404 Craven Ave Waco, TX 76705
- Apartment buildings
- 22,980 SF
Current Use by Public Records
- Mayflower Apartments / Apartment Complex
Property Details for 404 Craven Ave
- Property size
- 22,980 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Waco
- County
- McLennan
- State
- Texas
- Longitude
- -97.1033
- Latitude
- 31.6241
