| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 16th | Poor |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2002 Johanna Dr, Houston, TX, 77055, US |
| Region / Metro | Houston |
| Year of Construction | 2010 |
| Units | 32 |
| Transaction Date | 2009-12-22 |
| Transaction Price | $2,366,300 |
| Buyer | AMELIA APTS LLC |
| Seller | 2002 JOHANNA LLC |
2002 Johanna Dr, Houston — 2010 Vintage 32-Unit Multifamily
Newer construction versus local stock and proximity to major employment nodes point to durable renter demand, according to WDSuite’s CRE market data. The asset’s compact unit mix can support pricing competitiveness while tapping a deep renter pool in an inner-suburban pocket.
Located in an Inner Suburb of Houston, the neighborhood rates B- and sits above the metro median (rank 722 of 1,491) for overall performance, per WDSuite. The property’s 2010 construction is newer than the neighborhood’s average vintage (1975), which typically enhances competitive positioning versus older stock while still warranting selective capital planning over the hold.
Livability supports: restaurant and cafe density test well nationally (roughly top decile for restaurants and high for cafes), and grocery access is solid. However, parks and pharmacies are sparse locally. For investors, this mix suggests everyday convenience and dining variety, with fewer open-space amenities in the immediate area.
Multifamily depth is notable: about 71.8% of housing units in the neighborhood are renter-occupied, indicating a sizable tenant base and potential demand stability. Neighborhood occupancy is around 89.5% and trails national medians, which places a premium on competitive finishes, management, and value positioning to sustain leasing velocity.
Within a 3-mile radius, demographics indicate a stable-to-improving renter story. Over the last five years, the total population was roughly flat to slightly down while household counts increased, pointing to smaller household sizes and a larger addressable renter pool. Looking ahead, WDSuite data shows population growth and a meaningful increase in households by 2028, which can expand the tenant base and support occupancy. Elevated home-value-to-income ratios (near the 99th percentile nationally) signal a high-cost ownership market, which often sustains reliance on rentals and supports pricing power when managed carefully.
Safety indicators rank below the metro median (crime rank 1,056 out of 1,491 Houston-area neighborhoods) and score low versus neighborhoods nationwide. In practical terms, this means the neighborhood has more reported crime than many peers in the region and sits in lower national percentiles for safety. Investors typically respond with enhanced access controls, lighting, and active property management to support resident retention.
Recent year-over-year trends indicate increases in both property and violent offense rates locally. While block-level variation can be significant in Houston, underwriting should incorporate prudent security measures and operating practices, and compare loss history and incident reports against comparable inner-suburban assets.
The area draws from a diversified employment base spanning energy and financial services, supporting workforce housing demand and commute convenience for residents. Nearby employers include ExxonMobil, Wells Fargo Advisors, Prudential, Group 1 Automotive, and Apache.
- ExxonMobil - Brookhollow Campus — energy offices (1.7 miles)
- Wells Fargo Advisors — financial services (3.1 miles)
- Prudential — insurance (3.9 miles)
- Group 1 Automotive — auto retail (4.2 miles) — HQ
- Apache — energy (4.5 miles) — HQ
This 32-unit asset built in 2010 offers a newer-vintage alternative to predominantly 1970s neighborhood stock, which can reduce near-term capital exposure and strengthen leasing versus older comparables. The inner-suburban location combines strong amenity access with proximity to major employers, while a high neighborhood renter concentration supports demand depth. According to CRE market data from WDSuite, ownership costs are elevated relative to incomes in this area, which tends to reinforce reliance on multifamily housing and can support rent durability when management calibrates to local affordability.
Counterpoints to underwrite include neighborhood safety metrics that trail metro and national benchmarks and rent-to-income readings that suggest affordability pressure for some renter cohorts. Positioning smaller average unit sizes toward value-minded renters, along with pragmatic security and resident-experience investments, can mitigate these risks and sustain occupancy.
- 2010 vintage versus 1970s neighborhood average supports competitive positioning with moderated near-term capex
- Inner-suburban location near diversified employers underpins leasing velocity and retention
- High renter-occupied share and elevated ownership costs bolster multifamily demand
- Compact unit sizes enable value-oriented pricing strategy relative to larger, older comps
- Risks: below-median safety metrics and affordability pressure require active management and targeted upgrades