| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Fair |
| Demographics | 10th | Poor |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2601 Joliet St, Plainview, TX, 79072, US |
| Region / Metro | Plainview |
| Year of Construction | 1989 |
| Units | 41 |
| Transaction Date | 2024-12-02 |
| Transaction Price | $1,330,000 |
| Buyer | PLAINS VILLAGE APT LLC |
| Seller | ELITE WTX HOLDINGS LLC |
2601 Joliet St, Plainview TX Multifamily Investment
Positioned for workforce demand with a high renter-occupied share in the surrounding neighborhood, this 41-unit 1989 asset offers durable affordability and retention potential, according to WDSuite’s CRE market data. Neighborhood occupancy trends trail national norms, so underwriting should prioritize steady leasing over aggressive rent lifts.
Neighborhood context indicates a B- area that is mid-pack among the 11 Plainview neighborhoods, with grocery and pharmacy access comparatively stronger than cafes and parks. Grocery and pharmacy availability score above the metro median (3rd of 11 for both categories), while cafes, childcare, and parks are sparse, suggesting residents rely on everyday essentials over lifestyle amenities.
For investors, the renter-occupied share within the neighborhood is competitive among Plainview neighborhoods (3rd of 11; high 82nd national percentile), signaling a reliable tenant base for multifamily. However, the neighborhood e2 80 99s overall occupancy level sits below national norms, reinforcing the case for pragmatic lease-up assumptions and active management to sustain stabilization.
Construction vintage in the area averages 1982; this property e2 80 99s 1989 delivery is somewhat newer, offering relative competitiveness versus older stock while still warranting selective system upgrades and interior refreshes to support rentability. School ratings in the neighborhood are lower relative to national peers, which can moderate family-driven demand, but day-to-day convenience is aided by better-than-metro access to groceries and pharmacies.
Demographic statistics are aggregated within a 3-mile radius: the recent period shows modest population softness alongside a slight reduction in average household size, while forward-looking projections indicate an increase in households and a further decline in household size. That combination typically expands the renter pool and supports occupancy stability for well-managed workforce housing.
Home values in the neighborhood are comparatively low versus national benchmarks, which can introduce competition from ownership options. At the same time, low rent-to-income readings suggest limited affordability pressure, supporting lease retention but implying measured pricing power. Based on CRE market data from WDSuite, these dynamics favor consistent cash flow focus over outsized rent growth assumptions.
Safety trends compare favorably within the metro, with this neighborhood competitive among Plainview e2 80 99s 11 neighborhoods and above the national median on several measures. Recent year-over-year data show improving property and violent offense trends, supporting a stable operating backdrop without implying block-level guarantees.
Nationally, the neighborhood e2 80 99s positioning sits in the upper half for safety, which can aid resident retention and leasing, particularly for workforce renters prioritizing predictability. As always, investors should pair these metro- and national-level comparisons with on-the-ground diligence and current ownership e2 80 99s incident records.
The area e2 80 99s renter base is primarily supported by regional employers accessible by car, providing a steady draw for workforce housing. Nearby industrial services appear within commuting range and can contribute to leasing stability.
- Airgas Store e2 80 94 industrial gases (42.0 miles)
This 41-unit multifamily property, built in 1989, aligns with workforce housing demand in a neighborhood where renter-occupied housing is comparatively high. The asset is slightly newer than the local average vintage, offering a competitive position versus older stock while leaving room for targeted value-add and system upgrades. According to CRE market data from WDSuite, neighborhood occupancy sits below national norms, so the thesis favors consistent operations, resident retention, and disciplined renewal strategies over aggressive rent pushes.
Within a 3-mile radius, projections point to rising household counts and smaller household sizes over the next few years, which typically expands the renter pool and supports occupancy stability. Low ownership costs in the neighborhood can create competition with for-sale housing, but low rent-to-income readings suggest manageable affordability pressure and support steady leasing when pricing remains pragmatic. Investors should also consider that local income performance and NOI per unit trends lag national benchmarks, reinforcing the case for conservative underwriting and hands-on management.
- Workforce demand with high neighborhood renter-occupied share supports tenant depth
- 1989 vintage offers relative competitiveness plus value-add and system-upgrade potential
- 3-mile projections indicate growing households and smaller sizes, expanding renter pool
- Everyday convenience from stronger grocery/pharmacy access aids retention for workforce renters
- Risks: below-national occupancy norms, low home values increasing ownership competition, and NOI trends below national benchmarks