| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 40th | Poor |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 405 N State Highway 95, Elgin, TX, 78621, US |
| Region / Metro | Elgin |
| Year of Construction | 1984 |
| Units | 28 |
| Transaction Date | 2012-03-06 |
| Transaction Price | $143,800 |
| Buyer | HEARNE DOUGLASS D |
| Seller | SURE LLC |
405 N State Highway 95 Elgin Multifamily Investment
Neighborhood occupancy near 97% supports stable leasing conditions for this Elgin asset, according to WDSuite’s CRE market data. While performance is measured at the neighborhood level, the combination of steady renter demand and suburban location fundamentals points to resilient operations.
The property sits in a Suburban neighborhood that ranks around the metro median (269 of 527 Austin-area neighborhoods). Occupancy in the neighborhood is 97.2%, which is competitive among Austin neighborhoods (rank 187 of 527) and in the top quartile nationally for stability, per WDSuite. Vintage is 1984, slightly newer than the neighborhood’s average 1980 construction, suggesting decent competitive positioning versus older stock, though targeted modernization of systems may still be prudent.
Within a 3-mile radius, population grew roughly 10% over the past five years and households expanded about 22%, indicating a larger tenant base and supporting occupancy stability. Projections to 2028 point to continued population growth and a meaningful increase in households, which should translate to more renters entering the market and support for lease-up and retention.
Renter-occupied housing accounts for approximately 31.7% of neighborhood units, implying a moderate renter concentration and a diversified demand base. Median contract rents in the neighborhood align with middle-of-the-pack Austin submarket levels, and a rent-to-income ratio near 0.13 suggests manageable affordability pressure that can aid retention and reduce turnover risk for multifamily owners.
Local amenities are adequate by national comparisons: cafés, groceries, and restaurants sit above the national median, though park access is limited. Average school ratings trail most U.S. neighborhoods (around the 5th percentile), which may be a consideration for family-oriented leasing strategies. Home values in the neighborhood are elevated versus national norms (median around $362,000), reinforcing reliance on rental options and supporting sustained renter demand in this part of the Austin metro.
Neighborhood-level crime metrics are not available from WDSuite for this location. Investors typically contextualize safety by comparing local trends to metro benchmarks and by incorporating on-the-ground intelligence from property management and prospective tenant feedback over time.
Proximity to regional corporate offices underpins workforce housing demand and commute convenience for renters, notably including Farmers Insurance, Arconic, Airgas, Dell Technologies, and Adobe.
- Farmers Insurance - Doug Gaul — corporate offices (16.1 miles)
- Arconic — corporate offices (16.8 miles) — HQ
- Airgas — corporate offices (18.4 miles)
- Dell Technologies — technology corporate offices (19.7 miles) — HQ
- Adobe — software corporate offices (20.7 miles)
This 1984 asset benefits from a neighborhood with competitive occupancy (97.2%) and a moderate renter base, supporting leasing durability. Within a 3-mile radius, recent population and household growth indicate a larger tenant pool, with projections calling for continued expansion that should sustain demand for rental units. Elevated home values relative to national norms, combined with a rent-to-income ratio near 0.13, point to maintained renter reliance and manageable retention risk. These factors position the property for steady cash flow with potential to enhance competitiveness through selective upgrades. Insights cited here are based on commercial real estate analysis from WDSuite’s data.
Relative to the neighborhood’s older average vintage (1980), 1984 construction provides a slight edge versus aging stock, though planning for system updates and light value-add remains sensible. Key watch items include limited park access and below-average school ratings, plus the possibility of greater competition from ownership alternatives if the area’s tilt toward owner tenure increases over time.
- Competitive neighborhood occupancy and top-quartile stability support consistent leasing
- 3-mile population and household growth expand the tenant base and support absorption
- Elevated ownership costs and a low rent-to-income ratio underpin renter reliance and retention
- 1984 vintage offers relative competitiveness with upside from targeted modernization
- Risks: limited parks, weaker school ratings, and potential competition from ownership options