| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 52nd | Good |
| Amenities | 30th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 775 Steele Rd, Alvin, TX, 77511, US |
| Region / Metro | Alvin |
| Year of Construction | 1977 |
| Units | 81 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
775 Steele Rd Alvin Multifamily Value-Add Opportunity
Stabilization and renovation upside are supported by an expanding renter pool and moderate rent-to-income dynamics, according to CRE market data from WDSuite. The 81-unit asset’s suburban location serves workforce households seeking access to Houston’s job centers without urban pricing.
The property sits in a rural-leaning pocket of the Houston-The Woodlands-Sugar Land metro with a C+ neighborhood rating. Local amenities are limited—cafes, parks, and pharmacies rank near the bottom among 1,491 metro neighborhoods—while grocery access is closer to the national middle. For investors, this points to car-dependent living but also to relatively quiet, residential fundamentals.
Schools are a relative strength: average ratings sit in the 84th percentile nationally, a positive indicator for family-oriented demand and longer tenancy. Median contract rents in the neighborhood are modest and have risen over the past five years, helping maintain pricing power without overextending residents.
Within a 3-mile radius, demographics indicate a larger tenant base: population is roughly 27,000 today and has grown in recent years, with WDSuite data showing an increase in households and a renter-occupied share near 37%. Forward-looking estimates point to additional household growth and slightly smaller average household sizes, supporting demand for rental units and helping occupancy stability over time.
Home values in the neighborhood are lower than many coastal markets, and ownership remains relatively accessible by national standards. For multifamily investors, that can introduce some competition with entry-level ownership; however, a rent-to-income ratio around 0.17 in the immediate area suggests manageable affordability pressure, aiding lease retention and collections management.
Vintage and positioning: The asset’s 1977 construction is older than the neighborhood’s average vintage (1994), implying near- to medium-term capital planning for systems and interiors, but also providing clear value-add and repositioning pathways relative to newer stock.
Safety indicators are mixed. Neighborhood-level crime metrics land below the national median (property offenses around the 18th percentile and violent offenses near the 30th percentile nationwide), signaling a need for prudent security and operations. That said, year-over-year trends show improvement, with notable declines in both property and violent offense estimates, which can support resident retention and leasing if sustained.
Relative to the Houston metro’s 1,491 neighborhoods, the area does not rank among the top quartile for safety, but recent downward momentum in estimated offenses is a constructive sign for long-term operations. Owners should underwrite security measures and community engagement as part of standard asset management.
Proximity to diversified employers supports workforce housing demand and commute convenience, including telecommunications, aerospace, energy services, and utility headquarters noted below.
- Dish Network — telecommunications (1.9 miles)
- Boeing: Bay Area Building — aerospace offices (13.6 miles)
- Calpine Turbine Maintenance Group — energy services (15.5 miles)
- Waste Management — environmental services (23.4 miles) — HQ
- Centerpoint Energy — utilities (23.6 miles) — HQ
This 81-unit 1977-vintage property offers a straightforward value-add thesis in a suburban corridor where household growth and a sizable workforce renter base underpin long-term demand. Within a 3-mile radius, population and households are expanding, incomes are rising, and rent levels remain approachable relative to earnings, supporting occupancy stability and rent trade-outs without outsized affordability pressure.
According to CRE market data from WDSuite, neighborhood occupancy has softened versus metro norms, but forward projections show additional household formation locally, and school quality sits in the top quartile nationally—both supportive of renter demand. Ownership remains relatively accessible in this part of the metro, which can create competition at the margin, yet it also anchors a stable cost-of-living profile that helps retention and collections. The property’s older vintage points to interior upgrades and systems work that can drive NOI growth and reposition the asset versus newer comparables.
- 1977 vintage with clear value-add levers in interiors and building systems
- Expanding 3-mile household base and rising incomes support tenant demand
- Moderate rent-to-income dynamics aid lease retention and pricing flexibility
- School quality in the national top quartile enhances family-oriented stability
- Risks: softer neighborhood occupancy and a below-median safety profile require active management