| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 86th | Best |
| Amenities | 91st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3603 Chenevert St, Houston, TX, 77004, US |
| Region / Metro | Houston |
| Year of Construction | 2011 |
| Units | 51 |
| Transaction Date | 2014-09-26 |
| Transaction Price | $8,150,000 |
| Buyer | MIDTOWN GROVE CALDER LLC |
| Seller | ROCKSTAR MIDTOWN LLC |
3603 Chenevert St Houston Urban-Core Multifamily Investment
Newer 2011 construction competes well against older neighborhood stock and taps a deep renter base, according to WDSuite’s CRE market data. Neighborhood-level occupancy and tenure metrics suggest durable demand drivers in Houston’s urban core; statistics cited reflect neighborhood conditions, not this specific property.
Location dynamics: The property sits in an A+ rated Urban Core neighborhood ranked 8th among 1,491 Houston metro neighborhoods, indicating strong fundamentals at the sub-neighborhood scale. Amenity access is a standout: restaurant density ranks among the top 1% nationally, with cafes, childcare, pharmacies, and parks also testing at high national percentiles, supporting renter convenience and leasing appeal.
Rental demand and tenure: The share of housing units that are renter-occupied is elevated (97th percentile nationally), signaling a sizable tenant base and depth for multifamily. Neighborhood occupancy is below national norms, so operators may lean more on amenity access, pricing strategy, and product differentiation to sustain absorption; these metrics reference the neighborhood, not the property.
Vintage and competitiveness: With a 2011 build year against a neighborhood average near 1970, the asset is newer than much of the surrounding stock. That positioning can reduce immediate capital exposure relative to older assets while offering scope for selective modernization as systems age, improving competitive standing versus legacy properties.
Affordability and homeownership context: Elevated home values and a high value-to-income ratio in the neighborhood point to a high-cost ownership market, which can sustain multifamily reliance and support lease retention. At the same time, neighborhood rent-to-income reads as manageable, a combination that can support pricing power without overextending renters.
3-mile demand drivers (demographics): Within a 3-mile radius, population and household counts have expanded and are projected to continue growing, with household sizes trending smaller. This points to a larger renter pool and steady demand for smaller-format units over time, supporting occupancy stability and leasing velocity.
Neighborhood safety trends warrant attention. The area ranks 1,212 out of 1,491 Houston metro neighborhoods on crime, placing it below the metro median and in a low national percentile. This comparative position signals heightened risk relative to many Houston sub-areas and to neighborhoods nationwide.
Investors typically address such environments through operational focus—access control, lighting, and resident engagement—while calibrating underwriting for potential security-related expenses. These observations are neighborhood-level and not specific to the property.
Proximity to Downtown’s energy and utilities headquarters supports a steady professional renter base and commute convenience. Key nearby employers include Waste Management, Plains GP Holdings, CenterPoint Energy, Enterprise Products Partners, and Kinder Morgan.
- Waste Management — corporate offices (1.6 miles) — HQ
- Plains GP Holdings — energy midstream (1.6 miles) — HQ
- Centerpoint Energy — utilities (1.6 miles) — HQ
- Enterprise Products Partners — energy midstream (1.6 miles) — HQ
- Kinder Morgan — energy infrastructure (1.7 miles) — HQ
This 2011-vintage asset offers competitive positioning in a neighborhood where much of the housing stock predates 1980. Strong amenity coverage and proximity to major energy and utilities employers enhance leasing prospects, while an elevated renter-occupied share at the neighborhood level indicates depth of demand. According to CRE market data from WDSuite, neighborhood occupancy trails national norms, so performance often hinges on product differentiation and operations.
Within a 3-mile radius, population and households have grown and are projected to expand further, with smaller average household sizes pointing to continued renter pool expansion. High ownership costs in the neighborhood context support multifamily reliance, and a manageable rent-to-income backdrop can aid retention and pricing discipline.
- Newer 2011 vintage versus older neighborhood stock supports competitive positioning and moderates near-term capex.
- Deep neighborhood renter base and strong amenity access underpin demand and leasing velocity.
- 3-mile population and household growth with shrinking household sizes signal a larger tenant pool over time.
- High-cost ownership market context supports multifamily reliance and potential pricing power.
- Risks: below-metro safety position and neighborhood occupancy below national norms may require tighter operations and conservative underwriting.