| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 31st | Fair |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 508 N 38th St, Waco, TX, 76710, US |
| Region / Metro | Waco |
| Year of Construction | 1974 |
| Units | 33 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
508 N 38th St Waco Multifamily Investment
Neighborhood occupancy and renter depth point to stable operations, according to WDSuite’s CRE market data, with pricing power driven more by income gains than rent burden.
Neighborhood dynamics and livability
The property is in an Inner Suburb of Waco with an A- neighborhood rating (ranked 15th out of 92 metro neighborhoods). Neighborhood occupancy trends are solid and competitive among Waco neighborhoods, supporting leasing stability; these metrics describe neighborhood conditions, not the property’s specific performance.
Daily-needs access is a relative strength: grocery, restaurants, parks, and pharmacies rank in the top quartile nationally, indicating convenient coverage for residents. Cafe and childcare densities are thinner, which may influence tenant mix but are unlikely to be primary drivers of lease-up.
Tenure patterns indicate a high share of renter-occupied housing units (ranked 15th of 92 in the metro; high national percentile). For investors, this suggests a deep renter pool that can aid retention and backfill risk across cycles.
Within a 3-mile radius, households have grown and are projected to increase further while average household size edges lower. This typically expands the renter pool and supports occupancy stability. Median incomes have been rising and are expected to continue, reinforcing the ability to sustain rents without outsized affordability pressure.
Ownership costs are moderate in a national context, implying balanced competition with entry-level ownership. Well-maintained rentals with strong location utility should remain compelling on a monthly payment basis.
Vintage context: built in 1974, the asset is newer than the area’s average construction year of 1967. Investors should plan for system upgrades and cosmetic improvements over the hold, with value-add potential to position against older local stock.
School ratings in the dataset register on the weaker side locally; family-oriented leasing strategies may require amenity and service positioning to offset school-related considerations.
Safety context
Neighborhood safety sits around the metro median (ranked 41st of 92 Waco neighborhoods) and modestly above the national middle (53rd percentile for safety compared with neighborhoods nationwide). These figures reflect neighborhood conditions rather than the property itself.
Recent direction is favorable: estimated violent offenses are down sharply year over year, and property offenses have also declined. While safety can vary by block, the trend suggests a firmer operating backdrop than a year ago.
Investment view
This 33-unit, 1974-vintage asset benefits from a renter-heavy neighborhood, competitive occupancy at the neighborhood level, and strong daily-needs accessibility. According to CRE market data from WDSuite, local fundamentals support a stable tenant base, with income growth and relatively modest rent burden aiding retention and measured rent advancement.
Within a 3-mile radius, projections point to more households and slightly smaller household sizes, typically expanding the renter pool and supporting occupancy stability. Ownership costs are balanced in context, which can introduce some competition with entry-level ownership but keeps well-operated rentals relevant for cost-conscious residents.
- High renter-occupied share indicates depth of tenant demand and leasing continuity
- Neighborhood occupancy competitive within Waco, supporting stabilization and renewals
- Strong daily-needs access (grocery, restaurants, parks, pharmacies) bolsters livability
- 1974 vintage provides value-add potential through system upgrades and finish improvements
- Risks: school ratings trend weaker; ownership alternatives present some competition; aging systems require capital planning