| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 50th | Good |
| Amenities | 36th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2800 Mustang Rd, Alvin, TX, 77511, US |
| Region / Metro | Alvin |
| Year of Construction | 1984 |
| Units | 84 |
| Transaction Date | 2007-01-29 |
| Transaction Price | $7,375,000 |
| Buyer | MP APTS LP |
| Seller | SOUTHERN CROSS CONSTRUCTION CO INC |
2800 Mustang Rd Alvin Multifamily Value-Add Opportunity
Positioned for durable renter demand with renovation upside, according to WDSuite’s CRE market data. Neighborhood fundamentals point to steady leasing potential and an approachable rent-to-income profile that can support retention.
Alvin’s 2800 Mustang Rd sits in a B- rated neighborhood within the Houston–The Woodlands–Sugar Land metro, offering a balanced mix of suburban convenience and workforce housing dynamics. Local cafe density is competitive among Houston neighborhoods (ranked 389 of 1,491), while parks and everyday amenities are present but not dense; childcare and pharmacies are limited in the immediate area. Average school ratings in the neighborhood are above the national median, which can aid family-oriented renter retention.
The neighborhood’s median home value sits in the mid-$200Ks, a high-cost ownership market relative to local rents that can reinforce reliance on multifamily. Neighborhood rent-to-income levels trend favorable for operators, supporting leasing and renewal conversations. Within a 3-mile radius, demographic data indicate modest population growth over the past five years and a noticeable increase in households, which expands the local tenant base; projections point to continued household growth, suggesting a larger pool of renters entering the market.
Renter-occupied housing accounts for roughly 30% of units in the immediate neighborhood and approximately 42% within a 3-mile radius, indicating a meaningful depth of the tenant base at both the block-group cluster and broader trade-area levels. Neighborhood occupancy has been softer than national norms in recent years, so asset-level execution and competitive positioning remain important to sustain occupancy stability.
The average construction vintage in the neighborhood centers on the mid-1990s, while this asset was built in 1984. For investors, the older vintage points to potential value-add and capital planning opportunities—modernizing interiors, common areas, and major systems to improve competitive standing versus newer stock, while keeping an eye on operating expenses.
Safety indicators for the neighborhood are generally above national averages, with overall crime levels scoring in the low-70s percentile nationally, which suggests comparatively safer conditions than many neighborhoods across the country. Property-related offenses trend better than average nationwide, and violent offense metrics sit near the national midpoint.
Year-over-year readings point to improving conditions, with notable declines in both property and violent offense rates. For investors, this trajectory can support leasing stability and perception of place, though prudent property-level measures and ongoing monitoring remain advisable relative to Houston metro peers.
- Dish Network — telecom services (0.7 miles)
- Boeing: Bay Area Building — aerospace offices (15.7 miles)
- Calpine Turbine Maintenance Group — energy services (17.4 miles)
- Occidental — energy (25.5 miles)
- Waste Management — environmental services (25.6 miles) — HQ
The area draws from a diversified employment base tied to telecom, aerospace, energy, and industrial services, supporting renter demand through commute convenience and workforce stability. Employers include Dish Network, Boeing, Calpine Turbine Maintenance, Occidental, and Waste Management.
This 84-unit, 1984-vintage asset presents an attainable value-add thesis in a neighborhood where homeownership costs are elevated relative to rents and rent-to-income levels remain operator-friendly. Household counts within a 3-mile radius have expanded and are projected to continue rising, pointing to renter pool expansion that can support occupancy and renewal performance. According to CRE market data from WDSuite, neighborhood services are present but not saturated—an opening to differentiate via onsite amenities and management.
The property’s older vintage versus the mid-1990s neighborhood average signals potential for targeted renovations to enhance competitiveness against newer stock. While neighborhood occupancy trails national norms, demand signals—renter concentration in the broader trade area, improving safety trends, and steady wage growth—suggest room to drive NOI through selective upgrades, operational discipline, and thoughtful pricing.
- Value-add potential: 1984 vintage offers clear pathways for interior and systems updates
- Demand depth: rising household counts within 3 miles support a broader tenant base
- Leasing resilience: rent-to-income levels favor retention and measured rent growth
- Location fundamentals: diversified employers across telecom, aerospace, and energy
- Risk: submarket occupancy below national norms requires hands-on asset management