Waco Multifamily Investment
215 Washington Ave, Waco, TX 76701
374-bed multifamily property in Downtown Waco near Baylor University.
Type:Multifamily
- Added:
- Mar 11, 2026
- Days on Market:
- 83
- Last Refresh:
- Mar 19 at 10:42 pm
Property Features for 215 Washington Ave
General Information
- Standard status
- Active
- Property subtype
- Multifamily
Building Details
- Year Built
- 2009
Listing agent Paul Yazbeck License #TX 636988
Listing office The Multifamily Group
Listing date Mar 11, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of The Multifamily Group
HighLights
- Value‑add opportunity to increase occupancy from 75% to the submarket average of 93%.
- Significant capital improvements of over $2.1 million already invested.
- Prime location in the heart of Downtown Waco, near Baylor University and Magnolia Market at the Silos.
- Free and clear of existing debt.
- High percentage (88%) of units are desirable three- and four‑bedroom layouts.
- Opportunity to lease out 1,764 SF of retail space.
Overview
Elevate, constructed in 2009, presents a multifamily investment opportunity in Waco, Texas. The property features 374 beds with fully furnished one-, three-, and four-bedroom floor plans. A significant portion, 88% or 94 units, consists of three- and four-bedroom layouts. The property is currently 75% occupied, while the surrounding submarket maintains approximately 93% occupancy. The current ownership has invested over $2.1 million in capital improvements. The property is offered free and clear of existing debt. There is a value-add opportunity to improve occupancy to submarket averages and lower operating expenses. Additionally, there is 1,764 square feet of retail space available for lease. Located in Downtown Waco on Washington Avenue, Elevate Apartments provides convenient access to various destinations. It is minutes from Baylor University and within walking distance of Magnolia Market at the Silos. Residents benefit from proximity to dining and entertainment options, including Union Hall, Ninfa’s, Cricket’s Grill & Drafthouse, and Terry Black’s BBQ. Major shopping destinations such as H-E-B, Super Walmart, and Sam’s Club are a short drive away. Outdoor recreation is easily accessible with Cameron Park, the Brazos Riverwalk, and McLane Stadium nearby. The city’s planned $1.4 billion redevelopment initiative will introduce new mixed-use development, entertainment venues, and hospitality space.
Property Profile
Location Intelligence
Current Use by Public Records
SK Vintage Photography
Photography Service
Pathway's to Right-of-Way's
Association Or Organization
Griffin Film Productions
Film Production
Elevate Waco
Apartment Complex
Best Brain Initiative
Training Center
Location Insight
- Map
- Local Demand
- City
- Waco
- County
- McLennan
- State
- Texas
- Longitude
- -97.1314042
- Latitude
- 31.5601376
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 374-bed multifamily property in Downtown Waco near Baylor University.
Where is this apartment building located?
The property is located at 215 Washington Ave Waco, TX.
What are key features of this property?
This property features: Value‑add opportunity to increase occupancy from 75% to the submarket average of 93%.; Significant capital improvements of over $2.1 million already invested.; Prime location in the heart of Downtown Waco, near Baylor University and Magnolia Market at the Silos.
