For Sale
$2,950,000

404 Craven AveWaco, TX 76705

37-Unit Apartment Building, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional 37-unit apartment building, located at 404 & 600 E Craven Ave, Waco, TX 76705, presents a compelling investment opportunity priced at $2,950,000. Boasting 22,980 square feet of net rentable space, this Class C multifamily property offers a price per unit of $77,631 and a land value price per square foot of $128. The property benefits from Waco's ongoing infrastructure improvements and the consistently strong rental demand fueled by Baylor University's large student population. Recent renovations totaling $330,000 encompass upgrades to all units, siding, parking lots, and roofs. High occupancy rates ensure immediate positive leverage, and a detailed financial overview demonstrates strong returns and significant potential for rental income growth through market-rate rent increases (estimated 10% potential increase). This property represents a rare chance to capitalize on the thriving Waco multifamily market and benefit from the city's continued growth and development. The property's location in McLennan County provides easy access to Baylor University and other Waco amenities. This investment offers a blend of immediate returns and long-term appreciation potential.

Highlights

  • Waco's infrastructure improvements, spurred by university initiatives, boost multifamily investment appeal.
  • Lacey Lakeview property values are poised for appreciation due to Waco's growth.
  • Baylor University's large student body fuels consistent rental demand for multifamily properties with desirable amenities.
  • 10% rent increase potential aligns with current market rates.
  • High occupancy enables immediate positive leverage through agency financing.
  • $330,000 in recent renovations encompass all units, exterior siding, parking lot, and roof.

Property Details for 404 Craven Ave

Property type
Apartment buildings
Square Feet
22,980 SF
Class
C
Units
37

Location Insight

City
Waco
County
McLennan
State
Texas
Latitude
31.624090472098
Longitude
-97.103301635673
404 Craven Ave, Waco, Texas

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404 Craven Ave
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