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Northwind Apartments 5111 Interstate 35 N 71 Unit Apartment Building For Sale Waco, TX 76705
Investment Highlights
- Interstate-35 Frontage with 99,000+ Vehicles Passing per Day - TXDOT
- Downtown Waco is Undergoing a Major Multi-Billion-Dollar Redevelopment with the Launch of the 100-Acre Barron’s Branch District
- Offered Free and Clear of Existing Debt
- Double-Digit Cash-on-Cash Averaged Over the Next Five Years
- The Metro Population is Projected to Grow to over 323,000 by 2040, Nearly Doubling Long-Term Demand
Executive Summary
Summary:
The Multifamily Group is pleased to present Northwind Apartments, an exclusive 71-unit opportunity in Waco, Texas. Built in 1978, the property is strategically located along Interstate-35 and offers exceptional visibility and connectivity, positioned just 90 minutes from Dallas and Austin. The property is currently 86% occupied, compared to a strong 95% in the surrounding submarket, presenting immediate upside through focused leasing and marketing efforts. Additionally, three down units will require $12,000 each to repair. Northwind is being offered free and clear of existing debt.
Location:
The Waco metro is among the fastest-growing in Texas, with the population projected to exceed 323,000 by 2040. Northwind sits next to a convenience store and gas station and is less than one mile from Texas State Technical College, with additional economic anchors such as Baylor University and McLennan Community College only minutes away. Additionally, Downtown Waco features a thriving mix of museums, galleries, restaurants, entertainment venues, and major redevelopment initiatives.
Recent & Upcoming Growth in Waco:
Downtown Redevelopment & Mixed-Use Districts:
Waco’s Downtown Redevelopment Project is launching with the Barron’s Branch District, part of a planned ~100-acre “live-work-play” redevelopment. This signals a multi-billion-dollar public/private investment over the coming decades.
Alice Martinez Rodriguez Park:
The former site of Baylor’s Floyd Casey Stadium is being transformed into a 30-acre mixed-use regional park with green space and recreational amenities.
Mobility Corridor Initiative:
Waco is planning to introduce futuristic mobility technologies along a 9-mile corridor spanning Taylor Street, Franklin Avenue, and Highway 84, with intersections into downtown.
Forecasted Population Growth:
The Perryman Group projects Waco’s MSA population to reach approximately 323,000 by 2040.
The Multifamily Group is pleased to present Northwind Apartments, an exclusive 71-unit opportunity in Waco, Texas. Built in 1978, the property is strategically located along Interstate-35 and offers exceptional visibility and connectivity, positioned just 90 minutes from Dallas and Austin. The property is currently 86% occupied, compared to a strong 95% in the surrounding submarket, presenting immediate upside through focused leasing and marketing efforts. Additionally, three down units will require $12,000 each to repair. Northwind is being offered free and clear of existing debt.
Location:
The Waco metro is among the fastest-growing in Texas, with the population projected to exceed 323,000 by 2040. Northwind sits next to a convenience store and gas station and is less than one mile from Texas State Technical College, with additional economic anchors such as Baylor University and McLennan Community College only minutes away. Additionally, Downtown Waco features a thriving mix of museums, galleries, restaurants, entertainment venues, and major redevelopment initiatives.
Recent & Upcoming Growth in Waco:
Downtown Redevelopment & Mixed-Use Districts:
Waco’s Downtown Redevelopment Project is launching with the Barron’s Branch District, part of a planned ~100-acre “live-work-play” redevelopment. This signals a multi-billion-dollar public/private investment over the coming decades.
Alice Martinez Rodriguez Park:
The former site of Baylor’s Floyd Casey Stadium is being transformed into a 30-acre mixed-use regional park with green space and recreational amenities.
Mobility Corridor Initiative:
Waco is planning to introduce futuristic mobility technologies along a 9-mile corridor spanning Taylor Street, Franklin Avenue, and Highway 84, with intersections into downtown.
Forecasted Population Growth:
The Perryman Group projects Waco’s MSA population to reach approximately 323,000 by 2040.
Property Facts Under Contract
| Sale Type | Investment | Lot Size | 1.95 AC |
| No. Units | 71 | Building Size | 32,705 SF |
| Property Type | Multifamily | Average Occupancy | 86% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1978 |
| Building Class | B | ||
| Zoning | MF | ||
| Sale Type | Investment |
| No. Units | 71 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.95 AC |
| Building Size | 32,705 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built | 1978 |
| Zoning | MF |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Pet Play Area
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 69 | - | 460 |
| 2+1 | 2 | - | 900 |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 20-020100-000700-6 | Improvements Assessment | $2,606,320 |
| Land Assessment | $297,150 | Total Assessment | $2,903,470 |
Property Taxes
Parcel Number
20-020100-000700-6
Land Assessment
$297,150
Improvements Assessment
$2,606,320
Total Assessment
$2,903,470
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