| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 47th | Good |
| Amenities | 22nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 502 Scenic Dr, Longview, TX, 75604, US |
| Region / Metro | Longview |
| Year of Construction | 1972 |
| Units | 100 |
| Transaction Date | 2015-04-20 |
| Transaction Price | $2,605,781 |
| Buyer | 502 Scenic Drive, LLC |
| Seller | H & J Gray Family LP |
502 Scenic Dr, Longview TX Multifamily Investment
Neighborhood occupancy trends are strong and supportive of stable leasing, according to WDSuite’s CRE market data, with performance measured at the neighborhood level rather than the property.
The property sits in an Inner Suburb pocket of Longview rated B+ and is competitive among Longview neighborhoods (ranked 38 of 130). For investors, the neighborhood s demand profile stands out: occupancy is in the top quartile nationally and ranks 15 of 130 locally, signaling resilient renter demand and historically low downtime between turns.
Livability inputs are mixed but serviceable for workforce housing. Restaurant density is above metro median (rank 21 of 130) while parks access is a relative strength (rank 6 of 130; top quartile nationally). School quality trends favorably for family renters, with an average school rating near the top of the metro (rank 2 of 130; top quartile nationally). Broader amenity density trails regional leaders (amenity rank 37 of 130), which may moderate premium rent capture but typically supports retention-focused strategies.
Within a 3-mile radius, households increased about 11% over the last five years and are projected to grow further as average household size declines, expanding the tenant base even where population growth is steady. The share of housing units that are renter-occupied is roughly 43%, indicating a meaningful depth of demand for multifamily product and supporting occupancy stability. Median contract rents in the area remain relatively accessible, which can aid lease retention and consistent absorption for renovated units.
Home values in the neighborhood benchmark below national averages (low national percentile), and the rent-to-income ratio around 0.15 suggests limited affordability pressure today supportive of retention but implying moderate near-term pricing power. The average neighborhood construction year is 1980, and this 1972 asset is older than nearby stock, which positions it for value-add through interior and system upgrades while requiring thoughtful capital planning.
Comparable, neighborhood-level safety metrics were not available in the dataset for this location. Investors typically contextualize safety using metro and neighborhood trend data and on-the-ground diligence to assess how conditions may influence tenant retention, leasing velocity, and operating expenses.
Nearby employment anchors provide commute convenience that can support workforce renter demand. The list below highlights a proximate corporate office relevant to the area s tenant base.
- Sysco foodservice distribution (7.7 miles)
This 100-unit, 1972-vintage asset in Longview benefits from a neighborhood with top-quartile occupancy nationally and a sizable renter base within a 3-mile radius, supporting steady leasing. According to CRE market data from WDSuite, the area s rent-to-income profile is manageable, favoring retention while suggesting measured rent growth strategies are most appropriate.
Given the property s older vintage relative to the neighborhood average, a focused value-add plan interior updates and targeted system improvements can enhance competitiveness versus 1980s-era stock. Amenity depth is moderate, but strong schools and park access help underpin family-oriented demand, while below-national home values may create some competition with ownership that investors should underwrite.
- Top-quartile neighborhood occupancy supports stable leasing and limited downtime
- 3-mile renter concentration and household growth expand the tenant base
- 1972 vintage offers value-add upside with planned interior and system upgrades
- Manageable rent-to-income profile favors retention and consistent collections
- Risks: capex for an older asset; moderate amenity density; ownership alternatives may temper pricing power