| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 44th | Good |
| Amenities | 72nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4718 Hodde Dr, Waco, TX, 76710, US |
| Region / Metro | Waco |
| Year of Construction | 1981 |
| Units | 76 |
| Transaction Date | 2010-02-24 |
| Transaction Price | $741,500 |
| Buyer | UNITED UNDERWRITERS INC |
| Seller | WACO BROOKHOLLOW LLC |
4718 Hodde Dr Waco 76-Unit Multifamily Investment
Neighborhood fundamentals point to deep renter demand supported by a high share of renter-occupied housing and strong daily-needs amenities, according to WDSuite’s CRE market data. While neighborhood occupancy trends have been moderate, amenity density and renter concentration support stable leasing potential.
The property sits in an Inner Suburb location within the Waco, TX metro and benefits from an A-rated neighborhood that ranks 5th out of 92 metro neighborhoods — firmly top quartile among Waco submarkets. Amenity access is a core strength: restaurants and cafes rank 3rd and 2nd of 92, respectively, and grocery and pharmacy access are also competitive among Waco neighborhoods. This concentration of daily services supports resident convenience and can aid tenant retention.
Renter demand depth is notable: the neighborhood s share of renter-occupied units is among the highest locally (ranked 2nd of 92; top quartile nationally), which signals a large tenant base for multifamily operators. By contrast, the neighborhood s occupancy level has been softer relative to national norms in recent years, suggesting the need for disciplined leasing and asset management to capture demand.
Within a 3-mile radius, demographic statistics show a slight population dip in recent years alongside an increase in total households — a pattern consistent with smaller household sizes and a gradually expanding renter pool. Forward-looking projections through 2028 indicate additional household growth, which supports a larger tenant base and can bolster occupancy stability over time. Median contract rents at the neighborhood level remain accessible relative to larger Sun Belt metros, aligning with workforce-oriented demand profiles.
Construction year for the asset is 1981, a bit newer than the neighborhood s average vintage (late 1970s). This positioning can offer a competitiveness edge versus older stock, while still leaving room for targeted modernization and system upgrades to enhance revenue and reduce near-term capital needs. Ownership costs in the area remain a high-cost ownership market relative to incomes (value-to-income ranks in a strong national percentile), which tends to sustain reliance on rentals and can support pricing power, though operators should monitor rent-to-income levels for retention risk.
One trade-off: park access ranks at the bottom of the metro cohort (92nd of 92). Given the strong food-and-service amenity density, curating on-site common areas and nearby private recreation options may help offset limited public green space for residents.
Safety indicators for the neighborhood track close to the national middle, with crime conditions around the national median based on WDSuite data. Within the Waco metro, the neighborhood s safety profile sits near the metro midpoint (ranked around the middle of 92 neighborhoods), which places it competitive among local peers rather than a top-quartile outlier.
Trend signals are worth noting: estimated violent and property offense rates have declined materially over the last year, placing those improvements in higher national percentiles. While safety varies by block and asset operations, the directional improvement provides a constructive backdrop for leasing and resident retention.
This 76-unit, 1981-vintage asset benefits from a top-quartile Waco neighborhood with unusually strong restaurant, cafe, grocery, and pharmacy density that supports day-to-day livability and resident stickiness. A high share of renter-occupied housing indicates depth in the tenant base, while the 3-mile area shows growing household counts and projected renter pool expansion — both supportive for occupancy over the medium term. According to CRE market data from WDSuite, neighborhood occupancy has been moderate versus national benchmarks, making focused leasing and renewals central to execution. The vintage creates a practical value-add path through targeted renovations and system updates to elevate competitive positioning against older local stock.
From a demand standpoint, elevated ownership costs relative to incomes in the neighborhood tend to sustain rental reliance, though rent-to-income levels suggest careful lease management to balance pricing power with retention. Limited park access is a known trade-off, but the concentration of daily-needs amenities can offset this for many renters. Overall, the setup favors steady operations with upside from judicious capex and amenity-driven positioning.
- Top-quartile neighborhood in Waco with strong daily-needs amenity density supporting retention
- Large renter-occupied housing share signals deep local tenant base
- 1981 vintage offers clear value-add and modernization opportunities versus older stock
- Moderate neighborhood occupancy makes disciplined leasing and renewal strategy important
- Watchlist: elevated rent-to-income and limited park access warrant balanced pricing and on-site amenity focus