| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Fair |
| Demographics | 10th | Poor |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2812 Houston St, Plainview, TX, 79072, US |
| Region / Metro | Plainview |
| Year of Construction | 1982 |
| Units | 48 |
| Transaction Date | 2024-12-02 |
| Transaction Price | $3,325,000 |
| Buyer | WINWOOD PLAINVIEW APT LLC |
| Seller | ELITE WTX HOLDINGS LLC |
2812 Houston St, Plainview TX Multifamily Investment
Positioned for durable renter demand supported by improving neighborhood occupancy and low rent-to-income ratios, according to WDSuite’s CRE market data. Stabilization and modest value-add execution can target steady cash flow in a lower-cost Texas market.
The property sits in Plainview’s Inner Suburb fabric with a B- neighborhood rating, offering day-to-day convenience anchored by grocery and pharmacy access that is competitive among local options and above national midpoints. Restaurant density is moderate, while cafes, parks, and childcare are limited, which suggests a practical amenity profile rather than a lifestyle destination.
Neighborhood occupancy trends are above the metro median (ranked 5 of 11) yet sit below national medians, and have improved over the past five years. For investors, this points to achievable stabilization with disciplined operations and leasing focus.
Tenure patterns indicate a meaningful renter-occupied share in the neighborhood, reinforcing depth for multifamily leasing. Within a 3-mile radius, demographics show a broad mix of family and working-age households and a slight historical population dip, with forecasts pointing to household growth and smaller average household sizes—both supportive of a larger tenant base and occupancy stability over time.
Home values are comparatively low in the local context. For multifamily owners, this means the market provides accessible ownership alternatives that can compete with rentals, but it also supports retention where rentals remain the more convenient option. Median contract rents in the neighborhood sit toward the lower end nationally, which, coupled with a favorable rent-to-income profile, can aid leasing velocity and renewal rates.
School quality in the area trends below national averages, which may influence the tenant mix toward workforce households. Housing and demographic percentiles place the neighborhood below national medians overall, but day-to-day retail access and improving occupancy create a workable foundation for pragmatic, operations-led performance.
Safety indicators are above the national median, with both violent and property offense rates trending down year over year based on WDSuite’s CRE market data. In metro context, recent safety metrics are competitive among Plainview neighborhoods (11 total), and the national standing sits comfortably in the upper half—an encouraging backdrop for tenant retention and leasing.
As with any small market, conditions can shift, so owners should track neighborhood trends rather than block-level anecdotes. The current directionality—improving incident rates and comparative strength versus national benchmarks—supports an underwriting stance that assumes stable operations with routine monitoring.
- Airgas Store — industrial gases & supplies (42.2 miles)
Regional employers within commuting range help anchor workforce housing demand, though major job centers are dispersed. The list below reflects notable presence within a broader drive shed.
Built in 1982, the 48-unit asset offers clear value-add angles through targeted interior refreshes and selective systems upgrades, positioning it competitively against older local stock while managing near-term capital needs. Neighborhood occupancy has trended upward and sits above the metro median, and rents benchmark on the lower end nationally—factors that can support lease-up and renewals. According to CRE market data from WDSuite, the rent-to-income profile is favorable, reinforcing retention and giving owners measured pricing flexibility as improvements are executed.
Within a 3-mile radius, forecasts indicate rising household counts and a shift toward smaller household sizes—drivers that typically expand the renter pool and support occupancy stability. Offsetting considerations include accessible ownership costs that can compete with rentals and a smaller employer base locally, which argues for conservative growth assumptions and active asset management.
- Operations-focused upside: improving neighborhood occupancy with rents at accessible levels supports steady leasing
- Value-add potential: 1982 vintage allows targeted interior and systems upgrades to enhance competitiveness
- Demand drivers: 3-mile household growth and smaller household sizes point to a broader renter base
- Affordability supports retention: favorable rent-to-income dynamics can aid renewals and lease management
- Risks: accessible ownership options and a modest local employer base may temper rent growth and require active leasing