| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 37th | Fair |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10010 Westpark Dr, Houston, TX, 77042, US |
| Region / Metro | Houston |
| Year of Construction | 1977 |
| Units | 108 |
| Transaction Date | 2010-05-04 |
| Transaction Price | $2,200,000 |
| Buyer | PARK PLAZA APARTMENTS LLC |
| Seller | 10010 WESTPARK DRIVE LLC |
10010 Westpark Dr, Houston Multifamily Investment
Majority renter-occupied neighborhood supports a deeper tenant base, with occupancy near the metro median according to WDSuite’s CRE market data.
Positioned in Houston’s Urban Core (neighborhood rating B-), the area is competitive among 1,491 Houston-The Woodlands-Sugar Land neighborhoods on amenities, with especially strong access to grocery stores and restaurants. Childcare and daily-needs retail are plentiful, while parks and pharmacies are sparse, suggesting value in on-site amenities to support resident convenience.
The neighborhood’s renter-occupied share is elevated, indicating a wide tenant pool and potential leasing depth. At the 3-mile scale, demographics show households have grown even as total population edged lower, pointing to smaller household sizes and a steady flow of renters entering the market; forecasts indicate additional household and income growth by 2028, which can support demand and occupancy stability.
Median contract rents have been trending upward, and the homeownership market is higher-cost relative to incomes (elevated value-to-income levels), which generally sustains reliance on multifamily housing and aids lease retention. That said, rent-to-income considerations warrant active lease management to mitigate affordability pressure and preserve pricing power.
The property’s 1977 vintage is slightly older than the neighborhood’s average construction year, creating a straightforward value-add opportunity through targeted interior refreshes, systems modernization, and common-area programming to compete effectively against newer stock.
Compared with the Houston metro, this neighborhood trends below average on safety and falls into a lower national safety percentile. For investors, that typically calls for strong visibility, lighting, access control, and community engagement to support resident retention and stabilize operations.
Tracking neighborhood trendlines and comps is prudent; focused on-site measures and partnerships with local groups can help manage risk and protect NOI without over-reliance on concessions.
Nearby corporate anchors support workforce housing demand and commute convenience, led by energy, infrastructure, facilities services, and automotive retail employers listed below.
- Phillips 66 — energy (1.7 miles) — HQ
- Abm SSC — facilities services (2.4 miles)
- National Oilwell Varco — oilfield services (2.4 miles) — HQ
- Group 1 Automotive — auto retail (3.7 miles) — HQ
- Quanta Services — infrastructure services (4.9 miles) — HQ
10010 Westpark Dr offers 108 units in a majority-renter pocket of Houston with strong daily-needs access and proximity to major employers, supporting a broad tenant base and pragmatic lease-up dynamics. Neighborhood occupancy trends sit near the metro median, and the 3-mile radius shows household growth alongside rising incomes, indicating a larger renter pool and support for rent rolls over time, based on CRE market data from WDSuite.
Built in 1977, the asset may benefit from focused capital planning—interior upgrades, systems tuning, and amenity enhancements—to capture value-add upside and compete with newer product. A higher-cost ownership context relative to incomes reinforces rental demand, while underwriting should account for safety-related operating measures and selective affordability pressures to protect retention and NOIs.
- Majority-renter environment and daily-needs access support depth of tenant demand and leasing velocity.
- Household growth and rising incomes within 3 miles point to renter pool expansion and occupancy stability.
- 1977 vintage provides clear value-add pathway via interior modernization, systems updates, and amenity upgrades.
- Proximity to major employers (energy, infrastructure, facilities services, automotive) underpins resident retention.
- Risks: below-metro safety profile, sparse parks/pharmacies, and rent-to-income management needs; plan for security and disciplined leasing.