| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Fair |
| Demographics | 22nd | Poor |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2405 J J Flewellen Rd, Waco, TX, 76704, US |
| Region / Metro | Waco |
| Year of Construction | 2005 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2405 J J Flewellen Rd Waco Multifamily Investment
Renter demand is supported by a high share of renter-occupied units in the surrounding neighborhood, with occupancy trends that have held relatively steady, according to WDSuite’s CRE market data.
Positioned in Waco’s inner-suburban fabric, the property benefits from everyday conveniences rather than destination retail. Neighborhood amenity access ranks 14th out of 92 metro neighborhoods—competitive within Waco—driven by above-average grocery and park access, while cafes and pharmacies are limited. This mix supports workforce housing needs without commanding premium rents based on commercial real estate analysis from WDSuite.
The neighborhoods housing stock skews newer than many local peers, with an average construction year around 1991. Built in 2005, the asset is newer than the neighborhood norm, which can support leasing competitiveness versus older inventory, though investors should plan for typical mid-life system updates and selective modernization to sustain positioning.
Multifamily performance signals are mixed. Neighborhood occupancy is in the lower half among Waco submarkets (55th out of 92) and sits in the lower half nationally, indicating room for operational differentiation at the asset level; however, neighborhood occupancy has trended modestly higher over five years. Renter-occupied units comprise a large share of local housing (7th of 92; top decile nationally), pointing to a deep tenant base and potential demand stability for mid-priced apartments.
Within a 3-mile radius, demographics show a steady renter pool today and meaningful expansion ahead. Over the past five years, total population was roughly flat while the household count increased, implying smaller household sizes and sustained need for rental options. Looking forward, forecasts indicate growth in both households and incomes through 2028, expanding the tenant base and supporting lease-up and retention for well-managed assets.
Home values in the immediate area are comparatively accessible for the region, and the neighborhoods rent-to-income levels (around 0.18) suggest manageable affordability pressure. For investors, this typically supports renewal rates and measured pricing power, while recognizing that lower ownership costs in Waco can compete with entry-level renters—making property quality and service a differentiator.
Safety indicators are mixed when viewed across geographies. Within the Waco metro, this neighborhoods crime rank sits in the less favorable half (18th of 92 indicates comparatively higher crime among local peers), yet national comparisons show mid-to-better-than-average positioning (around the 63rd percentile nationally). For investors, this implies leasing narratives should emphasize on-site security measures and community standards versus block-level claims.
Trend data is constructive: estimated property offenses declined by roughly 58% year over year, and estimated violent offenses fell by about 43%, placing these improvements among the stronger trajectories nationally. While conditions can vary by micro-location and cycle, the directional decline supports stability messaging in marketing and renewals.
This 100-unit, 2005-vintage asset aligns with workforce demand in an inner-suburban Waco location where renter-occupied housing is notably high, supporting depth of the tenant base. Neighborhood occupancy trends have edged higher over five years but remain below the metro median, creating room for operational outperformance at the property level. According to CRE market data from WDSuite, accessible rents relative to incomes and a newer-than-neighborhood vintage support competitive positioning, while forward-looking household growth within a 3-mile radius points to renter pool expansion.
Investment execution centers on maintaining mid-life systems, targeted interior upgrades, and service quality to differentiate in a market with modest amenity density and potential competition from entry-level ownership. Safety trends are improving on a year-over-year basis, which can aid leasing and retention, but underwriting should remain conservative on concessions and absorption given neighborhood occupancy standing.
- 2005 vintage offers competitive positioning versus older local stock, with manageable mid-life capex planning.
- High renter-occupied share indicates a deep tenant base supporting demand stability for mid-priced units.
- Forecast household and income growth within 3 miles expands the renter pool, aiding occupancy and renewals.
- Accessibility of ownership and below-metro neighborhood occupancy present competition and lease-up risk; focus on quality and operations.
- Crime trends show year-over-year declines, supporting leasing narratives while warranting continued on-site safety focus.