| 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 | 2004 |
| Units | 72 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2405 J J Flewellen Rd Waco Multifamily Investment
Positioned in an inner-suburb pocket with a high share of renter-occupied units, the asset benefits from depth of tenant demand and projected household growth, according to WDSuite’s CRE market data. Neighborhood occupancy trends track near broader metro levels, supporting steady cash flow management rather than outsized volatility.
This inner-suburb neighborhood of Waco shows balanced day-to-day livability with essentials close by. Grocery access ranks 17 out of 92 metro neighborhoods and restaurants 20 out of 92, indicating convenient coverage, while parks availability is similarly competitive (14 of 92). By contrast, cafes and pharmacies rank at the bottom of the metro, so residents rely more on general retail and grocers for everyday needs. These patterns point to functional convenience rather than lifestyle retail density.
Rents in the neighborhood remain relatively accessible versus national benchmarks (national percentile roughly mid-30s), and the rent-to-income ratio indicates moderate affordability. For investors, this mix can aid retention and support stable leasing, while also limiting near-term pricing power compared with higher-cost submarkets.
Neighborhood renter concentration is high (ranked 7 of 92; top decile in Waco and well above national norms), which signals a deep tenant base for multifamily and generally supports leasing velocity. Overall occupancy in the neighborhood sits below the national median but has edged up in recent years, suggesting steady—if unspectacular—absorption and the potential for consistent operations rather than sharp swings.
Within a 3-mile radius, demographics indicate a stable population base in recent years with forecasts calling for notable growth in both households and families, which would expand the renter pool and support occupancy stability. Income trends in the radius are projected to strengthen as well, a constructive backdrop for measured rent growth and renewals. These dynamics, based on commercial real estate analysis from WDSuite, frame the location as workforce-oriented with demand buoyed by near-term household additions.
Safety conditions compare favorably in a broader context: the neighborhood sits above the national median for safety (higher national percentile) and is competitive among Waco neighborhoods (rank 18 of 92). Recent data also show notable year-over-year declines in both property and violent offenses, which helps investor confidence around tenant retention and operating stability. As always, crime can vary by block and over time, so underwriting should reflect street-level observations and trend monitoring.
Built in 2004, the 72-unit property is newer than the neighborhood’s average vintage (early 1990s), offering a relative competitive edge versus older stock. The vintage suggests limited near-term capital intensity on core systems compared with legacy properties, while still leaving room for targeted upgrades to enhance positioning. High renter concentration in the neighborhood supports a sizable tenant base, and occupancy trends that track near metro levels point to steady operations. According to CRE market data from WDSuite, the surrounding 3-mile area is expected to add households over the next five years, which could reinforce leasing stability and measured rent growth.
At the same time, accessible ownership costs locally may temper upper-end rent growth, and amenity gaps (limited cafes and pharmacies) can affect lifestyle appeal. These are manageable with appropriate pricing, light value-add, and tenant-experience improvements that align with the workforce profile.
- 2004 vintage offers competitive positioning versus older neighborhood stock with targeted upgrade potential
- High renter concentration supports depth of demand and leasing velocity
- Forecast household growth within 3 miles supports occupancy stability and renewals
- Moderate rent-to-income profile aids retention; pricing should remain disciplined
- Risks: accessible ownership options and limited lifestyle amenities may cap rent upside