| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 31st | Fair |
| Amenities | 16th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 17714 Red Oak Dr, Houston, TX, 77090, US |
| Region / Metro | Houston |
| Year of Construction | 1979 |
| Units | 112 |
| Transaction Date | 2022-06-07 |
| Transaction Price | $35,098,700 |
| Buyer | BRIDGES PROPERTY LLC |
| Seller | TMIF BRIDGES LP |
17714 Red Oak Dr Houston Multifamily Value-Add Play
High neighborhood renter concentration supports a deep tenant base, while softer neighborhood occupancy signals the need for active leasing strategy, according to WDSuite’s CRE market data.
Located in Houston’s north Inner Suburb, the property sits in a neighborhood with strong renter orientation: renter-occupied units account for a high share of housing (68.1%), placing the area in the top tier nationally for renter concentration. For investors, that depth of rental households points to durable multifamily demand, though neighborhood occupancy (measured for the neighborhood, not the property) tracks below national norms, suggesting hands-on asset management to sustain lease-up and retention.
Amenity access is mixed. Park density ranks 18th among 1,491 Houston metro neighborhoods, a top quartile position that can support livability and leasing appeal. However, counts of cafes, groceries, pharmacies, and restaurants per square mile rank near the bottom locally, indicating residents rely on broader trade areas for daily needs. This pattern can temper walk-to-amenity appeal but is typical for many workforce-oriented suburban nodes.
Within a 3-mile radius, population has grown modestly since 2018 and households have also increased, with WDSuite data indicating continued expansion through 2028 that should enlarge the renter pool and support occupancy stability. Median asking rents in the 3-mile area have risen since 2018 and are projected to continue advancing, reinforcing revenue potential when paired with effective leasing and renewal management.
Home values in the neighborhood sit above many national readings, and the value-to-income ratio places the area in a higher-cost ownership context (top decile nationally). For multifamily owners, elevated ownership costs tend to reinforce reliance on rental housing, supporting pricing power and renewal capture, while still requiring attention to rent-to-income levels to manage retention risk.
The asset’s 1979 vintage is older than the neighborhood’s average construction year (1987). That age profile often points to capital planning needs but also creates value-add opportunities via unit renovations, system upgrades, and common-area improvements to compete effectively against newer stock.
Safety indicators for the neighborhood compare below national averages. Using WDSuite’s benchmarks, the area falls around the lower third nationally for overall safety, and it is not among the safer cohorts within the Houston metro. Investors should underwrite with prudent security and site-operations assumptions, particularly for lighting, access control, and resident communications.
Recent trends are mixed: estimated property offenses show a year-over-year decline, while estimated violent offenses have increased over the same period. These are neighborhood-level metrics, not property-specific, and should be evaluated alongside on-site measures and local policing initiatives when assessing long-term risk and retention.
The North Houston employment base spans energy services, healthcare, and technology support roles, offering a broad commuter pool that can underpin renter demand and retention for workforce housing. Nearby anchors include CenterPoint Energy, Hewlett Packard Enterprise, McKesson Specialty Health, Anadarko Petroleum, and Halliburton.
- Centerpoint Energy — utilities (7.9 miles)
- Hewlett Packard Enterprise Customer Engagement Center — technology services (8.6 miles)
- McKesson Specialty Health — healthcare distribution (8.7 miles)
- Anadarko Petroleum — energy (8.9 miles) — HQ
- Halliburton — energy services (9.4 miles) — HQ
This 112-unit, 1979-vintage asset presents a classic value-add profile in a renter-heavy Houston neighborhood. High renter-occupied share supports demand depth, while neighborhood occupancy running below national norms points to the importance of proactive leasing, renewal capture, and targeted upgrades to sustain performance. According to WDSuite’s commercial real estate analysis, nearby household and population growth within a 3-mile radius, along with rising and forecasted rents, provide a constructive backdrop for long-term cash flow optimization.
Elevated ownership costs at the neighborhood level bolster reliance on rental housing, which can aid pricing power when paired with competitive finishes and attentive property management. Park access compares favorably across the metro, improving lifestyle appeal, though limited immediate retail and services suggests the asset will compete on value, convenience to employment, and on-site amenities rather than walkability.
- Renter-heavy neighborhood supports a large, stable tenant base
- 1979 vintage offers clear renovation and systems-upgrade upside
- 3-mile radius growth and rising rents support long-term revenue potential
- Elevated ownership costs reinforce multifamily demand and renewal leverage
- Risks: softer neighborhood occupancy, below-average safety metrics, and limited walk-to-amenities require active management