| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 39th | Fair |
| Amenities | 51st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3000 Webb Ave, Greenville, TX, 75402, US |
| Region / Metro | Greenville |
| Year of Construction | 1984 |
| Units | 32 |
| Transaction Date | 2018-01-30 |
| Transaction Price | $2,375,000 |
| Buyer | 4II HOMES LLC |
| Seller | JMJV LTD |
3000 Webb Ave Greenville TX 32-Unit Multifamily
Renter demand is supported by a high neighborhood renter-occupied share and everyday amenities nearby, according to WDSuite’s CRE market data, while occupancy at the neighborhood level has eased and merits active lease management.
Located in Greenville, an inner-suburb setting within the Dallas–Plano–Irving metro, the neighborhood rates B- and sits above the metro median (ranked 587 of 1,108) for overall performance. Everyday needs are well-covered: grocery, parks, and pharmacies benchmark in the upper national quartile (around the high-70s percentiles), while restaurants are solidly above average nationally. Café and childcare density is limited, so residents likely rely on options a short drive away.
The property’s 1984 vintage is older than the neighborhood’s average construction year of 1996. For investors, that typically points to capital planning and potential value-add or systems modernization to remain competitive against newer stock. Median contract rents in the neighborhood are mid-market and have advanced over five years, but the rent-to-income ratio trends low nationally, suggesting relatively manageable affordability pressure that can aid retention.
Neighborhood occupancy is in the lower third nationally and has trended down over five years, so underwriting should assume hands-on leasing and renewal strategies. At the same time, renter-occupied share in the neighborhood is high (top decile nationally), signaling depth in the tenant base for smaller unit formats and workforce housing.
Within a 3-mile radius, demographics show a modest population dip in the recent period alongside growth in household counts, indicating smaller household sizes and a gradually expanding renter pool. Forward-looking projections point to population and household growth through 2028, which supports demand for rental units and can help stabilize occupancy. Home values are comparatively accessible versus many U.S. markets, which may introduce some competition with ownership, but also helps sustain steady leasing velocity for renters prioritizing affordability and convenience.
Safety indicators are mixed but improving. Overall crime benchmarks slightly better than the national average (around the 61st percentile, where higher is safer), with property offenses similar to national norms. Violent offense levels track below national averages (mid-30s percentile), but recent year-over-year trends show notable improvement in both violent and property categories, indicating a constructive trajectory rather than a static snapshot.
For investors, the takeaway is to underwrite typical Class B suburban risk assumptions while recognizing recent declines in estimated offense rates and the area’s comparative position that is modestly favorable nationally. Block-level variation can be material; property-level security, lighting, and resident engagement can further support leasing stability.
Regional employment anchors within commuting range include D.R. Horton, Raytheon, AT&T’s data center operations, Avnet Electronics, and General Dynamics. These employers broaden the skilled and technical workforce base, which can support renter demand and retention for workforce and value-oriented units.
- D.R. Horton — homebuilding (30.1 miles)
- Raytheon Company — defense & aerospace (32.0 miles)
- AT&T Datacenter — data center / telecommunications (33.2 miles)
- Avnet Electronics — electronics distribution (33.2 miles)
- General Dynamics — defense & aerospace offices (35.7 miles)
This 32-unit property in Greenville offers exposure to a renter-heavy neighborhood with everyday amenities and manageable rent-to-income dynamics that can aid retention. Based on CRE market data from WDSuite, neighborhood occupancy has softened and sits below national norms, so consistent leasing execution is important; however, the high renter-occupied share and projected household growth within 3 miles suggest a larger tenant base over the medium term.
Built in 1984, the asset is older than the neighborhood average, pointing to clear value-add and systems modernization angles to strengthen competitive positioning versus newer stock. Accessible ownership costs in the area may create some competition with buying, but also support steady leasing for renters prioritizing affordability and convenience, especially for smaller unit sizes.
- Renter-heavy neighborhood and everyday amenities support steady demand and retention
- 1984 vintage offers value-add and modernization potential to drive NOI
- 3-mile outlook indicates population and household growth, expanding the tenant base
- Pricing power supported by relatively low rent-to-income levels at the neighborhood scale
- Risks: neighborhood occupancy softness and some competition from ownership; maintain focused leasing and renewal strategies