| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 66th | Good |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15055 N Eldridge Pkwy, Cypress, TX, 77429, US |
| Region / Metro | Cypress |
| Year of Construction | 1999 |
| Units | 46 |
| Transaction Date | 2015-03-20 |
| Transaction Price | $6,600,000 |
| Buyer | Parsons House Cypress LLC |
| Seller | Eldridge Parkway Assisted |
15055 N Eldridge Pkwy Cypress Multifamily Investment
Renter demand is supported by strong neighborhood fundamentals and stable occupancy levels, according to WDSuite’s CRE market data. Neighborhood statistics reference the surrounding area, not this specific property.
Situated in suburban Cypress within the Houston metro, the neighborhood ranks 73 out of 1,491 metro neighborhoods, placing it comfortably in the top quartile locally for overall investment fundamentals. Amenity access—including restaurants, cafes, parks, groceries, and pharmacies—scores in the upper national percentiles, providing everyday convenience that can support leasing and retention.
Neighborhood occupancy measures are solid by national comparison, and NOI per unit performance is strong (top decile locally), suggesting assets here have historically supported consistent income streams. The broader area’s average construction vintage centers around the early 2000s, while this property’s 1999 build is slightly older; investors should plan for selective capital improvements to remain competitive with nearby, newer stock and to capture potential value-add upside.
Within a 3-mile radius, demographics indicate a large and expanding renter pool: population grew over the last five years and is projected to continue rising, with households growing faster than population, which can translate to a larger tenant base. Median household incomes are high by national standards, reinforcing the depth of demand for well-managed multifamily housing. Approximately 26% of housing units are renter-occupied in the 3-mile radius, indicating a meaningful renter concentration that supports absorption for well-located workforce and mid-tier assets.
Home values in the neighborhood sit above national norms while the value-to-income ratio remains moderate, implying a high-cost ownership market relative to many areas but not extreme by national standards. For multifamily owners, this context can sustain rental demand while still requiring disciplined pricing and amenity positioning to compete with ownership options. Overall, the area’s amenity depth, income profile, and steady occupancy position it as competitive among Houston neighborhoods for long-term multifamily performance.
Safety metrics in the surrounding neighborhood are broadly around the national middle overall, with violent offense rates comparing favorably (upper national percentiles indicate relatively safer conditions on that dimension). The area is competitive among Houston neighborhoods based on metro rankings, though recent property offense trends have ticked up year over year. For investors, this suggests monitoring near-term property crime patterns while recognizing comparatively stronger standing on violent crime.
As always, safety can vary by block and over time. The figures cited reflect neighborhood-level patterns across the metro’s 1,491 neighborhoods and national comparisons, providing directional context rather than property-specific conditions.
Proximity to major employers supports commute convenience and a diversified renter base, led by technology, utilities, midstream energy, industrial automation, and oil & gas corporate offices listed below.
- Hewlett Packard Enterprise Customer Engagement Center — enterprise technology (1.6 miles)
- CenterPoint Energy — utilities (5.4 miles)
- Enterprise Products — midstream energy (6.8 miles)
- Emerson Process Management — industrial automation (9.3 miles)
- ConocoPhillips — oil & gas (14.1 miles) — HQ
The Cypress neighborhood posts competitive performance within the Houston metro, with solid occupancy, strong amenity access, and high household incomes that deepen the tenant base. According to CRE market data from WDSuite, neighborhood NOI per unit benchmarks rank among the strongest locally, indicating support for durable income when assets are well-managed. The property’s 1999 vintage is slightly older than the neighborhood’s early-2000s average, creating a clear path for targeted renovations to improve competitive positioning and capture value-add returns.
Within a 3-mile radius, recent population and household growth—and forecasts calling for further expansion—point to ongoing renter pool expansion that supports occupancy stability and leasing velocity. Ownership remains relatively attainable compared with some high-cost markets, so disciplined rent setting and amenity programming are important to maintain pricing power versus single-family options. Overall, the combination of commuting access, diversified nearby employment, and favorable income profiles underpins a balanced, long-term multifamily thesis.
- Competitive neighborhood performance in Houston with solid occupancy and strong amenity access
- High household incomes and expanding households within 3 miles support tenant demand
- 1999 vintage offers value-add potential via targeted interior and systems upgrades
- Nearby corporate employers reinforce leasing stability and retention
- Risks: recent uptick in property offenses and competition from ownership alternatives require disciplined pricing and asset management