| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 65th | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3209 Village Green Dr, Waco, TX, 76710, US |
| Region / Metro | Waco |
| Year of Construction | 1997 |
| Units | 117 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3209 Village Green Dr Waco Multifamily Investment
Stabilized renter demand and a high-cost ownership backdrop in the surrounding neighborhood point to durable leasing, according to WDSuite s CRE market data. The location offers mainstream price positioning relative to incomes, supporting resident retention and steady operations.
Located in an inner-suburb pocket of Waco, the neighborhood posts a B+ rating and is competitive among Waco neighborhoods (25th of 92). Neighborhood occupancy is in the mid-80s and sits below the metro median, so leasing strategy and turn management matter; however, the renter concentration is roughly half of housing units, indicating a meaningful tenant base for multifamily. Median household incomes in the area have trended upward, while rent-to-income remains manageable, a profile that typically supports renewal rates.
Within a 3-mile radius, households have grown over the past five years and are projected to expand further through 2028, pointing to a larger tenant base even as average household sizes shift. Population growth is expected to turn positive, supporting occupancy stability as more renters enter the market and new formations lift demand for rental units.
Home values in the neighborhood are elevated relative to local incomes (high value-to-income ratio), which reinforces reliance on rental housing and can bolster pricing power and lease retention. Neighborhood rents remain accessible by comparison and have risen over the last cycle, but still align with workforce demand, which is relevant for investors balancing occupancy and rent growth.
The property s 1997 vintage is newer than the neighborhood s 1980s average, offering competitive positioning versus older stock. Investors should still plan for system updates and selective renovations to maintain curb appeal and support NOI over the hold, but the relative age advantage can aid leasing velocity against nearby, older alternatives.
Neighborhood safety metrics compare favorably: the area ranks in the top quartile among 92 Waco metro neighborhoods and sits above the national median for safety, indicating relatively lower reported crime versus many peer areas. Recent year-over-year trends show notable declines in both property and violent incidents, which supports resident retention and reduces operational frictions tied to security.
While conditions can vary by block and over time, the combination of a strong metro-relative rank and improving trend lines suggests a constructive backdrop for multifamily operations compared with many neighborhoods nationwide.
This 117-unit asset combines a demand-supportive renter base with a newer-than-neighborhood vintage (1997), positioning it well versus older local stock. Neighborhood occupancy is below the metro median, but manageable rent-to-income and a high-cost ownership environment support tenant retention. Within a 3-mile radius, households are projected to expand through 2028, indicating a larger renter pool and improved leasing depth. According to CRE market data from WDSuite, the neighborhood s mix of rising incomes and mainstream rent levels points to steady operations with measured rent growth potential.
The investment case centers on durable workforce demand, value-add potential from targeted upgrades, and relative competitiveness against older comparables, balanced by the need for disciplined leasing in a submarket with mid-80s neighborhood occupancy and light nearby amenity density.
- Newer 1997 vintage versus local 1980s average supports competitive positioning
- High-cost ownership context reinforces rental demand and lease retention
- 3-mile household growth outlook expands the tenant base and supports occupancy
- Manageable rent-to-income profile favors renewal rates and steady cash flow
- Risks: below-metro neighborhood occupancy and thinner nearby amenity density require focused leasing and resident experience