| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 90th | Best |
| Amenities | 88th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3154 Gray St, Houston, TX, 77004, US |
| Region / Metro | Houston |
| Year of Construction | 2008 |
| Units | 50 |
| Transaction Date | 2007-10-31 |
| Transaction Price | $300,000 |
| Buyer | VILLAGE OF ZION LP |
| Seller | TKNET LLC |
3154 Gray St Houston Multifamily Investment Opportunity
Newer 2008 construction relative to nearby housing stock and strong proximity to major employers suggest durable renter demand, according to WDSuite’s CRE market data. Focus is on workforce access and amenity convenience rather than lease-up risk.
This Inner Suburb location in Houston sits among the metro’s stronger neighborhoods for daily convenience. Amenity access ranks 15th among 1,491 Houston-The Woodlands-Sugar Land neighborhoods, and restaurant and cafe density trends in the top quartile nationally, supporting day-to-day livability and resident retention for multifamily assets.
The property’s 2008 vintage is newer than the neighborhood’s average construction year (1984). Newer stock tends to show competitive positioning versus older assets on finishes and systems; investors should still plan for mid-life building systems and common-area refresh over the hold to maintain leasing competitiveness.
Neighborhood occupancy is below the national median, indicating some leasing friction locally; however, the broader 3-mile radius shows a deeper renter base and continued renter pool expansion. Within 3 miles, households have grown while average household size has declined, a pattern that typically supports demand for smaller units and maintains occupancy stability for well-managed properties.
Ownership costs in the area are elevated relative to incomes compared with many U.S. neighborhoods, which can reinforce reliance on multifamily housing and support pricing power for well-located assets. Median rents in the neighborhood track above many peer areas but remain manageable versus incomes, helping balance rent growth potential with retention.
Safety indicators for this neighborhood trail both metro and national benchmarks. Crime ranks in the lower-performing tier among 1,491 Houston-The Woodlands-Sugar Land neighborhoods and sits well below national percentiles, signaling a comparatively higher incidence of reported offenses than many U.S. neighborhoods.
Recent year-over-year trends show increases in both property and violent offense estimates. For multifamily underwriting, investors commonly account for this with targeted measures such as lighting, access control, and security partnerships, and by emphasizing tenant screening and community standards. Monitoring citywide trend direction and any localized initiatives can help refine risk management over the hold.
- Waste Management — environmental services (1.4 miles) — HQ
- Centerpoint Energy — utilities (1.6 miles) — HQ
- Kinder Morgan — energy infrastructure (1.6 miles) — HQ
- Enterprise Products Partners — midstream energy (1.7 miles) — HQ
- Targa Resources — midstream energy (1.7 miles) — HQ
The investment case centers on location convenience, employer proximity, and a unit mix that likely skews smaller than average (average unit size approximately 440 sq. ft.). The 2008 construction positions the asset ahead of older neighborhood stock, which can support occupancy and rent trade-outs with modest capex for modernization. Within a 3-mile radius, population and households have increased and are projected to continue rising, indicating a larger tenant base and steady leasing prospects. According to CRE market data from WDSuite, neighborhood occupancy trends underperform broader benchmarks, so disciplined operations and amenities that resonate with urban renters will matter.
Elevated ownership costs in the area tend to sustain multifamily demand, while access to multiple downtown energy and utility headquarters underpins weekday traffic and lease retention. Key risks include below-median safety metrics and the need to actively manage for security and resident experience; underwriting should reflect appropriate operating reserves and capital planning for mid-life systems.
- Newer 2008 vintage versus local stock supports competitive positioning with targeted modernization
- Proximity to major downtown employers drives consistent renter demand and retention
- 3-mile household growth and smaller household sizes expand the renter pool for smaller units
- Elevated ownership costs reinforce reliance on multifamily, aiding pricing power and lease stability
- Risk: below-median safety metrics and softer neighborhood occupancy require active management and security investments