| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 35th | Good |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1504 Morgan Blvd, Harlingen, TX, 78550, US |
| Region / Metro | Harlingen |
| Year of Construction | 1999 |
| Units | 32 |
| Transaction Date | 2011-05-24 |
| Transaction Price | $2,749,300 |
| Buyer | H BLAKE LTD |
| Seller | VICTORIA ENTERPRISES LTD |
1504 Morgan Blvd Harlingen Multifamily Positioning
Neighborhood renter-occupied share is high and occupancy trends sit around the metro median, supporting steady leasing, according to WDSuite’s CRE market data. This positioning suggests durable demand drivers for a 32-unit asset in an inner-suburban location.
The property sits in an Inner Suburb area of Harlingen rated B+ and ranked 37 out of 133 neighborhoods locally, which is competitive among Brownsville-Harlingen neighborhoods. Grocery access is a relative strength (high national percentile), while restaurants are present but parks, pharmacies, and cafes are sparse, indicating convenience for daily needs but fewer lifestyle amenities within the immediate neighborhood.
Neighborhood occupancy is around the metro median, and the renter-occupied share of housing units is elevated at the neighborhood level. For investors, a higher renter concentration generally signals a deeper tenant base and supports leasing continuity for small and mid-size multifamily assets.
Within a 3-mile radius, demographics point to a larger tenant base over time: population increased in recent years and is projected to grow further, while household counts rose materially and are forecast to expand again, even as average household size trends down. This pattern typically adds to multifamily demand by bringing more renters into the market and can support occupancy stability. Median contract rents in the neighborhood remain modest versus national norms, and a rent-to-income ratio near one-fifth suggests manageable affordability pressure that can aid retention and lease management.
Median home values in the neighborhood are low relative to national levels. In market terms, more accessible ownership options can create some competition with rentals and may temper pricing power; however, it can also sustain workforce housing dynamics, where renters prefer multifamily for convenience or credit considerations. Average school ratings are modest, which may weigh on family-oriented demand, but the area benefits from strong grocery availability and solid childcare density.
The neighborhood’s average construction year is 1991; this property’s 1999 vintage is newer than the area average, which helps competitive positioning versus older stock. Investors should still plan for aging systems and selective modernization to capture value-add upside and support rent trade-outs in line with submarket norms.
Comparable crime metrics for this neighborhood are not available in the current dataset from WDSuite. Without ranked or percentile data, investors typically benchmark safety using local law enforcement statistics, insurer guidance, and comps in nearby Brownsville-Harlingen neighborhoods to understand trend direction and underwriting implications.
Given the absence of quantified rankings, a prudent approach is to incorporate property-level security measures and confirm recent trendlines through third-party sources during due diligence rather than relying on anecdotal signals.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience for workforce households, including Dish Network, United Parcel Service, and R R Donnelley & Sons.
- Dish Network — telecommunications services (0.3 miles)
- United Parcel Service — logistics & distribution (33.0 miles)
- R R Donnelley & Sons — commercial printing & services (37.3 miles)
1504 Morgan Blvd is a 32-unit asset positioned in a renter-heavy Inner Suburb of Harlingen where neighborhood occupancy trends sit around the metro median. A high neighborhood renter-occupied share indicates depth of tenant demand, and median rents remain relatively modest, which can support retention and steady lease-up. The 1999 construction date is newer than the local average, offering competitive positioning versus older stock while leaving room for targeted upgrades to enhance performance.
Within a 3-mile radius, recent population growth and a notable increase in households point to a larger tenant base ahead, supporting occupancy stability and ongoing renter pool expansion. Based on CRE market data from WDSuite, neighborhood fundamentals such as grocery access and childcare density bolster daily convenience, while lower home values may introduce some competition with ownership and modest school ratings could cap family-driven demand. Overall, the risk-reward profile favors stable operations with selective value-add execution.
- Elevated neighborhood renter concentration supports a deeper tenant base and leasing stability.
- 1999 vintage is newer than local averages, with potential for targeted renovations to drive NOI.
- 3-mile population and household growth trends expand the renter pool and support occupancy.
- Modest neighborhood rent levels aid retention and consistent lease management.
- Risks: more accessible ownership options and modest school ratings may temper pricing power.