9-Unit Multifamily in Waco, TX
Mclennan County, TX · listed Oct 1, 2026 (26 days)
- $/unit
- $122,222
- ▲ 33% vs TX · 67th pct
- Cap rate
- 7.7%
- ▲ 0.3 pts vs TX median
- NOI
- $85K
- $9,433/unit/yr
- Units
- 9
- 3 bldg · 1920
Financials
- Asking price
- $1,100,000
- Price per unit
- $122,222
- Price per sq ft
- $152
- Gross rent / year
- $120,480
- Net operating income
- $84,900
- NOI per unit
- $9,433
- Cap rate
- 7.7%
- Gross yield
- 10.9%gross rent ÷ price
- Occupancy
- Not stated
As stated by the seller. Verify during due diligence.
Building
- Units
- 9
- Unit mix
- ranging from efficient one-bedroom residences and detached cottages to larger two- and four-bedroom units
- Buildings
- 3
- Year built
- 1920
- Building size
- 7,250 sq ft
- Avg unit size
- 806 sq ft
- Lot size
- 0.86 acres
- Condition
- Stabilized
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Oct 1, 2026
- Days on market
- 26 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 1056
About this property
(address on request) presents the opportunity to acquire a substantially renovated, stabilized 9-unit multifamily portfolio in Waco, Texas, offered at $1,100,000. The portfolio consists of three adjacent properties—(address on request) and (address on request)—providing a diverse unit mix ranging from efficient one-bedroom residences and detached cottages to larger two- and four-bedroom units.
The portfolio has undergone extensive improvements, with the majority of units receiving substantial interior renovations along with property-level upgrades including plumbing and gas improvements, updated windows, exterior improvements, and mini-split heating and cooling systems in applicable units. Eight of the nine units have received significant updates, while one legacy tenant-occupied unit remains an opportunity for future interior improvements.
The portfolio is currently generating $8,240 per month in executed in-place rents with a lease for the remaining 4-bedroom/1-bath unit currently out for signature at $1,800 per month. Upon execution, scheduled rental income would increase to approximately $10,040 per month, or $120,480 annually. Additional upside exists through future rent optimization, as select existing units remain below current targeted rental rates.
Offered at approximately $122,222 per unit, the portfolio provides investors with immediate existing income, a concentrated three-property footprint, limited near-term renovation requirements, and identifiable opportunities for future income growth.
Multifamily | 7.72% CAP | 9 Units
Highlights
- $250,000+ in Completed Capital Improvements – Significant investment has already been made across the portfolio, including extensive interior renovations, plumbing and gas-line improvements, replacement windows, electrical upgrades where needed, updated kitchens and bathrooms, fixtures, and mini-split heating and cooling systems.
- Separately Metered Utilities – Each residential unit is separately metered for water, electricity and gas, allowing tenants to be responsible for their individual utility consumption. City trash service is incorporated into the tenant's water bill, further limiting landlord utility exposure.
- Limited Owner-Paid Operating Expenses – Tenants are responsible for their own utilities, internet, cable and telephone services. Ownership currently pays approximately $150 per month for landscaping, creating an efficient operating structure.
- Ample Off-Street Parking – All units have access to off-street parking, supplemented by a large centrally located open area capable of accommodating additional tenant vehicles.
- Potential Additional Revenue Stream – The property layout offers an opportunity to explore development of a centralized on-site laundry facility, potentially providing both an additional tenant amenity and ancillary income source. Buyer to independently verify feasibility, permitting and development requirements.
- Diversified Residential Unit Mix – The portfolio combines traditional 1-bedroom residences and detached cottages with larger 2-bedroom and 4-bedroom units, providing exposure to a broader range of prospective tenants.
- Concentrated Management Footprint – All nine units are located across three adjoining properties, helping streamline landscaping, maintenance, property management and tenant oversight.
- Proximity to Major Waco Demand Drivers – The portfolio is conveniently positioned near Downtown Waco, Baylor University and I-35, providing access to major employment, education, entertainment and transportation corridors.
- Multiple Sources of Future Upside – In addition to future rent optimization, ownership has
Location
Approximate area. The exact address is shared on request.
Similar buildings nearby
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