| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Fair |
| Demographics | 30th | Fair |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 215 Washington Ave, Waco, TX, 76701, US |
| Region / Metro | Waco |
| Year of Construction | 2009 |
| Units | 119 |
| Transaction Date | --- |
| Transaction Price | $11,684,050 |
| Buyer | 215 WASHINGTON AVENUE LLC |
| Seller | JPG WACO HERITAGE LLC |
215 Washington Ave Waco Multifamily with Strong Renter Base
Neighborhood data points to a deep pool of renter-occupied housing that supports demand stability, according to WDSuite’s CRE market data. The asset’s downtown-proximate location positions it to capture steady interest from workforce tenants.
Located in Waco’s inner-suburban fabric, the neighborhood ranks 10 out of 92 across the metro — competitive among Waco neighborhoods. Amenity access is a clear strength: restaurant density ranks 1 of 92, grocery access ranks 3 of 92, and parks rank 2 of 92, indicating walkable daily needs and lifestyle options that typically aid retention.
Multifamily relevancy is reinforced by a high share of renter-occupied housing units at the neighborhood level, supporting a larger tenant base and leasing velocity for a 119-unit community. While the neighborhood’s occupancy rate sits below metro leaders, five-year improvement suggests gradually firmer demand conditions.
Within a 3-mile radius, modest population growth over the last five years and a faster increase in households indicate a growing renter pool and smaller household sizes, which can bolster absorption of well-located apartments. Forward-looking projections point to further gains in households by mid-decade, supporting occupancy stability for professionally managed assets.
Ownership costs in the immediate neighborhood are relatively accessible versus many U.S. markets, which can introduce some competition from entry-level ownership; however, the high renter concentration and strong amenity footprint can help sustain rental demand, particularly for well-maintained properties near employment and services. School options rate below national norms, so positioning toward workforce and lifestyle renters may be more effective than family-heavy targeting.
Safety performance is mid-pack locally and slightly better than the national median, with the neighborhood competitive among 92 Waco areas. Notably, both property and violent offense rates have declined sharply year over year, trends that align with improving conditions seen in several comparable urban neighborhoods.
Investors should read this as stabilizing rather than uniformly low-risk: the downward trajectory is constructive for leasing and renewal conversations, but on-the-ground management practices and resident engagement will remain important for sustained performance.
Built in 2009, the property is materially newer than the surrounding housing stock, which skews mid-20th century. That relative youth supports competitive positioning versus older inventory and may limit near-term capital needs to targeted updates rather than full rehabs, while still leaving room for selective value-add. Proximity to dining, groceries, and parks — all ranking near the top among 92 Waco neighborhoods — further supports retention and day-to-day convenience.
Demand fundamentals are anchored by a high neighborhood share of renter-occupied units and a growing household base within a 3-mile radius, suggesting a larger tenant pool over the next several years. According to commercial real estate analysis from WDSuite, local occupancy has been trending upward, though it remains below metro leaders — implying upside with disciplined operations and asset positioning. Affordability pressure in the neighborhood implies careful lease management, but the area’s amenity depth and improving safety trends help balance risk.
- 2009 vintage offers relative competitiveness vs. older local stock with targeted value-add potential
- High renter-occupied share and growing 3-mile household base support tenant demand and occupancy stability
- Top-tier access to restaurants, groceries, and parks underpins retention and leasing velocity
- Improving safety trajectory is constructive for renewals and resident experience
- Risks: below-leader occupancy, affordability pressure, and weaker school ratings require active management