| 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 | $9,100,000 |
| Buyer | Imperion Investment Management LLC |
| Seller | 450 Normandy Street LLC |
450 Normandy St Houston Multifamily Investment
Positioned in Houston’s inner east-side suburbs, the property benefits from steady neighborhood multifamily occupancy and a renter base supported by working households, according to WDSuite’s CRE market data. Neighborhood metrics point to dependable grocery and dining access and a rent-to-income profile that supports lease retention.
Houston’s Inner Suburb setting offers practical renter fundamentals for a 104-unit asset. Neighborhood occupancy trends hover in the low 90s, indicating ongoing demand stability rather than late-cycle softness. Median contract rents in the area sit around the middle of the market, which helps sustain leasing velocity without over-reliance on concessions.
Day-to-day convenience is supported by stronger grocery and restaurant density than many comparable neighborhoods in the metro, while parks, pharmacies, cafes, and childcare options are thinner. Average school ratings trend modestly above national norms, a positive for family renters seeking longer tenancy.
The property’s 1984 vintage is slightly newer than the neighborhood’s early-1980s average. That positioning can be competitive versus older stock, while still leaving room for targeted system updates and common-area refreshes to lift rents and retention.
Renter concentration in the neighborhood is a majority of housing units being renter-occupied, which deepens the tenant base for multifamily. Within a 3-mile radius, population has edged up over the last five years and households have increased, with forecasts calling for more households even as average household size eases—conditions that can expand the renter pool and support occupancy.
Ownership costs in the area are relatively high versus local incomes by national comparisons, which tends to reinforce reliance on rental housing and can support pricing power for well-maintained units. At the same time, rent-to-income measures align with manageable affordability for many working households, aiding renewal rates.
Safety indicators for the neighborhood trail national norms, reflecting higher-than-average reported incidents compared with U.S. neighborhoods overall. Relative to other Houston neighborhoods, the area sits on the weaker side for safety; investors should underwrite standard security measures and community management practices to support resident comfort.
Recent trend data show a modest year-over-year decline in property offenses, while violent offense levels remain elevated compared with national benchmarks. Ongoing monitoring and operational controls (lighting, access control, partnerships with local patrols) are prudent parts of the business plan.
Proximity to Houston’s energy and services employers supports a broad workforce renter base and reasonable commute times. Nearby anchors include Calpine, Waste Management, Kinder Morgan, NRG Energy, and CenterPoint Energy.
- Calpine — energy generation (9.95 miles) — HQ
- Waste Management — environmental services (10.01 miles) — HQ
- Kinder Morgan — midstream energy (10.18 miles) — HQ
- NRG Energy — energy services (10.18 miles)
- Centerpoint Energy — utilities (10.23 miles) — HQ
This 1984-vintage, 104-unit asset is positioned for durable workforce demand in an inner-suburban pocket where neighborhood occupancy holds in the low 90s and median rents sit near the market middle. According to CRE market data from WDSuite, the area shows solid grocery and dining access, a majority renter-occupied housing base, and school ratings modestly above national averages—ingredients that can underpin leasing stability. The vintage is slightly newer than the neighborhood norm, offering competitive positioning versus older comparables with potential upside from targeted renovations and building system updates.
Within a 3-mile radius, recent population growth alongside increasing household counts—and forecasts for more households as sizes moderate—point to a larger tenant base over time. Ownership costs relative to incomes are elevated by national comparisons, which can sustain renter reliance on multifamily, while rent-to-income levels remain manageable for many working households. Key risks include safety metrics that lag metro and national benchmarks, plus thinner park and childcare amenities; underwriting should account for security investments and a pragmatic, value-focused capital plan.
- Inner-suburban location with steady neighborhood occupancy and mid-market rents supporting leasing stability
- 1984 construction slightly newer than local average, with value-add potential via targeted upgrades
- Majority renter-occupied housing and growing household counts within 3 miles deepen the tenant base
- Ownership costs vs. local incomes reinforce rental demand while rent-to-income supports retention
- Risks: below-average safety indicators and thinner park/childcare amenities warrant security and amenity planning