49-Unit Multifamily in Waco, TX
Mclennan County, TX · listed Aug 7, 2026 (82 days)
- $/unit
- $71,429
- ▼ 22% vs TX · 34th pct
- Cap rate
- 9.4%
- ▲ 2.0 pts vs TX median
- NOI
- $329K
- $6,716/unit/yr
- Units
- 49
- 2 bldg · 1971
Financials
- Asking price
- $3,500,000
- Price per unit
- $71,429
- Price per sq ft
- $89
- Gross rent / year
- Not stated
- Net operating income
- $329,067
- NOI per unit
- $6,716
- Cap rate
- 9.4%
- Gross yield
- Not stated
- Occupancy
- Not stated
As stated by the seller. Verify during due diligence.
Building
- Units
- 49
- Unit mix
- Not stated
- Buildings
- 2
- Year built
- 1971
- Building size
- 39,200 sq ft
- Avg unit size
- 800 sq ft
- Lot size
- 2.15 acres
- Condition
- Value-add
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Aug 7, 2026
- Days on market
- 82 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 1102
About this property
Rowan Multifamily Advisors is pleased to announce the exclusive listing of The Creole Apartments, a 49-unit value-add property in Waco, Texas. Originally built in 1971, the property has received interior renovations and upgraded common areas, along with capital improvements including new security gates, parking lot resurfacing, as well as key plumbing and HVAC upgrades to enhance its position for future growth.
Creole Apartments is located just minutes from Baylor University, one of Texas's leading universities, ensuring steady demand from students and faculty. The property offers excellent accessibility, with convenient connections to major roadways including Interstate 35 and U.S. Highway 84, as well as close proximity to Waco Regional Airport and downtown Waco. Residents also enjoy easy access to parks, Lake Waco, trail heads, golf courses, schools, shopping, dining, and entertainment options.
49-unit value-add MF in Waco, TX
Highlights
- Market rents ~$100 lower than nearby comparable properties
- Recent capital expenditure deployment
- Opportunity to incorporate washer dryer connections proving a possible increase of ~$30k annually in other income.
Location
Approximate area. The exact address is shared on request.
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