| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 60th | Good |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 13702 Richmond Ave, Houston, TX, 77082, US |
| Region / Metro | Houston |
| Year of Construction | 1981 |
| Units | 36 |
| Transaction Date | 2005-05-27 |
| Transaction Price | $1,520,900 |
| Buyer | MCFM WESTHOLLOW PLACE LTD |
| Seller | WESTHOLLOW PLACE LLP |
13702 Richmond Ave Houston Multifamily Investment
Neighborhood occupancy has been steady and supported by a sizable renter base, according to WDSuite’s CRE market data, which points to durable demand for smaller-format units in this inner-suburban location.
This Inner Suburb setting in Houston sits "Above metro median" overall (rank 352 among 1,491 metro neighborhoods, A- rating), with fundamentals that favor workforce housing. Restaurant density is a local strength (top quartile nationally), while parks, cafes, and grocery options are limited within the neighborhood footprint; pharmacies and childcare are relatively abundant. School rating data is not available at the neighborhood level in this release.
Occupancy across the neighborhood is about mid-range nationally and has trended modestly higher over the past five years, indicating stable leasing conditions rather than late-cycle softness. Median contract rents sit in the middle of the Houston spectrum, suggesting room to compete on value and amenity improvements versus newer product while preserving lease stability.
Tenure dynamics are constructive for multifamily. The neighborhood’s share of renter-occupied housing units is elevated relative to many Houston areas, and within a 3-mile radius renters account for an estimated 61% of occupied units. This concentration supports a deeper tenant base and helps sustain occupancy, particularly for efficient floorplans.
Demographic signals aggregated within a 3-mile radius show a slight recent population dip alongside a 3% increase in households and smaller average household sizes. Forward-looking projections indicate growth in households and incomes by 2028, implying a larger renter pool and potential for demand resilience if properties are positioned with competitive finishes and prudent lease management.
For ownership alternatives, neighborhood home values are below many high-cost U.S. markets, which can create some competition from entry-level ownership. Even so, a mid-range rent-to-income environment points to manageable affordability pressure and supports retention when paired with measured rent steps and service quality.
Relative safety levels are a watchpoint here. The neighborhood ranks closer to the higher-crime end of Houston’s 1,491 neighborhoods and sits in a lower national safety percentile, indicating conditions that are below national norms. Recent estimates also point to year-over-year increases in both property and violent offense rates.
Investors typically address this with targeted operating practices—such as lighting, access control, and community standards—and by underwriting security and turnover assumptions conservatively. Comparable Inner Suburb locations across the metro show that well-managed assets can still maintain leasing stability despite broader area statistics.
Proximity to major corporate offices anchors renter demand through commute convenience and diversified employment, led by food distribution, energy, building services, and oilfield equipment. The employers below represent key drivers within a short drive of the property.
- Sysco — food distribution HQ (2.1 miles) — HQ
- ConocoPhillips — energy HQ (4.1 miles) — HQ
- Phillips 66 — energy HQ (4.3 miles) — HQ
- Abm SSC — building services (5.3 miles)
- National Oilwell Varco — oilfield equipment HQ (5.4 miles) — HQ
Built in 1981, the property is older than the neighborhood’s average vintage, creating a clear value-add path through targeted renovations and systems upgrades to compete against late-1990s and 2000s stock. Neighborhood occupancy has held near the national middle, and, according to CRE market data from WDSuite, renter concentration and steady leasing conditions underpin demand for compact units that deliver value relative to newer assets.
The 3-mile radius shows rising household counts and smaller household sizes alongside projected income gains by 2028—signals that typically expand the renter pool and support occupancy stability. Nearby Fortune 500 employers in the Energy Corridor and West Houston corporate cluster provide a diversified employment base that can aid retention, though underwriting should account for area safety statistics and capex to modernize an early-1980s asset.
- 1981 vintage with value-add and systems modernization potential to sharpen competitive positioning
- Neighborhood occupancy near national middle with elevated renter-occupied share supporting demand depth
- 3-mile outlook indicates household and income growth, reinforcing tenant base expansion toward 2028
- Near major employers (Sysco, ConocoPhillips, Phillips 66) that help sustain leasing and retention
- Risks: below-average safety metrics and limited nearby parks/grocers; plan for security, resident experience, and disciplined rent steps