| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Poor |
| Demographics | 40th | Poor |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 600 Leah Ave, San Marcos, TX, 78666, US |
| Region / Metro | San Marcos |
| Year of Construction | 1999 |
| Units | 80 |
| Transaction Date | 2020-08-12 |
| Transaction Price | $9,368,800 |
| Buyer | ASHFORD WELLINGTON LP |
| Seller | GALVESTON VILLA MARINA LTD |
600 Leah Ave San Marcos Multifamily Investment
Neighborhood occupancy around 600 Leah Ave tracks near metro norms and signals durable renter demand, according to WDSuite’s CRE market data. Investor focus leans toward steady leasing supported by a deep renter base in the surrounding San Marcos area.
The property sits in an Inner Suburb pocket of the Austin–Round Rock–Georgetown metro where renter demand is reinforced by a large 18–34 population share within a 3-mile radius and a high concentration of renter-occupied housing units. With roughly two-thirds of housing units renter-occupied within 3 miles, the local tenure mix supports a broad tenant base and helps underpin multifamily absorption and retention.
Neighborhood occupancy is close to the metro average (ranked 434 of 527 metro neighborhoods), suggesting stable but competitive leasing conditions. Median contract rents in the neighborhood place around the upper-mid range nationally (68th percentile), which can allow for measured pricing power, while investors should still manage renewals thoughtfully where rent-to-income ratios imply some affordability pressure.
Local amenities skew toward dining and everyday services rather than full-service retail: restaurants are competitive among metro neighborhoods (ranked 116 of 527; top quintile nationally), and parks and childcare access perform above national norms, while grocery and pharmacy counts are limited within the neighborhood boundaries. Average school ratings track below national averages, which may shape the resident profile and marketing strategy but does not preclude strong performance in renter-heavy areas.
From a metro comparison standpoint, the neighborhood’s overall rating sits in the mid tier (C; rank 393 of 527), indicating a balanced but not top-performing subarea. For investors, that translates to dependable renter demand with room to differentiate via asset quality and management execution rather than relying solely on neighborhood tailwinds.
Safety indicators for the neighborhood are below the metro average (crime rank 385 of 527), placing it in a lower national percentile. Recent data show a modest decline in property offenses year over year, while estimates indicate an uptick in violent incidents; taken together, trends are mixed and warrant standard risk management practices such as security, lighting, and resident engagement.
Compared with neighborhoods nationwide, the area falls below average for safety, so investors should underwrite conservative assumptions for operating protocols and potential insurance costs, while noting that changes can be property-specific and are influenced by on-site management and visibility.
- State Farm Insurance — insurance (24.0 miles)
- Oracle Waterfront — software & cloud (29.8 miles)
- Whole Foods Market — grocery headquarters (30.7 miles) — HQ
- Cst Brands — fuel & convenience retail (32.8 miles) — HQ
- Andeavor — energy (35.1 miles) — HQ
This 80-unit asset in San Marcos benefits from a deep renter pool within a 3-mile radius and neighborhood occupancy that sits near metro norms, supporting steady lease-up and renewal prospects. The local rent context trends upper-mid nationally, which provides room for disciplined revenue management, while the neighborhood’s mid-tier ranking suggests value can be created through operations and targeted upgrades rather than relying solely on location lift. Based on commercial real estate analysis from WDSuite, fundamentals point to dependable demand with prudent attention to affordability and resident retention.
Demographic momentum is constructive: population and household counts have grown over the past five years and are projected to continue expanding through 2028 within 3 miles, indicating a larger tenant base over time. The area’s younger-skewing population profile also aligns with smaller-format units, supporting consistent interest from renters who prioritize proximity to services and commute connectivity across the Austin–San Antonio corridor.
- Renter depth: high renter-occupied share within 3 miles supports leasing stability and renewal potential.
- Steady operations: neighborhood occupancy near metro norms with upper-mid national rent positioning enables disciplined pricing.
- Demand tailwinds: ongoing population and household growth within 3 miles expands the tenant base through 2028.
- Operational upside: mid-tier neighborhood ranking suggests room to outperform via asset quality and management execution.
- Risks to underwrite: below-metro safety metrics and affordability pressure require proactive resident retention and expense planning.