| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 11th | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9701 Forum Park Dr, Houston, TX, 77036, US |
| Region / Metro | Houston |
| Year of Construction | 1983 |
| Units | 117 |
| Transaction Date | 2022-01-04 |
| Transaction Price | $8,437,500 |
| Buyer | MADISON APARTMENTS LLC |
| Seller | ARIAFA LLC |
9701 Forum Park Dr Houston Value-Add Multifamily
High renter concentration and proximity to major employment corridors position this asset for steady workforce demand, according to WDSuite’s CRE market data. Neighborhood occupancy trends and pricing dynamics suggest room to compete on operations and renovations.
Located in Houston’s Urban Core, the neighborhood scores C+ overall and sits 1,024 out of 1,491 metro neighborhoods, indicating mid-pack positioning within the region. Neighborhood metrics cited here reflect area conditions, not the property’s performance.
Daily needs are well served: grocery and pharmacy density ranks in the top decile nationally, while cafes and parks are limited. This mix supports renter convenience for essentials but offers fewer lifestyle amenities, which investors can offset with on-site programming or targeted upgrades.
The area exhibits an 83.5% share of renter-occupied housing units (rank 41 of 1,491), signaling a deep tenant base for multifamily. Neighborhood occupancy is 87.2%, which is below stronger Houston submarkets; operators may need sharper leasing and retention to stabilize. Median contract rents benchmark around the 43rd national percentile, suggesting competitively priced units relative to many U.S. neighborhoods.
Within a 3-mile radius, demographics point to a large, diverse renter pool and near-term normalization: recent population softened modestly, but households are projected to increase by 2028, implying smaller household sizes and a larger tenant base for apartments. Income levels have been rising, which can support collections and measured rent growth, while a neighborhood rent-to-income ratio near 0.26 indicates some affordability pressure to manage for renewals and lease stability.
Home values in the neighborhood sit around the 41st national percentile, a relatively accessible ownership market that can introduce some competition with entry-level ownership. For investors, this typically favors well-managed, value-forward product that retains residents through service quality, unit functionality, and modest pricing power rather than premium positioning.
Built in 1983 versus a neighborhood average vintage from the late 1970s, the asset is slightly newer than much of the local stock. Investors should still underwrite ongoing modernization and system upgrades to remain competitive against renovated peers.
Safety indicators for the neighborhood trend weaker than both metro and national benchmarks. The area ranks 1,167 out of 1,491 Houston metro neighborhoods for crime, placing it on the lower end of the metro distribution. Nationally, the neighborhood sits near the 11th percentile for overall safety, indicating elevated incident rates compared with most U.S. neighborhoods.
Recent estimates also show year-over-year increases in both violent and property offenses at the neighborhood level. Investors commonly address this profile with enhanced site lighting, access controls, and attentive property management to support resident retention and protect NOI.
Nearby corporate anchors support a broad commuter tenant base and reinforce leasing depth, led by energy and diversified services employers including National Oilwell Varco, Phillips 66, Sysco, Quanta Services, and Group 1 Automotive.
- National Oilwell Varco — energy equipment (1.2 miles) — HQ
- Phillips 66 — integrated energy (4.7 miles) — HQ
- Sysco — foodservice distribution (7.1 miles) — HQ
- Quanta Services — infrastructure contractor (7.1 miles) — HQ
- Group 1 Automotive — auto retail (7.2 miles) — HQ
This 117-unit, 1983-vintage asset offers operational and renovation upside in a renter-heavy submarket. The neighborhood’s renter-occupied share is among the highest in the metro, supporting a deep tenant base, while median rents track below the national midpoint, creating room to compete on value. According to CRE market data from WDSuite, neighborhood occupancy trails stronger Houston pockets, suggesting that hands-on management, targeted unit refreshes, and security enhancements can drive outperformance versus local benchmarks.
Within a 3-mile radius, households are projected to grow by 2028 even as average household size trends lower, which typically expands the renter pool and supports leasing velocity for efficiently sized units (average 473 sq. ft.). Rising area incomes and proximity to multiple corporate headquarters further reinforce demand for well-managed workforce housing. Investors should underwrite security and retention measures given neighborhood safety indicators and manage affordability exposure as rent-to-income sits near one-quarter.
- Renter-heavy neighborhood supports deep tenant base and steady leasing
- 1983 vintage with value-add potential through targeted renovations and systems upgrades
- Proximity to major corporate HQs underpins commuter demand and retention
- Efficient unit mix (avg. 473 sq. ft.) aligns with workforce housing demand
- Key risks: below-metro neighborhood occupancy, elevated local crime indicators, and affordability pressure impacting renewals