| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 50th | Good |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 W Crosstimbers St, Houston, TX, 77018, US |
| Region / Metro | Houston |
| Year of Construction | 1972 |
| Units | 98 |
| Transaction Date | 2021-07-22 |
| Transaction Price | $7,307,500 |
| Buyer | GRACE GARDEN OAKS LLC |
| Seller | GARDEN OAKS CT LLC |
500 W Crosstimbers St Houston Value-Add Multifamily
Renter concentration in the neighborhood is around two-fifths, and household counts within a 3-mile radius have been rising, supporting a stable tenant base according to CRE market data from WDSuite. Positioning near employment corridors and everyday amenities adds leasing resilience for a 1972 asset with clear value-add potential.
This Inner Suburb location in Houston offers everyday convenience that supports renter retention: restaurant and cafe access is competitive among Houston-The Woodlands-Sugar Land neighborhoods, and grocery and pharmacy availability also track above metro medians. At the metro level, the overall amenity profile sits in the top quartile among 1,491 neighborhoods, a positive underpinning for day-to-day livability and leasing.
Neighborhood occupancy has held in the high-80s with gains over the past five years, indicating demand consistency at the submarket level. The share of housing units that are renter-occupied is about 40%, which helps sustain a deeper tenant pool for multifamily. Median contract rents in the area remain moderate relative to incomes, which can support retention and measured pricing power.
Within a 3-mile radius, population and household counts have grown, and forecasts point to further expansion with smaller average household sizes. That dynamic typically broadens the renter pool and can support occupancy stability and steady absorption for efficiently sized units.
The property s 1972 vintage is older than the neighborhood s average construction year. For investors, that typically implies planning for common capital items and creates potential to capture renovation upside versus newer competitive stock, particularly if interior finishes and building systems are modernized in line with renter expectations.
Home values in the neighborhood are elevated relative to many U.S. areas, which often sustains rental demand by making ownership a higher-cost alternative. Combined with a lower rent-to-income profile locally, this supports lease retention while allowing owners to manage renewals with an eye on affordability pressure and pricing discipline.
Safety indicators for this neighborhood compare below both metro and national benchmarks, reflecting a less favorable profile than many U.S. neighborhoods. The neighborhood s crime rank sits in the lower half among 1,491 metro neighborhoods, and national percentiles indicate weaker safety performance.
Recent year-over-year estimates point to upticks in both violent and property offenses. Investors commonly address this by emphasizing lighting, access control, and community standards, and by calibrating underwriting assumptions to reflect the neighborhood context rather than block-level conditions.
Proximity to major energy and industrial corporate offices supports renter demand through commute convenience and a steady white- and blue-collar employment base. Nearby anchors include ExxonMobil, Baker Hughes, Calpine, EOG Resources, and NRG Energy.
- ExxonMobil - Brookhollow Campus energy offices (3.1 miles)
- Baker Hughes energy services (4.7 miles) HQ
- Calpine power generation (5.3 miles) HQ
- Eog Resources energy exploration & production (5.3 miles) HQ
- NRG Energy energy services (5.4 miles)
This 98-unit, 1972 garden-style asset offers a pragmatic value-add story supported by a competitive neighborhood amenity profile and a renter base that comprises roughly two-fifths of local housing units. According to CRE market data from WDSuite, neighborhood occupancy has improved over the last five years and remains in the high-80s, while rent levels are moderate relative to incomes, aiding renewal capture without undue affordability pressure.
Within a 3-mile radius, population and household growth, alongside shrinking average household size, point to a larger renter pool and ongoing leasing depth for compact floor plans. Elevated home values in the neighborhood reinforce reliance on multifamily housing, and proximity to multiple energy-focused corporate offices supports weekday traffic and retention. Risks include a below-average safety profile and limited park and childcare amenities, which should be reflected in operations and capital planning alongside renovations that refresh interiors and systems.
- Value-add potential: 1972 vintage with scope for system and interior upgrades
- Demand depth: renter-occupied share near 40% supports a broader tenant base
- Occupancy stability: neighborhood rates improved over five years with moderate rents vs. incomes
- Location fundamentals: competitive amenity access and proximity to major employers
- Risks: below-average safety metrics and limited parks/childcare require targeted Opex and CapEx