| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 33rd | Fair |
| Amenities | 36th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2005 Stewart Dr, Waco, TX, 76708, US |
| Region / Metro | Waco |
| Year of Construction | 1996 |
| Units | 72 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2005 Stewart Dr Waco Multifamily Value-Add Opportunity
Renter-occupied share ranks in the top quartile among 92 Waco neighborhoods, supporting a deep tenant base even as neighborhood occupancy sits below the metro median, according to WDSuite’s CRE market data.
Located in an inner-suburb pocket of Waco, the neighborhood posts a B+ rating and ranks 33rd out of 92 metro neighborhoods, indicating competitive positioning within the market. Renter-occupied share places in the top quartile locally, which points to a broader pool of prospective tenants and supports leasing velocity for multifamily owners. By contrast, the neighborhood’s occupancy rate trends below the metro median, so performance will hinge on effective leasing and retention strategies.
Everyday retail access is a relative strength: grocery and pharmacy density score above national medians, and restaurant options are competitive, which helps with day-to-day livability. Park and café densities are limited, and average school ratings trail national norms, so property marketing may benefit from highlighting convenience and commute access over lifestyle amenities for demand capture.
The asset’s 1996 vintage is newer than the neighborhood’s average construction year of 1981. For investors, this typically means better competitive positioning versus older stock, while still budgeting for targeted modernization and system upgrades to drive rent premiums and reduce near-term capital friction.
Within a 3-mile radius, household counts have grown in recent years and are projected to expand further through 2028, indicating a larger tenant base over the medium term. Forecasts point to rising incomes and rent growth alongside a tilt toward higher owner share; that ownership backdrop can introduce some competition, but elevated ownership costs in the area (top quartile nationally by value-to-income ratio) tend to reinforce reliance on multifamily housing, supporting occupancy stability and pricing power for well-positioned properties. Median contract rents sit below national percentiles, keeping rent-to-income manageable and aiding lease retention.
Safety signals are mixed and should be framed comparatively. At the metro level, this neighborhood ranks 13th of 92 on crime, indicating higher crime incidence relative to many Waco neighborhoods. Nationally, indicators are closer to the middle of the pack: property offense levels trend around the national average, while violent offense levels sit nearer the lower-middle range compared with neighborhoods nationwide.
Trend momentum is a positive: estimated year-over-year declines in both property and violent offenses are among the stronger improvements in the metro, suggesting conditions may be stabilizing. Investors should incorporate current, property-specific security measures and recent trend data into underwriting and marketing plans rather than relying on block-level assumptions.
The investment case centers on durable renter demand, competitive livability, and a vintage that can outperform older local stock. The neighborhood shows a top-quartile renter-occupied share within the Waco metro, supporting depth of the tenant base, while median rents remain comparatively accessible, helping with retention. According to CRE market data from WDSuite, the neighborhood’s occupancy rate sits below the metro median, making leasing execution and resident experience key levers for outperformance.
The 1996 construction vintage is newer than the area average, suggesting relative competitiveness and potential to unlock rent premiums with focused renovations and system updates. Within a 3-mile radius, forecasts call for growth in households and incomes through 2028, which supports a larger renter pool over time. A high-cost ownership landscape by national standards reinforces demand for rental housing, which can underpin occupancy stability and measured pricing power for well-positioned assets.
- Deep tenant base: top-quartile renter concentration among 92 Waco neighborhoods supports leasing
- Competitive daily needs access with strong grocery/pharmacy presence aids livability
- 1996 vintage offers value-add pathway versus older neighborhood stock
- 3-mile household and income growth outlook expands the renter pool
- Risks: below-metro occupancy, limited parks/cafés, weaker school ratings—requires focused leasing and amenity strategy