevated (ranked 3 of 92), signaling a sizable tenant pool and steady leasing demand, though the neighborhood’s occupancy level is below national medians and calls for attentive marketing, renewals, and turn efficiency.
Amenity access is a relative strength. The area is competitive among Waco neighborhoods for overall amenities (ranked 19 of 92, placing it in the top quartile metro-wide). Cafe density stands out (ranked 3 of 92; top decile nationally), and grocery access is also strong for the metro (ranked 22 of 92; above the national median). On the other hand, nearby parks, pharmacies, and childcare options are limited within the neighborhood itself, which may shift some daily needs to adjacent districts.
The average construction year in the neighborhood skews newer (2002), while the subject property was built in 1979. For investors, an older vintage can translate into capital planning needs for exterior systems and interiors, but it also offers value-add and repositioning potential relative to newer competing stock.
Within a 3-mile radius, demographics point to a durable renter pipeline: population and household counts have increased over the last five years, and WDSuite’s data show further growth is forecast through 2028. The 3-mile area also has a high share of 18–34-year-olds, which typically supports multifamily demand. Given elevated ownership costs relative to local incomes in the immediate neighborhood (high value-to-income metrics), rental housing is likely to remain a primary option for many households, aiding lease-up and retention. That said, neighborhood-level rent-to-income ratios indicate affordability pressure, so underwriting should account for renewal sensitivity and rent-step calibration.
Neighborhood safety indicators sit around the metro median and near the national midpoint, based on WDSuite’s comparative ranks and percentiles. Recent trend data show improvement: estimated violent offense rates declined substantially year over year, and property offenses moved lower as well. For investors, the directional trend is favorable, though property-level security measures and lighting, along with resident engagement, remain prudent to support retention and reputation.
Built in 1979, this 22-unit asset offers potential value-add and selective systems upgrades to compete against a neighborhood stock that averages newer construction. The local renter-occupied share is high, supporting a wide tenant base, while occupancy at the neighborhood level trends below national medians—an execution risk that can be mitigated with active leasing, renewals, and targeted concessions. According to CRE market data from WDSuite, amenity access is a relative strength (notably cafes and groceries), and national percentiles for education attainment and convenience support stable demand.
Within a 3-mile radius, population and household growth—both historical and forecast—point to a larger tenant base over the next cycle. Elevated ownership costs relative to incomes in the immediate neighborhood reinforce reliance on rentals, which can support leasing velocity and pricing power; however, rent-to-income ratios suggest careful rent setting and focus on retention. Net of these factors, the thesis centers on capturing demand depth with operational rigor and measured capital upgrades.
- High renter-occupied share supports deep tenant pool and steady leasing potential
- Value-add upside from 1979 vintage via selective renovations and system updates
- Amenity access (cafes, groceries) competitive among Waco neighborhoods
- 3-mile population and household growth expands the renter pipeline
- Risk: neighborhood occupancy below national medians requires disciplined leasing and renewal strategies