| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Fair |
| Demographics | 22nd | Poor |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2509 E Lake Shore Dr, Waco, TX, 76705, US |
| Region / Metro | Waco |
| Year of Construction | 2002 |
| Units | 64 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2509 E Lake Shore Dr Waco Multifamily Opportunity
Positioned in an inner-suburban Waco neighborhood with a high renter concentration, the asset benefits from steady local renter demand and competitive positioning versus older stock, according to WDSuite’s CRE market data. Neighborhood-level occupancy trends and affordability support stable leasing while ownership costs suggest some competition from for-sale housing.
The property sits in an inner-suburban pocket of Waco that ranks around the metro middle of the pack among 92 neighborhoods, with daily-needs access supported by groceries and parks scoring competitively relative to the metro. Cafés and pharmacies are thinner, but grocery options and restaurants are present at neighborhood scale, supporting day-to-day livability without relying on long commutes.
At the neighborhood level, occupancy has held in the high-80s in recent years, indicating generally steady leasing conditions rather than tight constraints. Notably, renter-occupied housing represents a large share of neighborhood units (a top-tier level nationally), which signals a deep tenant base and supports demand durability for multifamily owners. Median contract rents are moderate for the metro, helping sustain lease retention, while the rent-to-income profile suggests manageable affordability pressure at the neighborhood level.
The asset’s 2002 construction is newer than the neighborhood’s average vintage (early 1990s), offering relative competitiveness versus older buildings. Investors should still plan for aging systems updates over the hold, but the vintage generally supports leasing against legacy stock without immediate heavy repositioning.
Demographics aggregated within a 3-mile radius show population growth over the last five years, with households expanding faster than population—an indicator of a growing renter pool and a larger tenant base. Forward-looking estimates point to additional household growth through 2028, which should support occupancy stability and leasing velocity for well-managed assets.
Home values in the neighborhood cluster below many national markets and value-to-income sits near the national midpoint. That ownership landscape can introduce some competition with entry-level for-sale options, but it also helps multifamily retain residents seeking more accessible rental options and predictable housing costs.
Safety indicators present a mixed but improving picture. Within the Waco metro, the neighborhood sits in a higher-crime tier (ranked 18 out of 92), so owners should consider standard security and lighting investments and active property management. Nationally, property offense levels track near the middle of U.S. neighborhoods, while violent offense metrics sit below the national median—underscoring the importance of on-site protocols and resident engagement.
Recent trend data shows meaningful year-over-year declines in both property and violent offenses, which is a constructive directional signal for operators and investors. As always, safety conditions vary by block and over time; investors should corroborate current trends during diligence and align operating practices accordingly.
This 64-unit, 2002-vintage multifamily asset benefits from a high neighborhood renter concentration and moderate neighborhood rents that support retention. Based on CRE market data from WDSuite, neighborhood-level occupancy trends indicate steady leasing conditions, while newer-than-average vintage helps the property compete against older stock without immediate large-scale repositioning.
Demographics within a 3-mile radius show rising households and continued growth expected through 2028, pointing to a larger tenant base and support for occupancy stability. The ownership market is relatively accessible in this area, which may temper pricing power at the margin; disciplined lease management and targeted upgrades can help maintain velocity and retention.
- High renter-occupied share at the neighborhood level supports depth of tenant demand and leasing stability.
- 2002 construction offers competitive positioning versus older neighborhood stock, with manageable capital planning for systems over time.
- 3-mile radius household growth and projected expansion through 2028 bolster the renter pool and occupancy resilience.
- Moderate neighborhood rents and rent-to-income dynamics favor retention and steady renewal performance.
- Risks: locally higher reported crime versus the metro, and potential competition from accessible ownership—mitigated by active management and targeted upgrades.