| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 35th | Good |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1702 Morgan Blvd, Harlingen, TX, 78550, US |
| Region / Metro | Harlingen |
| Year of Construction | 2004 |
| Units | 20 |
| Transaction Date | 2006-04-06 |
| Transaction Price | $781,300 |
| Buyer | MCTERNAN CLARE NOREEN |
| Seller | ZOES PLACE LTD |
1702 Morgan Blvd, Harlingen TX Multifamily Investment
Renter concentration in the surrounding neighborhood supports depth of tenant demand while occupancy trends sit near the metro median, according to WDSuite’s CRE market data. For a 20-unit asset, this points to steady leasing potential with disciplined revenue management.
Located in Harlingen’s inner-suburb fabric of the Brownsville–Harlingen metro, the neighborhood is competitive among 133 metro neighborhoods (overall B+ rating, rank 37 of 133). Grocery access is a relative strength with density that ranks competitively in the metro and sits in the upper tier nationally, while restaurant options also benchmark well. By contrast, cafe, park, and pharmacy density are limited locally, which may modestly affect lifestyle convenience for some residents.
Neighborhood occupancy is around the metro median (rank 59 of 133), which suggests stable in-place demand rather than outsized tightening. Importantly for multifamily investors, the share of housing units that are renter-occupied is high (rank 8 of 133; top decile nationally), signaling a deeper tenant base and support for leasing velocity and renewal capture when managed effectively.
Average neighborhood construction year trends older than the subject property (1991 neighborhood average versus a 2004 asset). Newer vintage relative to nearby stock can improve competitive positioning on systems and finishes; investors should still plan for mid-life capital items typical for early-2000s properties.
Within a 3-mile radius, demographics show population growth over the last five years with households expanding faster than population and average household size trending smaller. WDSuite’s CRE market data indicates this combination generally enlarges the renter pool and supports occupancy stability. Looking forward, five-year projections continue to show increases in households alongside smaller household sizes, which is constructive for multifamily demand.
Home values in the neighborhood benchmark below national norms, and rent-to-income levels are relatively moderate. For investors, this mix points to manageable rent burdens that can aid retention, while acknowledging that a more accessible ownership market can present some competition at certain price points.
WDSuite does not publish a neighborhood crime rank for this location in the current dataset. Investors commonly compare property-level incident histories and city or county trend reports to gauge relative safety and its impact on leasing and retention. Framing risk at the neighborhood level—rather than block-by-block—helps maintain realistic expectations about operating conditions.
Nearby employers provide a diversified commuter base that can reinforce renter demand and lease retention, centered on corporate offices within practical driving distance. The list below reflects notable employers referenced in WDSuite and is sorted by proximity.
- Dish Network — corporate offices (0.3 miles)
- United Parcel Service — corporate offices (33.0 miles)
- R R Donnelley & Sons — corporate offices (37.4 miles)
This 20-unit, 2004-vintage property benefits from a renter-heavy neighborhood and occupancy levels near the metro median, supporting steady leasing rather than volatility. Relative to an older local stock profile, the asset’s vintage can be competitive on systems and finishes while leaving room for targeted value-add to drive rent positioning. Within a 3-mile radius, recent population growth, faster household growth, and smaller household sizes collectively point to a larger tenant base and durable demand for apartments, based on CRE market data from WDSuite.
Operating fundamentals are reinforced by moderate rent-to-income dynamics that can aid renewal rates, though below-national home values imply some competition from ownership alternatives. Amenity access is mixed—strong for groceries and dining, lighter for cafes, parks, and pharmacies—suggesting asset-level amenities and management can play a larger role in retention.
- Renter-occupied share is high, indicating deep tenant demand and support for leasing stability.
- 2004 construction offers competitive positioning versus older neighborhood stock with selective value-add potential.
- 3-mile radius shows household growth and smaller household sizes, expanding the renter pool.
- Moderate rent-to-income profile supports retention-oriented revenue management.
- Risks: more accessible ownership pricing and limited nearby cafes/parks/pharmacies may require sharper amenity and pricing strategy.