| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Best |
| Demographics | 17th | Poor |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 Water St, Kenedy, TX, 78119, US |
| Region / Metro | Kenedy |
| Year of Construction | 1981 |
| Units | 32 |
| Transaction Date | 2023-02-14 |
| Transaction Price | $1,456,749 |
| Buyer | HVM 2021 KENEDY LLC |
| Seller | TOWN OAKS OF KENEDY LTD |
120 Water St, Kenedy TX Multifamily Investment
Renter demand is supported by a higher renter-occupied share in the neighborhood and an ownership market where values sit high relative to incomes, according to WDSuite’s CRE market data. For investors, that combination points to steady tenant depth even as broader rural dynamics warrant careful lease management.
Neighborhood dynamics and investor context
The immediate area ranks competitive among 9 metro neighborhoods for essential amenities, with grocery, pharmacy, and park access around the national middle of the pack. Restaurant density is modest, consistent with a rural setting. These local services help support day-to-day livability without positioning the location as an entertainment hub.
The neighborhood’s renter-occupied share is above the national norm, indicating a deeper tenant base for a 32-unit asset and supporting leasing stability for multifamily owners. By contrast, overall housing occupancy trends sit below the metro median, so prudent underwriting should account for potential lease-up time and retention strategies in slower demand periods.
Property vintage in the area skews older (average construction year measured locally is earlier than 1981), giving 120 Water St relative competitiveness versus older stock. For investors, a 1981 build often benefits from targeted modernization—systems refresh and unit updates—to enhance positioning while managing capital plans appropriate for an aging asset.
Demographic statistics aggregated within a 3-mile radius indicate a smaller, rural workforce market typical of South Texas. While absolute incomes trail national levels, elevated value-to-income ratios locally suggest ownership is comparatively high-cost relative to earnings, which can sustain reliance on rentals and support occupancy management for well-maintained units.
Safety context
Comparable neighborhood safety metrics are not available in WDSuite for this area. Investors typically benchmark city- and county-level trends and review multi-year patterns to understand directionality rather than relying on a single snapshot.
A practical approach is to pair regional crime reporting and local law enforcement data with on-the-ground observations at different times of day. For underwriting, align security measures and site lighting with observed conditions and resident expectations typical for rural Texas communities.
120 Water St offers a straightforward workforce housing thesis in a rural Texas location where renter-occupied share runs above national norms and ownership costs sit high relative to incomes. Based on CRE market data from WDSuite, neighborhood housing occupancy trends are below the metro median, so the strategy centers on disciplined operations, resident retention, and thoughtful marketing to a stable renter pool.
Built in 1981, the asset is newer than much of the surrounding stock, creating a path for targeted renovations to improve competitive positioning while managing long-term systems upkeep. Essential services are present nearby, supporting livability, while the rural setting implies measured rent growth and the need to prioritize cash flow durability over speculative upside.
- Above-average renter concentration supports tenant depth and leasing stability.
- 1981 vintage offers value-add potential versus older neighborhood stock.
- Essential amenities present; services align with workforce housing expectations.
- Risk: neighborhood occupancy trends below metro median require conservative lease-up and retention planning.