| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Poor |
| Demographics | 19th | Poor |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3530 Hillcrest Dr, Waco, TX, 76708, US |
| Region / Metro | Waco |
| Year of Construction | 1974 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3530 Hillcrest Dr Waco Multifamily Investment
Neighborhood metrics point to steady renter demand with parks and grocery access supporting day-to-day livability, while occupancy trends run below the metro. Based on commercial real estate analysis from WDSuite, investors should underwrite conservatively but note the area s renter concentration and improving crime trends.
The property sits in an Inner Suburb pocket of Waco where daily needs are well-served by groceries and parks. Grocery density ranks competitive among Waco neighborhoods (19 out of 92), and park access is among the top-performing areas locally (3 out of 92), placing the neighborhood in the top quartile nationally for parks. Dining and cafes are thinner in the immediate area, so resident convenience leans more toward essentials than lifestyle options, according to WDSuite s CRE market data.
Multifamily dynamics are mixed. Neighborhood occupancy is below the metro median and has softened over the past few years, so lease-up and renewal strategies should prioritize retention and asset differentiation. At the same time, the share of renter-occupied housing units is above many Waco neighborhoods, signaling a meaningful tenant base that can support smaller assets when operations are tight.
Vintage is a factor for underwriting. With an average neighborhood construction year around 1970 and this asset built in 1974, the property is slightly newer than the surrounding stock but still an older community. That points to ongoing capital planning (systems, exterior, and common-area updates) as well as potential value-add repositioning to improve competitive standing against renovated comparables.
Demographic indicators aggregated within a 3-mile radius show households have increased even as population edged lower in recent years, implying smaller household sizes and a larger addressable renter pool over time. Forward-looking projections indicate additional growth in households and incomes through the next cycle, which supports occupancy stability and measured rent growth if operators maintain affordability relative to local incomes.
Ownership costs in the neighborhood remain more accessible than in high-cost markets. That can create some competition from entry-level ownership, so pricing power will likely track amenity quality, school preferences, and operations. Rent levels trend below national norms, which can aid lease retention but requires disciplined expense control to sustain yields.
Safety signals are mixed and should be contextualized. Within the Waco metro, the neighborhood s crime rank sits on the higher side (19 out of 92, where lower ranks indicate higher crime). Nationally, however, the area performs above the median, landing in a higher safety percentile than many neighborhoods nationwide based on WDSuite s CRE market data.
Recent trend data is constructive: both property and violent offense rates show notable year-over-year declines, indicating momentum in the right direction. Investors should still apply standard security and lighting best practices and weigh micro-location factors block by block during diligence.
3530 Hillcrest Dr offers a small-scale multifamily play in an Inner Suburb location with essential retail access and strong park proximity. Neighborhood occupancy runs below the metro median, but renter concentration is comparatively solid and 3-mile household expansion is expected to enlarge the tenant base. The 1974 vintage suggests targeted value-add and systems upgrades can enhance competitiveness versus older stock, while maintaining rents aligned with local incomes to support retention. According to CRE market data from WDSuite, rent levels sit below national norms, which can support leasing stability if expenses are managed tightly.
Key considerations include conservative underwriting on lease-up and renewals, an operational focus on curb appeal and livability, and awareness of school preferences that may influence family renters. The ownership landscape is relatively accessible compared with high-cost metros, introducing some competition from for-sale options, but it also keeps multifamily positioned as a practical housing choice for a broad workforce segment.
- Essential retail and top-quartile park access support day-to-day livability and leasing
- Renter-occupied share above many Waco neighborhoods indicates a meaningful tenant base
- 1974 vintage offers value-add and systems upgrade pathways to outperform older comparables
- Below-national rent levels can aid retention; disciplined expense control is key
- Risks: below-metro occupancy, thinner dining options, weaker school ratings, and some competition from entry-level ownership