| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 58th | Good |
| Amenities | 23rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 203 Spence St, Kerrville, TX, 78028, US |
| Region / Metro | Kerrville |
| Year of Construction | 1995 |
| Units | 25 |
| Transaction Date | 2022-01-18 |
| Transaction Price | $1,759,100 |
| Buyer | PATIO APARTMENTS LLC |
| Seller | PATIO APARTMENTS |
203 Spence St Kerrville Multifamily Investment
Stabilized neighborhood occupancy and a sizable renter base point to steady leasing fundamentals, according to WDSuite's CRE market data. Positioning in a suburban pocket of Kerrville supports demand while keeping operating risk moderate.
This suburban Kerrville neighborhood carries an A- rating and ranks 5th of 24 locally, placing it in the top quartile among metro neighborhoods for overall performance. Neighborhood occupancy is 97.2% (measured for the neighborhood, not the property), also ranked 5th of 24 and in the 85th percentile nationally, indicating tight supply and generally stable leasing conditions.
The area shows strong renter demand signals: renter-occupied housing accounts for 52.2% of units at the neighborhood level, one of the higher renter concentrations in the metro (ranked 2nd of 24). For investors, this suggests a deeper tenant base and potential support for occupancy stability through cycles.
Livability is mixed but competitive within Kerrville. Restaurant density ranks 2nd of 24 and cafes rank 3rd of 24, both competitive among Kerrville neighborhoods and above national averages for these amenities. However, grocery, parks, childcare, and pharmacy counts rank near the bottom locally, implying residents may rely on broader trade areas for daily needs, which can modestly influence retention for car-light households.
Vintage matters for positioning: built in 1995, the property is newer than the neighborhood's average 1991 construction year. That can enhance competitive standing versus older stock, though investors should still underwrite typical system updates or selective modernization to meet current renter expectations.
Within a 3-mile radius, demographics indicate a growing tenant base: recent population and household growth have been positive, and forecasts call for continued population growth and a notable increase in households over the next five years. This points to renter pool expansion that can support occupancy and leasing velocity. Home values in the neighborhood are relatively accessible in the regional context, which can introduce some competition with ownership, yet the rent-to-income ratio near 0.17 suggests manageable affordability pressure that may aid lease retention.
Safety indicators are balanced and compare favorably in broader context. The neighborhood's crime ranking sits at 10th of 24 in the Kerrville metro, placing it above the metro median. Nationally, overall safety aligns around the 57th percentile, while violent offense rates benchmark closer to the 65th percentile, indicating relatively stronger standing versus many neighborhoods nationwide.
Trend signals are mixed: violent offense estimates improved year over year, while property offense rates rose over the same period. For underwriting, this suggests monitoring property-related incidents and ensuring adequate security measures and lighting, while recognizing the broader comparative strength versus national peers. All figures reflect neighborhood-level conditions rather than block-specific data.
203 Spence St offers exposure to a top-quartile Kerrville neighborhood where occupancy is tight and renter concentration is high at the neighborhood level. According to CRE market data from WDSuite, neighborhood occupancy ranks 5th of 24 and sits well above national midpoints, supporting an underwriting case for stable tenancy and predictable cash flow. The 1995 vintage provides a relative edge over older local stock, with value-add potential through targeted updates to interiors and common areas.
Local amenities skew toward dining and cafes, while daily services are thinner nearby, and ownership costs are comparatively accessible. Together, these dynamics point to steady multifamily demand with some competition from for-sale options. Within a 3-mile radius, population and households have grown and are forecast to expand further, indicating a larger tenant base that can sustain occupancy and leasing over a longer horizon.
- Tight neighborhood occupancy and deep renter-occupied base support demand stability
- 1995 construction offers competitive positioning with selective modernization upside
- Dining and cafe density enhances livability; broader trade area covers daily needs
- Risks: thinner daily services nearby and recent property offense volatility warrant active management