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215 Washington Ave
Waco, TX 76701
Elevate · Multifamily Property For Sale
·
106 Units
Investment Highlights
- $2.8MM+ in Value Enhancement through Improving Occupancy, Reducing Payroll, and Leasing Out the Retail Space
- Attractive Price/Bed Basis; Fully Furnished Units
- $1.4B Downtown Redevelopment Planned Across 100+ Acres along the Brazos River, Featuring a Convention Center, Performing Arts Venue, Hotel, and more
- $2.1MM Invested into the Property by the Current Owner
- Projected 16% Cash-on-Cash Averaged Over 5 Years
- Baylor University Enrolled ~20,000 Students in Fall 2025, Driving Strong Rental Demand
Executive Summary
Summary:
The Multifamily Group is pleased to present the exclusive offering of Elevate, a unique opportunity in Waco, Texas. Built in 2009, the property consists of 374 beds and features fully furnished one-, three-, and four-bedroom floor plans. Notably, 88% of the units (94) are three- or four-bedroom layouts. Elevate is currently 75% occupied, while the surrounding submarket maintains a strong occupancy of approximately 93% (Yardi). The current ownership has invested more than $2.1 million in capital improvements at the property (report available upon request). Elevate is being offered free and clear of existing debt.
Value-Add:
- Complete Operational Improvements to Improve Occupancy to Submarket Occupancy Averages 93%
- Lower Operating Expenses by bringing Admin and Payroll to Market Averages
- Lease out the 1,764 SF of Retail Space for Approximately $25/SF/Year
Location:
Located in the heart of Downtown Waco, Elevate Apartments offers residents convenient access to some of the city’s most popular destinations. The property sits on Washington Avenue, just minutes from Baylor University and within walking distance of Magnolia Mar- ket at the Silos, one of Waco’s most visited retail and entertainment districts. Residents benefit from proximity to a variety of 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 only a short drive away. Outdoor recreation is easily accessible with Cameron Park, the Brazos Riverwalk, and McLane Stadium nearby, making the area attractive to students and young professionals alike. The ongoing revitalization of Downtown Waco is further supported by the city’s planned $1.4 billion redevelopment initiative, which will introduce new mixed-use development, entertainment venues, and hospitality space designed to enhance the area’s economic and cultural activity.
The Multifamily Group is pleased to present the exclusive offering of Elevate, a unique opportunity in Waco, Texas. Built in 2009, the property consists of 374 beds and features fully furnished one-, three-, and four-bedroom floor plans. Notably, 88% of the units (94) are three- or four-bedroom layouts. Elevate is currently 75% occupied, while the surrounding submarket maintains a strong occupancy of approximately 93% (Yardi). The current ownership has invested more than $2.1 million in capital improvements at the property (report available upon request). Elevate is being offered free and clear of existing debt.
Value-Add:
- Complete Operational Improvements to Improve Occupancy to Submarket Occupancy Averages 93%
- Lower Operating Expenses by bringing Admin and Payroll to Market Averages
- Lease out the 1,764 SF of Retail Space for Approximately $25/SF/Year
Location:
Located in the heart of Downtown Waco, Elevate Apartments offers residents convenient access to some of the city’s most popular destinations. The property sits on Washington Avenue, just minutes from Baylor University and within walking distance of Magnolia Mar- ket at the Silos, one of Waco’s most visited retail and entertainment districts. Residents benefit from proximity to a variety of 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 only a short drive away. Outdoor recreation is easily accessible with Cameron Park, the Brazos Riverwalk, and McLane Stadium nearby, making the area attractive to students and young professionals alike. The ongoing revitalization of Downtown Waco is further supported by the city’s planned $1.4 billion redevelopment initiative, which will introduce new mixed-use development, entertainment venues, and hospitality space designed to enhance the area’s economic and cultural activity.
Property Facts
| Sale Type | Investment | Lot Size | 3.34 AC |
| No. Units | 106 | Building Size | 121,002 SF |
| Property Type | Multifamily | Average Occupancy | 76% |
| Property Subtype | Apartment | No. Stories | 5 |
| Apartment Style | Mid-Rise | Year Built | 2009 |
| Building Class | A | Opportunity Zone |
Yes
|
| Sale Type | Investment |
| No. Units | 106 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 3.34 AC |
| Building Size | 121,002 SF |
| Average Occupancy | 76% |
| No. Stories | 5 |
| Year Built | 2009 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Granite Countertops
- High Speed Internet Access
Site Amenities
- Controlled Access
- Fitness Center
- Laundry Facilities
- Gated
- Furnished Units Available
- Wi-Fi
- Elevator
Property Taxes
| Parcel Number | 48-024108-000204-0 | Improvements Assessment | $69,361 |
| Land Assessment | $3,232,766 | Total Assessment | $3,302,127 |
Property Taxes
Parcel Number
48-024108-000204-0
Land Assessment
$3,232,766
Improvements Assessment
$69,361
Total Assessment
$3,302,127
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