| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 15th | Poor |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 204 Garden Dr, Waco, TX, 76706, US |
| Region / Metro | Waco |
| Year of Construction | 2008 |
| Units | 72 |
| Transaction Date | 2009-03-01 |
| Transaction Price | $18,357,708 |
| Buyer | Aspen Heights LLC |
| Seller | Breckenridge Broup LC |
204 Garden Dr Waco Multifamily Investment
High renter concentration and steady neighborhood demand support durable occupancy, according to WDSuite’s CRE market data, while the asset’s 2008 vintage positions it competitively against older local stock.
This inner-suburb location in Waco shows a renter-occupied housing share that is among the top quartile of the metro’s 92 neighborhoods, indicating a deep tenant base and consistent leasing activity. Neighborhood occupancy trends are below the metro median, suggesting room for operational upside through targeted leasing and retention strategies, based on commercial real estate analysis from WDSuite.
The property’s 2008 construction is newer than the neighborhood’s average 1998 vintage, which supports competitive positioning versus older stock. Investors should still plan for mid-life system updates and selective upgrades to sustain renter appeal and reduce long-term capital volatility.
Local amenity density inside the neighborhood footprint is limited, with few cafes, groceries, parks, or pharmacies indicated in the data; restaurants are more present than other categories but remain modest compared with urban cores. For many renters, this points to car reliance for daily needs, making parking, on-site services, and last-mile connectivity relevant to leasing strategy.
Within a 3-mile radius, population and household counts have grown and are projected to continue rising over the next five years, expanding the renter pool and supporting occupancy stability. Median household incomes remain on the lower side for the region, so maintaining a value-forward unit mix and thoughtful rent-to-income management can support retention and reduce turnover risk.
Safety indicators are mixed but improving. Compared to neighborhoods nationwide, overall crime sits around the middle of the pack, while recent year-over-year estimates show notable declines in both property and violent offenses, according to WDSuite’s data. Within the Waco metro’s 92 neighborhoods, the area ranks in the lower half for safety, so prudent on-site measures (lighting, access control, and visibility) can support resident comfort and leasing.
The investment case centers on durable renter demand, operational upside, and a relatively competitive vintage. The neighborhood shows one of the highest renter concentrations in the Waco metro, which supports a consistent tenant pipeline. Occupancy for the neighborhood is below the metro median, indicating an opportunity to capture lift through leasing focus, value-forward finishes, and amenity positioning. The 2008 build is newer than the neighborhood average and should compare favorably to older stock, while still benefiting from targeted mid-life updates.
Within a 3-mile radius, population and household growth—both historical and projected—signal a larger tenant base and support for long-run leasing stability. At the same time, lower regional incomes and a rent-to-income profile near 30% warrant proactive lease management and renewal strategies. According to CRE market data from WDSuite, neighborhood rents have risen over time while amenity density remains modest, reinforcing the importance of on-site offerings and convenience as differentiators.
- High renter concentration supports demand depth and leasing consistency
- 2008 vintage offers competitive positioning versus older neighborhood stock
- Neighborhood occupancy below metro median suggests operational upside
- 3-mile population and household growth expand the tenant base
- Risks: limited neighborhood amenities, lower incomes, and safety variability require active asset management