| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 59th | Good |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 508 N Harrison St, Alpine, TX, 79830, US |
| Region / Metro | Alpine |
| Year of Construction | 1985 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
508 N Harrison St Alpine Multifamily Investment (24 Units)
Neighborhood occupancy is competitive at the metro level and has trended upward over five years, according to WDSuite’s CRE market data, supporting stable renter demand for smaller-format units.
Alpine’s Inner Suburb neighborhood posts a B+ rating and ranks 1st out of 8 metro neighborhoods overall, signaling solid fundamentals for workforce housing. Amenity access is a local strength—cafes, groceries, parks, and pharmacies each rank among the top two of 8 metro neighborhoods, placing the area in the top quartile nationally for several convenience categories. These local services help support day-to-day livability and leasing retention.
Renter-occupied share in the neighborhood is elevated versus the nation (high national percentile), indicating meaningful renter concentration and a deeper tenant base for multifamily. At the same time, neighborhood occupancy has improved over the past five years and is above the metro median, reinforcing the case for demand stability. Median contract rents benchmark below the national median, which can aid lease-up velocity and help manage affordability pressure from an operator’s perspective.
Within a 3-mile radius, population has been roughly flat in recent years while average household size has trended smaller. That dynamic—combined with the property’s average unit size of 448 sq. ft.—aligns with demand from singles and downsizing households, which can support steady absorption of studios and one-bedrooms. The area’s average school rating sits above the national midpoint, offering an additional quality-of-life consideration for residents.
Ownership costs appear relatively high versus local incomes (value-to-income ratio in a high national percentile), which tends to reinforce reliance on rental housing and can support lease retention. With neighborhood-level rents below national medians and occupancy competitive among metro peers, operators may have room to balance pricing power with retention objectives as conditions evolve.
Neighborhood-level crime metrics are not available in WDSuite’s dataset for this location. Investors should compare local safety trends with city and county benchmarks and consider on-the-ground diligence—such as visibility, lighting, and access control—when underwriting operations and capex.
Constructed in 1985, this 24-unit property offers smaller-format apartments that fit the area’s trend toward smaller households and an elevated renter concentration. Neighborhood occupancy has strengthened over the last five years and remains competitive among metro peers, while rents sit below national medians—conditions that can support lease-up and retention. According to CRE market data from WDSuite, local amenity access ranks at the top of the metro, adding livability advantages that can help sustain demand.
Given the 1985 vintage, investors should plan for targeted capital improvements and potential value-add upgrades to enhance competitiveness against newer stock. With ownership costs relatively high versus local incomes, reliance on rental housing supports a stable tenant base, though the small-market scale warrants prudent assumptions on leasing velocity and renewal strategies.
- Competitive neighborhood occupancy with five-year improvement supports income stability
- Elevated renter-occupied share indicates a deeper tenant base for small-format units
- Rents below national medians plus top-tier local amenities aid leasing and retention
- 1985 vintage presents value-add and capex planning opportunities to drive NOI
- Risks: smaller market scale and vintage-related capex may moderate rent growth and leasing pace