| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 60th | Best |
| Amenities | 38th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2014 S 2nd St, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 1981 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2014 S 2nd St, Waco TX Multifamily Value-Add Thesis
Neighborhood renter concentration and improving local demand signals point to durable leasing potential, while vintage leaves room for upgrades, according to CRE market data from WDSuite.
Positioned in an Inner Suburb of Waco with an A neighborhood rating (ranked 6 of 92 within the metro), the area is competitive among Waco neighborhoods and benefits from strong daily-life convenience. Cafes and restaurants are dense for the metro, while grocery access is solid; parks, pharmacies, and childcare are thinner locally. For investors, this mix supports day-to-day renter appeal even if green space and services may require broader trade-area draws.
Construction year average in the neighborhood skews newer (2002), while this asset was built in 1981. The older vintage suggests capital planning for systems, exteriors, and interiors could unlock value-add rent positioning and improve competitive standing against newer stock.
Neighborhood occupancy trends sit below the metro median (ranked 73 of 92), indicating that hands-on operations and product differentiation may be important to drive lease-up and retention. At the same time, unit tenure data within a 3-mile radius shows a sizable renter-occupied share (approximately two-thirds of housing units), signaling a deep tenant base to support multifamily demand.
Demographic statistics aggregated within a 3-mile radius show recent population growth with further gains forecast, alongside an increase in households. This points to a larger tenant base and supports occupancy stability over the medium term. The area also shows elevated educational attainment at the neighborhood level, which can correlate with steady renter pipelines and renewal potential.
Home values in the neighborhood are elevated relative to local incomes (high value-to-income ratio, top tier among 92 metro neighborhoods). In investor terms, a high-cost ownership market can reinforce reliance on rental housing, supporting demand depth and pricing power for well-positioned units; however, rent-to-income dynamics merit attentive lease management and renewal strategies.
Safety indicators are mixed but improving. The neighborhood’s crime profile sits near the national middle by percentile, modestly safer than average nationally, and places around the metro’s midpack (crime rank 40 out of 92 Waco neighborhoods). Recent data show a notable one-year decline in violent incidents and a moderate improvement in property incidents, indicating a constructive trend rather than a step-change.
For investors, this suggests risk management should focus on property-level measures (lighting, access control, and resident engagement) while recognizing that the broader area has been trending in a favorable direction compared with last year, based on WDSuite’s CRE market data.
The submarket draws from a broad mix of education, healthcare, and service-sector employment that underpins renter demand and commute convenience; specific nearby employer-distance records were not available in the dataset used for this profile.
2014 S 2nd St offers an older-vintage (1981) multifamily asset in a high-renter submarket where neighborhood occupancy sits below the metro median. This combination points to value-add potential through targeted renovations and active management to improve competitive positioning versus newer stock. According to CRE market data from WDSuite, the neighborhood ranks among the strongest in Waco, with dense food-and-beverage amenities and solid grocery access that support day-to-day renter appeal.
Demographic statistics within a 3-mile radius indicate recent population growth and a forecast expansion in households, which supports a larger tenant base and potential occupancy stability. Elevated ownership costs relative to incomes in the immediate neighborhood reinforce the role of rental housing, though affordability pressure warrants disciplined pricing, renewal strategies, and expense control.
- Value-add upside: 1981 vintage with scope for systems/interior updates to strengthen rent positioning
- Demand depth: high renter concentration within 3 miles supports leasing and renewal pipelines
- Location fundamentals: strong cafe/restaurant density and solid grocery access enhance livability
- Long-term tailwinds: population and household growth in the 3-mile area support tenant base expansion
- Key risks: neighborhood occupancy below metro median and rent-to-income pressure require active lease management