| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 27th | Fair |
| Amenities | 11th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2617 Cole Ave, Waco, TX, 76707, US |
| Region / Metro | Waco |
| Year of Construction | 1983 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2617 Cole Ave, Waco TX — Small-Bay Multifamily Investment
Renter-occupied housing is present in the surrounding neighborhood, supporting a consistent tenant base, according to WDSuites CRE market data. With compact units and a value-oriented submarket, the propertys leasing appeal centers on affordability and workforce demand.
Located in an inner-suburb setting of Waco, the propertys neighborhood carries a C- rating and shows mixed fundamentals: restaurant density is competitive among Waco neighborhoods (ranked 15th out of 92), while daily-needs options like groceries, parks, and pharmacies are limited in the immediate area. This balance points to practical livability with some reliance on short drives for errands.
The local renter-occupied share indicates a meaningful tenant pool, which supports demand for smaller formats. Neighborhood occupancy trends trail metro norms (85.1% with a modest five‑year softening), so operators may want to prioritize leasing efficiency and renewals to sustain stability. Median contract rents in the neighborhood have risen over the past five years, a sign that value-focused product can maintain pricing when positioned correctly.
Construction vintage matters here: the asset was built in 1983 versus an older neighborhood average around the early 1950s. That newer‑than‑area stock can be relatively competitive versus older properties, though investors should still plan for targeted system upgrades or light renovations to strengthen retention and support rent positioning.
Within a 3‑mile radius, households have increased in recent years despite roughly flat population, implying smaller household sizes and sustained multifamily demand. Forecasts point to further growth in both population and households by 2028, expanding the tenant base and supporting occupancy and leasing velocity, based on CRE market data from WDSuite.
Neighborhood safety metrics compare favorably in the Waco metro and versus many U.S. neighborhoods. The area ranks in the top quartile among 92 Waco neighborhoods for lower crime and sits around the mid‑70s nationally by percentile, indicating comparatively safer conditions than many neighborhoods nationwide.
Trend data also shows notable year‑over‑year declines in both property and violent offenses locally. While any submarket can experience variability, the current trajectory suggests improving conditions that can aid resident retention and reduce operational friction over time.
2617 Cole Ave is a 20‑unit, small‑footprint asset with compact average unit sizes that align with workforce renters seeking value in Waco. The 1983 construction is newer than the neighborhoods older housing stock, offering a relative quality edge versus nearby properties from earlier vintages, while still leaving room for selective upgrades. Neighborhood occupancy sits below metro norms, so the thesis leans on hands‑on leasing, renewals, and operational discipline to capture steady demand. Demographic patterns within 3 miles indicate household growth with forecasts pointing to more residents and households by 2028, supporting a larger tenant base and sustained leasing momentum.
According to CRE market data from WDSuite, local rents have posted gains in recent years and ownership remains a high‑cost commitment relative to incomes in many parts of the metro, which can sustain renter reliance on multifamily housing. Taken together, the demand profile, value positioning, and potential light capex plan create a pragmatic path to stable cash flow with measured upside, balanced by leasing execution risk and amenity gaps in the immediate area.
- 1983 vintage is newer than the areas average stock, supporting competitive positioning with targeted upgrades
- Compact units align with workforce demand, aiding rent-to-income alignment and lease retention
- 3‑mile household growth and projected increases through 2028 expand the tenant base
- Neighborhood occupancy below metro norms requires focused leasing and renewal management
- Limited nearby daily‑needs amenities may impact walkability but can be offset with value pricing and operations