| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Poor |
| Demographics | 32nd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6503 Wanda Ln, Houston, TX, 77074, US |
| Region / Metro | Houston |
| Year of Construction | 1973 |
| Units | 119 |
| Transaction Date | 2022-04-13 |
| Transaction Price | $28,292,500 |
| Buyer | JAMES APARTMENTS LLC |
| Seller | RATHFARNHAM LLC |
6503 Wanda Ln Houston Multifamily with Renter Depth
Neighborhood metrics point to a sizable renter base and softer occupancy, according to WDSuite’s CRE market data, suggesting an operations-first business plan may be most effective. These indicators reflect the neighborhood— not the property— and can support durable demand with the right positioning.
Located in an Inner Suburb of Houston, the property sits in a neighborhood with mixed fundamentals for investors. Amenity density is thin locally, and average school ratings trend below national norms, which can require more emphasis on on-site features and service to drive retention. At the same time, the share of housing units that are renter-occupied is 50.4% in the immediate neighborhood (above the metro median), signaling a deep tenant pool for multifamily product.
Occupancy at the neighborhood level is softer than national averages, indicating that leasing execution and competitive positioning will matter. However, within a 3-mile radius, households are projected to increase by 37.8% by 2028 with average household size trending lower, expanding the renter pool and creating opportunities for stabilized absorption and lease-up management over the medium term. These are neighborhood-level dynamics, not property-level performance.
Home values in the area are relatively accessible in the national context, while rents carry a rent-to-income profile that suggests manageable affordability pressure. For investors, this mix can support lease retention while limiting pricing power to measured adjustments tied to value delivered. Neighborhood NOI per unit trends below national peers, reinforcing the need for disciplined expense control and targeted upgrades to capture outsized returns.
The asset’s 1973 vintage is newer than the neighborhood’s average construction year (1962). That relative youth versus older local stock can aid competitiveness, though investors should still plan for system updates and selective renovations typical for assets of this era to enhance rentability and reduce near-term CapEx surprises.
Safety indicators in this neighborhood trend weaker than both metro and national norms. The area ranks toward the higher-crime end of the Houston-The Woodlands-Sugar Land metro (1,156 out of 1,491 neighborhoods), and national comparisons place it in a lower percentile for safety. Recent year-over-year estimates also indicate rising property and violent offense rates. These are neighborhood-level signals and can vary block to block; investors typically address them through security enhancements, lighting, and resident engagement programs.
Proximity to major corporate offices in energy and business services supports workforce housing demand and commute convenience for residents, notably National Oilwell Varco, ABM SSC, Quanta Services, Apache, and Phillips 66.
- National Oilwell Varco Employees CU — corporate offices (3.0 miles)
- National Oilwell Varco — energy services (3.0 miles) — HQ
- Abm SSC — business services (3.2 miles)
- Quanta Services — infrastructure services (4.8 miles) — HQ
- Apache — energy (5.3 miles) — HQ
- Phillips 66 — energy (5.5 miles) — HQ
This 119-unit asset benefits from a renter-oriented neighborhood and proximity to major employment centers, while softer neighborhood occupancy underscores the importance of hands-on operations and targeted upgrades. Based on CRE market data from WDSuite, the surrounding area shows a high concentration of renter-occupied units and forecast growth in households within 3 miles, supporting a larger tenant base over time. The 1973 vintage is newer than much of the local housing stock, offering a competitive starting point for value-add improvements and systems modernization.
Home values and rent-to-income indicators suggest measured pricing power coupled with the need to emphasize resident experience for lease retention. Safety trends are a known consideration at the neighborhood level; investors typically budget for security, visibility, and community programming to support occupancy stability and reputation management.
- Renter concentration and nearby employers support tenant demand and leasing velocity
- Forecast household growth within 3 miles expands the renter pool and supports occupancy over time
- 1973 construction provides a platform for value-add renovations and system upgrades versus older local stock
- Balanced rent-to-income dynamics favor retention, with pricing gains tied to delivered improvements
- Risk: Softer neighborhood occupancy and safety metrics require strong on-site management and targeted security investment