| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 36th | Fair |
| Amenities | 27th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 450 Normandy St, Houston, TX, 77015, US |
| Region / Metro | Houston |
| Year of Construction | 1984 |
| Units | 104 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
450 Normandy St Houston Multifamily Investment Opportunity
Neighborhood occupancy sits around the national median with a deep renter base, supporting steady leasing and cash flow durability according to WDSuite’s CRE market data. Pricing power is helped by a high-cost ownership context relative to incomes while rents remain broadly mid-market.
Located in Houston’s inner east-side suburbs, the neighborhood carries a C+ rating and shows balanced fundamentals for workforce housing. Neighborhood occupancy is around the national median, while a high share of renter-occupied units (55.1% of housing) indicates a broad tenant base that can support demand stability and renewal rates for a 100+ unit asset.
Daily needs are convenient: grocery store density is in the top quartile nationally, and restaurants are competitive versus peer areas (also top quartile). Other lifestyle amenities such as parks, cafes, and childcare are comparatively thin in this neighborhood, which may require operators to emphasize on-site features and resident programming to bolster retention.
Schools average roughly 3.0 out of 5 and sit above the national median, a supportive signal for family-oriented renter demand. Median contract rents benchmark near the national mid-range, reinforcing a value proposition for renters without pushing rent-to-income burdens to extremes.
Within a 3-mile radius, demographics indicate modest population growth over the last five years and a larger increase in households, expanding the renter pool. Forward-looking estimates show households continuing to rise even as average household size trends lower, which generally supports occupancy stability and depth of demand for well-managed multifamily assets.
Ownership conditions reflect elevated home values versus incomes (top third nationally on value-to-income ratios), which tends to sustain rental demand and lease retention. Rent-to-income metrics remain relatively manageable, helping mitigate affordability pressure and underlining consistent collections and renewals when paired with disciplined lease management.
Safety indicators are mixed relative to Houston and the nation. The neighborhood’s overall crime profile ranks around the middle of the 1,491 Houston-area neighborhoods, while national comparisons place safety below the median. Violent offense rates track in the lower national percentiles, and property offenses also sit below the national median but have improved modestly year over year.
For investors, this translates to a setting where professional management, lighting, access control, and community engagement can be important to support resident satisfaction and retention. Monitoring ongoing trends and coordinating with local resources remains prudent as part of risk management.
Proximity to major energy and utility employers supports a steady renter pipeline, with commutes generally within 10–11 miles. The nearby base includes Calpine, Waste Management, Kinder Morgan, NRG Energy, and CenterPoint Energy, which together underpin demand for workforce and mid-market rentals.
- Calpine — energy (9.9 miles) — HQ
- Waste Management — environmental services (10.0 miles) — HQ
- Kinder Morgan — midstream energy (10.2 miles) — HQ
- NRG Energy — energy (10.2 miles)
- Centerpoint Energy — utilities (10.2 miles) — HQ
The property benefits from a renter-driven neighborhood (above the metro median for renter-occupied share) and occupancy that trends near national norms, supporting stable cash flow potential. Elevated ownership costs relative to local incomes help sustain multifamily demand, while median rents remain competitive for working households, according to CRE market data from WDSuite. Grocery and restaurant access is strong by national standards, offsetting thinner coverage of parks and cafes.
Within 3 miles, households have increased faster than population, and forward estimates point to continued household growth alongside smaller household sizes. For operators, that dynamic typically enlarges the tenant base and supports leasing velocity for a 1980s garden-style asset, provided management addresses on-site amenities, safety best practices, and unit modernization where it enhances rent-pricing power.
- Renter depth: high renter-occupied share supports steady tenant demand and renewals.
- Balanced affordability: mid-market rents with manageable rent-to-income ratios aid retention.
- Employment access: multiple energy and utility HQs within ~10 miles bolster leasing.
- Demand outlook: rising household counts within 3 miles expand the renter pool.
- Risks: safety metrics trail national medians and local parks/cafes are limited; active management and amenity investment are important.