| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 15th | Poor |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2001 S 5th St, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 2002 |
| Units | 99 |
| Transaction Date | 2015-11-13 |
| Transaction Price | $11,650,000 |
| Buyer | Orion Bay, LLC |
| Seller | MSJK Property Fund One LLC |
2001 S 5th St, Waco TX Multifamily Opportunity
High renter concentration in the surrounding neighborhood suggests a deep tenant base supporting leasing durability, according to WDSuite’s CRE market data.
Located in an inner suburb of Waco, the property sits in a neighborhood with a C rating and a renter-occupied share that is among the highest in the metro, signaling meaningful depth for multifamily demand. Neighborhood occupancy is moderate and has eased over the last five years, so operators should prioritize retention and leasing efficiency to sustain stable performance.
Livability leans functional over amenity-rich: restaurants per square mile are around the national middle, while cafes, parks, grocery, and childcare are sparse. That mix typically favors value-focused renters and workforce housing demand rather than lifestyle-driven premiums, and it places a premium on on-site features and property management to differentiate. Median contract rents in the neighborhood sit near the national midpoint and have grown in recent years, aligning with steady, essentials-driven demand rather than top-tier pricing power.
The building’s 2002 vintage is slightly newer than the neighborhood average stock from the late 1990s. Relative to older nearby assets, this can support competitiveness on systems and layouts while still allowing room for targeted modernization or value-add to refresh interiors and common areas as needed.
Within a 3-mile radius, demographics indicate a large cohort of 18–34-year-olds and ongoing population and household growth, with forecasts pointing to further renter pool expansion by mid-decade. Median incomes are lower than national norms and rent-to-income ratios in the immediate neighborhood point to some affordability pressure, so disciplined lease management and measured rent setting are advisable. These trends, based on commercial real estate analysis from WDSuite, underscore steady renter demand with a focus on affordability and retention.
Neighborhood safety benchmarks are mixed in context. Relative to the 92 Waco neighborhoods, crime positioning is around the middle of the pack, indicating neither a top-quartile nor bottom-tier outlier. Compared with neighborhoods nationwide, overall safety sits modestly above average, suggesting conditions that are comparatively stable in a national context.
Recent trend data is constructive: estimated violent offenses declined by about 34% year over year and estimated property offenses fell by roughly 28%, placing the neighborhood’s improvement in the upper tier nationally for the latest year of data. While block-level conditions vary and operators should maintain standard risk controls, the directional trend is favorable.
This 99-unit, 2002-vintage asset benefits from a renter-heavy neighborhood and a 3-mile trade area showing population and household growth, supporting a larger tenant base and steady leasing visibility. Rents in the area track near national midpoints, and the submarket’s amenity profile skews practical, reinforcing demand from value-focused renters. According to CRE market data from WDSuite, occupancy at the neighborhood level is moderate and has softened, which places emphasis on retention, targeted renovations, and operational execution to sustain cash flow.
The asset’s slightly newer vintage versus nearby late-1990s product provides a competitive baseline while leaving room for selective upgrades to enhance positioning. Income levels in the immediate area and the neighborhood’s rent-to-income dynamics warrant cautious rent growth assumptions and proactive lease management, but projected household gains within 3 miles point to ongoing renter pool expansion that can support occupancy stability.
- Renter-heavy neighborhood supports deep tenant base and steady leasing
- 2002 vintage offers competitive positioning with value-add potential
- 3-mile trade area shows population and household growth, bolstering demand
- Mid-market rent context aligns with workforce demand and retention focus
- Risk: moderate neighborhood occupancy and affordability pressure require disciplined lease and expense management