416 Owen Ln | Waco, TX 76710
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- LoopNet Team
416 Owen Ln
Waco, TX 76710
The Midway · Multifamily Property For Sale
·
120 Units
INVESTMENT HIGHLIGHTS
- $4.6+ Million in Value Add Upside with Light Interior Renovations
- 98% Occupied – Opportunity To Acquire a Nearly Fully Leased Asset
- $51,303 Median Household Income – 54% of Waco’s Residents Are Renting – 280,428 MSA Population
- The Property Is Well Below Market Rents, Current Ownership Is Achieving $250–$400 Rent Bumps With Minimal Renovations
- Ownership Is Purchasing Washer/Dryer Units in Laundry Facilities – Creating an Additional $20,000 Annually
- Rents in the Waco Market Have Increased by 11.6% in 2022 YTD – Projected To Continue Growing by Another 6.5% – CoStar
PROPERTY FACTS
| No. Units | 120 | Lot Size | 5.82 AC |
| Property Type | Multifamily | Building Size | 106,126 SF |
| Property Subtype | Apartment | Average Occupancy | 86% |
| Apartment Style | Garden | No. Stories | 2 |
| Building Class | C | Year Built | 1972 |
| Zoning | O2 | ||
| No. Units | 120 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.82 AC |
| Building Size | 106,126 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built | 1972 |
| Zoning | O2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Heating
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Walk-In Closets
SITE AMENITIES
- Clubhouse
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 42 | - | 700 |
| 2+1 | 40 | - | 907 |
| 2+2 | 22 | - | 981 |
| 3+2 | 16 | - | 1,179 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $12,646,710 | |
| Land Assessment | $2,286,060 | Total Assessment | $14,932,770 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,286,060
Improvements Assessment
$12,646,710
Total Assessment
$14,932,770
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