| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 51st | Good |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15240 Galveston Rd, Webster, TX, 77598, US |
| Region / Metro | Webster |
| Year of Construction | 1983 |
| Units | 90 |
| Transaction Date | 2008-04-28 |
| Transaction Price | $5,500,000 |
| Buyer | DTA Properties, LLC |
| Seller | Clear Lake Falls |
15240 Galveston Rd, Webster TX Multifamily Investment
Neighborhood-level metrics point to deep renter demand and above-median occupancy, according to WDSuite’s CRE market data, which supports stable leasing for well-positioned assets in this inner suburb. Focus on durable cash flow with prudent expense management rather than outsized rent growth assumptions.
This inner-suburb location in the Houston metro shows solid livability drivers that matter to renters. Neighborhood amenities are competitive, with restaurants, groceries, parks, and cafes performing in the top half nationally. That mix typically supports convenience-oriented leasing and can aid renewal rates for workforce-oriented multifamily.
On operating fundamentals, the neighborhood’s occupancy is above the metro median (ranked 680 among 1,491 Houston neighborhoods), indicating reasonably steady absorption. Renter concentration is very high at the neighborhood level, reinforcing the depth of the tenant base for a 90-unit property and helping sustain marketing velocity during typical turnover cycles.
Within a 3-mile radius, households have grown even as average household size has trended smaller, expanding the pool of potential renters. Forward-looking projections within that same 3-mile radius point to additional household growth by 2028, which can support occupancy stability and sustained tenant demand for professionally managed communities.
Ownership costs in this part of Harris County are relatively accessible by national standards, yet the value-to-income relationship trends higher than the U.S. median. That context, combined with a neighborhood-level rent-to-income profile that signals some affordability pressure, suggests investors should prioritize renewal strategies and amenity value over aggressive rent pushes to preserve retention and pricing power over time.
The property’s 1983 vintage is slightly older than the neighborhood’s average construction year. For investors, that typically implies targeted capital planning (exteriors, systems, and interiors) to defend competitive position against newer stock while capturing renovation-driven upside where returns justify spend.
Safety indicators at the neighborhood level trend below national norms, with crime measures in lower national percentiles compared to U.S. neighborhoods. Within the Houston metro, the broader crime rank indicates performance below many peer areas (rank 1,234 of 1,491), so investors should underwrite enhanced security, lighting, and operating protocols as part of asset management rather than relying on organic improvement.
Recent year-over-year trends show increases in both property and violent offense estimates at the neighborhood level. While these are area-wide signals rather than block-specific readings, prudent underwriting would include contingency for security-related operating expenses and community engagement measures to support resident satisfaction and retention.
Proximity to aerospace, energy, and industrial services employers supports a steady commuter tenant base and helps retention via manageable drive times. The nearby employment mix includes Boeing, Calpine’s turbine services, Dish Network, Air Products, and the headquarters of Waste Management.
- Boeing: Bay Area Building — aerospace offices (3.3 miles)
- Calpine Turbine Maintenance Group — energy services (5.3 miles)
- Dish Network — telecommunications (12.0 miles)
- Air Products — industrial gases (15.2 miles)
- Waste Management — environmental services (18.6 miles) — HQ
15240 Galveston Rd is a 90-unit, 1983-vintage asset positioned to capture demand from a renter-heavy neighborhood with above-metro-median occupancy, according to CRE market data from WDSuite. Amenity access is competitive for the Houston metro, which, together with a deep renter base, supports day-one leasing stability and renewal potential.
The 1983 vintage suggests targeted value-add and systems modernization could enhance competitive standing against newer stock while preserving operating margins. Within a 3-mile radius, household counts have increased and are projected to expand further by 2028, pointing to a larger tenant base even as household sizes trend smaller. Investors should balance this demand backdrop with area affordability pressures and safety considerations by emphasizing resident experience, measured rent strategies, and disciplined capital planning.
- Renter-heavy neighborhood and above-metro-median occupancy underpin leasing stability
- Competitive amenity access supports renewals and day-to-day livability
- 1983 vintage offers value-add and systems-upgrade opportunities for NOI durability
- 3-mile household growth outlook expands the tenant base and supports occupancy
- Risks: area safety readings and affordability pressure call for prudent rent and Opex management