| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Fair |
| Demographics | 48th | Good |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6720 American Plz, Waco, TX, 76712, US |
| Region / Metro | Waco |
| Year of Construction | 2008 |
| Units | 21 |
| Transaction Date | 2010-12-22 |
| Transaction Price | $4,387,500 |
| Buyer | WACO HOMESTEAD LTD |
| Seller | CENTRAL NATIONAL BANK |
6720 American Plaza Waco — 2008, 21-Unit Multifamily
Newer 2008 construction offers competitive positioning versus older neighborhood stock while the area’s leasing dynamics warrant active management, according to WDSuite’s CRE market data.
Located in Waco’s inner suburb corridor, the property sits in a neighborhood rated A- and ranked 18 out of 92 metro neighborhoods, positioning it competitive among Waco peers. The local housing stock skews older (average 1981), so a 2008 asset can compete well on finishes and systems, with remaining modernization potential over the hold.
Daily-needs access is a relative strength: grocery and pharmacy density track above national averages (both around the 70th percentile nationally), and restaurants are similarly accessible. Parks availability is in the top quartile nationally, while cafés and childcare are limited in the immediate area. School ratings trend below national norms, which may temper family-driven demand but does not preclude workforce renter appeal.
Neighborhood multifamily fundamentals are mixed. Reported neighborhood occupancy is softer relative to broader benchmarks, pointing to the importance of differentiated product and leasing execution. At the same time, renter-occupied housing units account for about 36% of the neighborhood’s stock, indicating a meaningful renter base to support absorption when product is well positioned.
Within a 3-mile radius, population has grown modestly in recent years with households expanding faster than population, and forecasts point to further population growth and a notable increase in households alongside smaller average household sizes. That combination typically broadens the tenant base and supports occupancy stability for well-managed properties. Median contract rents and household incomes in the 3-mile area have risen, and a rent-to-income profile near the mid-teens at the neighborhood level suggests manageable affordability that can aid retention and measured rent growth, based on commercial real estate analysis from WDSuite.
Home values in the neighborhood are elevated for the metro context. In practice, a high-cost ownership market can sustain renter reliance on multifamily housing, supporting lease-up and renewal prospects for competitively positioned assets.
Safety indicators are mixed when benchmarked to wider geographies. Overall crime positioning trends slightly better than the national midpoint, while violent-offense comparisons reflect more caution relative to neighborhoods nationwide. Recent year-over-year trends show meaningful declines in both violent and property offense estimates, signaling improvement momentum that investors should monitor over time rather than extrapolate.
At the metro level, the neighborhood stacks in the upper half of Waco’s 92 neighborhoods by crime rank, but not in the top quartile. For underwriting, this context supports prudent marketing, security, and community engagement strategies to reinforce retention and leasing.
The rental market here benefits from access to Greater Waco employment centers across healthcare, education, and manufacturing, which help support workforce housing demand and commuting convenience. Specific nearby employer distance data was not available in WDSuite for this address at the time of publication.
The 2008-vintage, 21-unit asset offers relative competitiveness versus older neighborhood stock, with potential to capture demand from a meaningful renter base in an inner-suburban location. Neighborhood occupancy trends are softer, so returns hinge on disciplined leasing, product differentiation, and targeted capital to keep the asset ahead of comparables. Within a 3-mile radius, household growth outpacing population and rising incomes expand the tenant base, supporting occupancy stability and measured rent growth.
Home values in the area are comparatively high for the metro, which tends to reinforce rental demand, while neighborhood rent-to-income levels indicate manageable affordability that can aid retention. According to CRE market data from WDSuite, local amenities such as groceries, pharmacies, restaurants, and parks are strengths, whereas school ratings and mixed safety readings warrant thoughtful positioning and management.
- 2008 construction competes well versus older local stock with selective value-add potential
- Inner-suburban location with above-average access to daily needs supports renter appeal
- 3-mile household growth and rising incomes expand the tenant base and support leasing
- High-cost ownership context can sustain multifamily demand and renewal prospects
- Risks: softer neighborhood occupancy, below-average school ratings, and mixed safety metrics require active management