Waco Multifamily Investment
For Sale
Contact for pricing
215 Washington Ave, Waco, TX 76701
374-bed multifamily property in Downtown Waco near Baylor University.
Property SizeContact for details
Days on Market155
Property Features for 215 Washington Ave
General Information
Standard status
Active
Property subtype
Multifamily
Zoning
2007 TIF
Building Details
Year Built
2009
Listing Agency:
The Multifamily Group
Listed By:
Paul Yazbeck · License #TX 636988
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:52PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,077
Businesses Nearby
Explore this area
Business Placement
Demographics for 76701, TX
1,674
Population
1,029
Households
1.6
Avg Household Size
29
Median Age
32%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,522
Density / Sq Mi
$24,593
Median Household Income
$21,897
Median Earnings
$1,008
Median Rent
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
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.
