| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 87th | Best |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1615 Bering Dr, Houston, TX, 77057, US |
| Region / Metro | Houston |
| Year of Construction | 1999 |
| Units | 102 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1615 Bering Dr Houston Urban Core Multifamily Investment
Positioned in Houston’s Urban Core, this 102‑unit 1999 asset benefits from strong neighborhood amenities and a deep renter base, according to WDSuite’s CRE market data. This commercial real estate analysis points to solid long-term renter demand with room for operational execution on leasing and retention.
The property sits in a high-performing Urban Core neighborhood (A rating) that ranks 65th among 1,491 Houston metro neighborhoods—placing it in the top quartile metro-wide. Grocery and pharmacy access score competitively (both near the top decile nationally), and restaurants are dense for the area, supporting daily convenience and helping sustain renter appeal. Parks and cafes are less prevalent locally, so on-site amenities and programming can matter more for lifestyle differentiation.
Construction trends skew older in the neighborhood (average vintage 1978), so a 1999 asset is comparatively newer, offering a competitive edge versus older stock while still warranting periodic systems updates or modernization to maintain positioning. Neighborhood median contract rents sit above national norms while rent-to-income remains moderate, which can support pricing power without overextending typical renter budgets.
Within a 3‑mile radius, demographics point to population growth and a projected increase in households through 2028, implying a larger tenant base over time. The renter-occupied share within this radius is high, indicating depth in multifamily demand and potential support for occupancy stability across cycles.
At the neighborhood level, occupancy is softer than national averages, suggesting that leasing execution—unit turns, renewals, and targeted concessions—will be important. Offsetting factors include strong neighborhood income fundamentals and competitive amenity access. Based on CRE market data from WDSuite, NOI performance among nearby multifamily assets ranks in the top quartile metro-wide, signaling that well-managed properties in this area can perform competitively.
Relative to other Houston neighborhoods and national comparisons, this area trends in the lower safety tier, with crime measures below the metro median and below national percentiles. Investors typically account for this with enhanced access control, lighting, and active management, and by emphasizing on-site amenities that support resident retention.
Trend monitoring and property-level measures can mitigate volatility; benchmarking against comparable Urban Core assets in Houston is advisable to calibrate operating assumptions and security budgets over the hold period.
Proximity to major energy and financial services employers supports a diverse commuter tenant base and underpins weekday leasing stability. Notable nearby offices include Apache, Prudential, Quanta Services, Occidental, and Wells Fargo Advisors.
- Apache — energy (1.1 miles) — HQ
- Prudential — financial services (1.5 miles)
- Quanta Services — energy infrastructure (1.5 miles) — HQ
- Occidental — energy (3.2 miles)
- Wells Fargo Advisors — financial services (3.6 miles)
The investment case centers on a relatively newer 1999 vintage in a top‑quartile Houston Urban Core neighborhood with strong daily conveniences and a deep regional renter base. While neighborhood occupancy trends are softer than national norms, the 3‑mile area shows both recent population growth and a projected increase in households, which supports a larger tenant base and potential lease-up resiliency. Elevated neighborhood incomes, moderate rent-to-income dynamics, and strong grocery/pharmacy/restaurant access further reinforce demand fundamentals.
Based on CRE market data from WDSuite, comparable properties nearby have delivered competitive NOI performance within the metro, indicating execution upside for operators who focus on renewals, targeted upgrades, and expense discipline. The 1999 vintage should be positioned as competitively newer than much of the local stock, with prudent capital planning for systems modernization and selective value-add to sustain performance.
- Newer 1999 vintage versus neighborhood’s older stock supports competitive positioning with targeted modernization.
- Deep renter base within 3 miles and projected household growth point to a larger tenant pool over the hold.
- Amenity-rich corridor (grocery, pharmacy, restaurants) aids retention and pricing discipline.
- Metro‑competitive NOI potential for well-managed assets, per WDSuite’s CRE market data.
- Risks: softer neighborhood occupancy and lower safety tier call for focused leasing strategy and property-level security measures.