512 Daughtrey Ave Waco, TX 76706

Allen Place, a 2-building, 18-unit apartment complex in Waco, TX (76706), presents a compelling value-add opportunity. Located at 512 Daughtrey Ave, this Class B property boasts 20,225 net rentable square feet across three stories, built in 2001 on a 0.84-acre lot (APN 334096). Currently operating at 100% occupancy (as of January 10, 2025), the property features spacious floor plans averaging 1,123 square feet—significantly larger than comparable properties in the area. Units include desirable amenities such as oversized closets, washer/dryer connections, kitchen islands, 10-foot ceilings, and quartz/granite countertops. Its prime location within the "Baylor Bubble," two minutes from Baylor University, ensures consistent demand from students, faculty, and staff. Proximity to downtown Waco, Magnolia Market, and McLane Stadium further enhances its appeal. The property's strong performance and value-add potential, including opportunities to further increase NOI through continued unit upgrades and potential bed-by-bed leasing, make it an attractive investment. The permitted zoning is R. This property offers a unique blend of immediate income generation and future upside potential in a thriving Texas market.