| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 15th | Poor |
| Amenities | 11th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 717 Richcrest Dr, Houston, TX, 77060, US |
| Region / Metro | Houston |
| Year of Construction | 1983 |
| Units | 120 |
| Transaction Date | 2006-02-03 |
| Transaction Price | $2,632,500 |
| Buyer | GGS GROUP LLC |
| Seller | BRY CORP |
717 Richcrest Dr Houston Multifamily Value-Add Potential
Neighborhood occupancy is strong and renter demand is deep, according to WDSuite’s CRE market data, signaling stable leasing dynamics at the submarket level. Metrics cited refer to the surrounding neighborhood rather than this specific property.
Situated in Houston’s inner-suburban north side, the neighborhood posts a 96.9% occupancy rate, placing it in the top quartile nationally and indicating steady leasing fundamentals across comparable assets (per WDSuite). Renter-occupied housing accounts for a high share of units in the area (neighborhood-level renter concentration), supporting a larger tenant base and potential demand depth for multifamily operators.
Amenity access is mixed: cafes, restaurants, and parks are limited locally, while grocery availability compares more favorably versus neighborhoods nationwide. Average school ratings trend on the lower side, which can shape tenant mix and leasing strategy. The neighborhood’s housing stock averages late-1980s construction, and this 1983 vintage asset is slightly older—often translating to capital expenditure planning and value-add/modernization opportunities for competitive positioning.
Within a 3-mile radius, demographic statistics show modest recent population stability alongside growth in households, expanding the local renter pool. Forward-looking projections point to additional household gains and smaller average household sizes, which can broaden demand for rental units and support occupancy stability. Median home values are comparatively lower versus national norms, suggesting more accessible ownership options in this submarket context; investors should consider potential competition with entry-level ownership while noting that a lower rent-to-income profile can aid retention and reduce affordability pressure on rent growth.
Relative to the Houston-The Woodlands-Sugar Land metro, the neighborhood ranks above the metro median on occupancy (rank 350 of 1,491 neighborhoods) and is competitive on grocery access. However, it trails on amenities and school ratings, requiring thoughtful amenity programming and management to maintain leasing momentum. These dynamics, combined with a high neighborhood-level renter concentration, set a clear operational focus on value, maintenance responsiveness, and targeted upgrades.
Safety indicators for the neighborhood trend weaker than regional and national norms. The area ranks 1,026 out of 1,491 Houston metro neighborhoods for overall crime, placing it below the metro median and in a lower national percentile according to WDSuite. Recent year-over-year estimates indicate increases in both property and violent offenses at the neighborhood level. Investors should underwrite with enhanced security, lighting, access controls, and community engagement plans to support tenant retention.
Proximity to a concentration of energy and corporate services employers supports workforce renter demand and commute convenience. Nearby anchors include Halliburton, CenterPoint Energy, Enterprise Products, ExxonMobil’s Brookhollow campus, and Emerson Process Management.
- Halliburton — oilfield services (3.7 miles) — HQ
- Centerpoint Energy — utilities (8.6 miles)
- Enterprise Products — midstream energy (10.1 miles)
- ExxonMobil - Brookhollow Campus — energy offices (10.8 miles)
- Emerson Process Management — industrial automation (11.1 miles)
This 1983 vintage, 120-unit property sits in a neighborhood with top-quartile national occupancy and a high share of renter-occupied housing, pointing to durable demand and steady leasing potential. Based on CRE market data from WDSuite, the surrounding area’s household growth and projected shift toward smaller household sizes expand the tenant base for multifamily while supporting occupancy stability. Lower local home values versus national norms can introduce competition from ownership, but relatively moderate rent burdens at the neighborhood level can aid lease retention.
The 1983 construction is slightly older than the neighborhood’s late-1980s average, creating a clear value-add angle: targeted interior upgrades, systems modernization, and curb appeal improvements can help the asset compete against newer stock. Operators should balance this upside with pragmatic risk management around limited nearby amenities, lower school ratings, and neighborhood safety, aligning capital plans and onsite practices to sustain leasing performance.
- High neighborhood occupancy and deep renter base support stable leasing
- 1983 vintage offers value-add and systems upgrade potential versus late-1980s peers
- Household growth and smaller household sizes within 3 miles expand the tenant pool
- Pricing power balanced by more accessible homeownership; emphasize retention and service
- Risks: amenity scarcity, lower school ratings, and below-metro safety require active management