| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 78th | Best |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 Ojeman Rd, Houston, TX, 77055, US |
| Region / Metro | Houston |
| Year of Construction | 1973 |
| Units | 42 |
| Transaction Date | 2021-12-22 |
| Transaction Price | $9,500,000 |
| Buyer | ARROWSTAR CAPITAL LLC |
| Seller | OJEMAN APARTMENTS LLC |
1501 Ojeman Rd Houston Value-Add Multifamily
Positioned in Houston’s Spring Branch area, the asset benefits from high-income households, top-ranked schools, and neighborhood occupancy in the low‑90% range, according to WDSuite’s CRE market data. The combination supports stable renter demand with room for selective rent optimization.
The property sits in an Inner Suburb location that is competitive among Houston-The Woodlands-Sugar Land neighborhoods (ranked 241 out of 1,491). Neighborhood fundamentals skew favorable for multifamily: grocery and pharmacy access score in the upper national percentiles, while restaurants cluster nearby; parks, cafes, and childcare options are thinner, which is typical for many inner-ring Houston neighborhoods. Average school ratings are at the top of the metro (ranked 1 of 1,491) and in the top percentile nationally, a durable draw for family renters and longer tenures.
Within a 3-mile radius, demographic statistics show a large, diversified population base and modest household growth in recent years, with projections indicating meaningful increases in both population and households over the next five years. That outlook points to a larger tenant base and supports occupancy stability for well-managed properties.
Elevated home values and strong household incomes in the neighborhood signal a high-cost ownership market relative to many areas nationally. For multifamily investors, this typically sustains rental demand and can aid lease retention, while a rent-to-income profile that sits favorably suggests capacity for measured rent initiatives without overextending residents.
Built in 1973, the asset is slightly newer than the neighborhood’s average vintage. Investors should plan for ongoing system updates and targeted renovations; in return, classic interiors and common areas may offer value-add potential relative to newer comparables. Renter-occupied housing accounts for roughly half of units within a 3-mile radius, indicating solid depth in the tenant pool and reinforcing demand for multifamily options.
Neighborhood safety indicators trend below metro averages, with crime ranked 1,131 out of 1,491 Houston-area neighborhoods and positioned in lower national percentiles. This implies comparatively higher reported crime than many peer locations. Recent year-over-year readings show upticks in both property and violent offense estimates, so underwriting should factor appropriate security measures and potential insurance cost sensitivity.
For investors, the key is comparative context and trend monitoring rather than block-level conclusions. Enhanced lighting, access control, and partnership with local patrols can mitigate on-site risk, and leasing strategies that emphasize the area’s strengths (schools, incomes, proximity to jobs) can help maintain demand even as safety conditions evolve.
Proximity to diversified corporate employers supports commuter convenience and broad renter demand, with a mix of financial services and energy offices nearby. The following employers anchor local jobs and are within a short drive of the property.
- Wells Fargo Advisors — financial services (1.7 miles)
- Group 1 Automotive — auto retail HQ & corporate (2.8 miles) — HQ
- ExxonMobil - Brookhollow Campus — energy offices (3.0 miles)
- Prudential — financial services (4.0 miles)
- Apache — energy HQ (4.3 miles) — HQ
This 42-unit, 1973-vintage property in Spring Branch aligns with renter demand supported by high incomes, top-ranked schools, and steady neighborhood occupancy. The vintage suggests ongoing capital planning, but also positions the asset for value-add upgrades to compete with newer stock. Elevated for-sale home values and favorable rent-to-income dynamics point to sustained reliance on multifamily housing and measured pricing power, based on CRE market data from WDSuite.
Within a 3-mile radius, projections indicate growth in both population and households, broadening the tenant base and supporting lease-up and retention. Nearby employment nodes in energy and financial services provide diverse white-collar demand drivers, while grocery and pharmacy access remains strong at the neighborhood level.
- High-income, school-strong neighborhood supports stable demand and longer tenures
- 1973 vintage offers value-add potential through targeted renovations and system updates
- Elevated ownership costs and favorable rent-to-income profile bolster pricing flexibility and retention
- Proximity to diversified employers underpins leasing and reduces commute friction for renters
- Risks: below-metro safety readings and aging systems require prudent capex and operating plans