Listed by Matthews
$1,000,000
Jefferson Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 9,120
Units 20
Occupancy 95%
Pro-Forma Cap Rate 8.44%
Pro-Forma NOI $84,394
Price per SqFt $110
Class C
Year Built 1981
Buildings 1
Stories 2
Investment Type Value Add
Occupancy Date 04/22/2026
Value-Add 20-Unit Multifamily in Waco, TX with Below-Market Rents and Upside
Investment highlights
- Value-Add Potential
- Current in-place rents are below market rates, providing a clear value-add opportunity for investors. By aligning rents with the market during lease renewals, investors can realize substantial Net Operating Income (NOI) growth.
- Additional NOI upside can be achieved through targeted cosmetic improvements to unit interiors, further enhancing the asset's competitive position in the market.
- Economic Base and Market Dynamics
- Waco's multifamily market benefits from a diversified and expanding economic foundation, supported by several key drivers:
- Baylor University contributes to consistent demand for rental housing due to its stable enrollment figures.
- An expanding healthcare corridor enhances local employment opportunities, reinforcing economic growth.
- The city's tourism industry has witnessed significant growth over the past decade, further increasing rental demand across various property vintages.
- Location Advantages
- Waco's strategic position along the I-35 corridor places it between Austin and Dallas, two of the fastest-growing metropolitan areas in the United States. This location offers several key advantages:
- The city benefits from population spillover as residents seek more affordable living options compared to the larger, pricier metros.
- Economic activity from both Austin and Dallas extends into Waco, creating a robust environment for business and employment growth.
- 2.2 miles from downtown Waco
Listing Contacts
Listed by Matthews
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Zoning
C-2 CommercialSpecial CommercialCommunity Commercial District
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View all 86 uses Last updated May 8, 2026 For deeper zoning details, reports are available at Zoneomics
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