| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 40th | Fair |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3402 Blalock Rd, Houston, TX, 77080, US |
| Region / Metro | Houston |
| Year of Construction | 1972 |
| Units | 104 |
| Transaction Date | 2009-12-22 |
| Transaction Price | $1,218,800 |
| Buyer | CIP HOUSTON IV LLC |
| Seller | SPRING BROOK VILLAGE LLC |
3402 Blalock Rd Houston Multifamily Value-Add Position
Neighborhood occupancy is around the metro middle and supported by durable renter demand, according to WDSuite’s CRE market data, positioning this asset for steady operations with room to enhance performance.
Located in an inner-suburb pocket of Houston, the property benefits from strong daily-needs retail access: grocery density ranks among the highest nationally, which supports convenience-driven leasing and retention. Café and park density is limited within the immediate neighborhood, so residents may rely more on nearby corridors for lifestyle amenities typical of the metro.
Neighborhood rents sit in a moderate band relative to national levels, and a rent-to-income ratio near the national midpoint indicates manageable affordability pressure for tenants—helpful for lease stability and collections management. Measured at the neighborhood level, occupancy trends are mid-pack among 1,491 Houston neighborhoods, suggesting performance is likely driven by property-level execution rather than outsized submarket tailwinds.
Tenure patterns vary by geography. Within the neighborhood, approximately one-third of housing units are renter-occupied, pointing to a mixed-tenure area that can see some competition from ownership. In the broader 3-mile radius, renter concentration is higher, indicating a deeper tenant base that can support leasing velocity for a 100+ unit asset.
Demographic indicators aggregated within a 3-mile radius show gradual recent population gains and rising household counts, with projections pointing to further growth. This expansion of households implies a larger tenant base over time, supporting occupancy and providing a wider pool for value-focused unit mixes such as efficient studios and one-bedrooms.
Safety metrics for the neighborhood track below national percentiles, indicating higher reported crime than many areas nationwide. Recent year-over-year readings also point to increases in both property and violent incidents. For underwriting, investors typically account for enhanced security measures, lighting, and access controls, and consider these factors alongside rent positioning and tenant retention strategies. Conditions can vary across blocks within the metro, so property-specific operations and visibility are important.
- Wells Fargo Advisors — financial services offices (2.8 miles)
- Group 1 Automotive — auto retail HQ and corporate (3.4 miles) — HQ
- Emerson Process Management — industrial technology offices (3.5 miles)
- ExxonMobil - Brookhollow Campus — energy offices (4.2 miles)
- Enterprise Products — midstream energy offices (6.1 miles)
A diverse employment base nearby—spanning financial services, auto retail headquarters, industrial technology, and energy—supports renter demand through short commutes and broad occupational depth.
Built in 1972, the asset presents classic value-add potential: interior modernization and system upgrades can sharpen competitiveness versus older stock while targeting rent lifts within a moderate-rent neighborhood. According to CRE market data from WDSuite, neighborhood occupancy sits near metro norms and rent levels are in a workable range relative to incomes, supporting a thesis centered on operational execution and selective renovations.
A larger renter pool within the 3-mile radius and projected growth in households point to steady leasing prospects for 100+ units, while strong grocery access bolsters day-to-day livability. Investors should balance these strengths against below-average safety metrics and lighter lifestyle amenity density in the immediate vicinity, which may warrant security investment and focused marketing on convenience and value.
- 1972 vintage supports a value-add plan targeting interiors, common areas, and building systems
- Moderate neighborhood rents and mid-range rent-to-income support retention and collections
- 3-mile radius growth and higher renter concentration expand the tenant base for a 100+ unit asset
- Strong grocery access underpins daily convenience and leasing appeal despite thinner café/park density
- Risk: below-national safety readings—underwrite security, lighting, and access control to support operations