| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 64th | Good |
| Amenities | 13th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4949 Fm 2351 Rd, Friendswood, TX, 77546, US |
| Region / Metro | Friendswood |
| Year of Construction | 1979 |
| Units | 76 |
| Transaction Date | 2009-06-24 |
| Transaction Price | $2,437,500 |
| Buyer | SHADOWBROOKE AT FRIENDSWOOD LLC |
| Seller | GARDEN BRIDGESTONE LP |
4949 FM 2351 Rd, Friendswood TX Multifamily Investment
Neighborhood occupancy trends sit above the Houston metro median, pointing to steady leasing conditions, according to WDSuite’s CRE market data. A growing household base within 3 miles supports renter demand and retention for well-positioned assets.
This Inner Suburb pocket of Friendswood carries a B- neighborhood rating and performs above the metro median on several investor-relevant metrics. Neighborhood multifamily occupancy ranks above the metro midpoint among 1,491 Houston-area neighborhoods, signaling relatively stable leasing. Renter-occupied housing accounts for roughly one-third of units, which indicates a moderate renter concentration and a dependable tenant base for workforce-oriented product.
Livability skews toward essentials over leisure: grocery access benchmarks in the 81st percentile nationally, while cafes, restaurants, and parks are comparatively sparse. School quality sits modestly above the national midpoint (average rating around 3 out of 5), which can help with family-oriented tenant retention even if not a top-tier education node.
Within a 3-mile radius, population has grown and households have expanded faster, with forecasts calling for additional household gains as average household size trends lower. That dynamic broadens the tenant pool and can support occupancy stability and lease-up velocity for smaller-format units. Median household incomes rank in the upper national percentiles, and the neighborhood’s rent-to-income positioning indicates limited affordability pressure, enhancing renewal prospects and measured pricing power.
Home values are elevated for the area but remain relatively accessible in income terms compared with high-cost coastal markets. For investors, that implies some competition from ownership options; positioning on convenience, amenities, and professional management will be important to sustain demand. Vintage also matters: with a 1979 construction year against a neighborhood average closer to 1990, this asset may need targeted capital improvements, but it also presents clear value‑add and modernization upside to outperform older peers.
Relative to the Houston metro, this neighborhood’s safety profile places in the top quartile among 1,491 neighborhoods, and it scores above the national midpoint overall. Recent year-over-year declines in both property and violent offenses indicate improving trends, which supports resident retention and predictable operations. As always, conditions can vary by block; investors should underwrite to submarket trends rather than single-street assumptions.
Proximity to major employers supports a broad commuter tenant base, with nearby aerospace, energy, utilities, and corporate services nodes that can reinforce leasing stability for workforce housing.
- Boeing: Bay Area Building — aerospace (6.2 miles)
- Calpine Turbine Maintenance Group — power generation services (8.2 miles)
- Dish Network — telecom (10.0 miles)
- Waste Management — environmental services (17.8 miles) — HQ
- Centerpoint Energy — utilities (18.0 miles) — HQ
The 76‑unit property at 4949 FM 2351 Rd offers exposure to an Inner Suburb pocket where neighborhood occupancy sits above the metro median and household growth within 3 miles is expanding the renter pool. Based on commercial real estate analysis from WDSuite, incomes benchmark in higher national percentiles, and rent-to-income positioning indicates manageable affordability pressure—factors that support renewal rates and measured rent growth.
Built in 1979, the asset is older than the neighborhood average, pointing to targeted CapEx and value‑add potential—particularly for common-area refreshes, systems modernization, and amenities that differentiate in an ownership-leaning area. Essentials-forward retail (notably strong grocery access) offsets limited leisure amenities, while proximity to major employers underpins steady commuter demand.
- Above-metro neighborhood occupancy supports leasing stability
- Expanding 3‑mile household base broadens the tenant pool and supports absorption
- Higher-income profile and favorable rent-to-income dynamics aid retention and pricing power
- 1979 vintage offers clear value‑add and systems modernization upside
- Risks: ownership-leaning area and limited leisure amenities require competitive positioning and amenity strategy