| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 51st | Good |
| Amenities | 6th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7075 Lamar Rd, Reno, TX, 75462, US |
| Region / Metro | Reno |
| Year of Construction | 1992 |
| Units | 24 |
| Transaction Date | 2023-08-22 |
| Transaction Price | $3,724,000 |
| Buyer | SAW GRASS APARTMENTS LP |
| Seller | RENO PLAZA APARTMENTS OF RENO TEXAS LTD |
7075 Lamar Rd Reno, TX Multifamily Investment
Neighborhood-level occupancy is exceptionally high, supporting leasing stability according to WDSuite’s CRE market data. Metrics referenced here reflect neighborhood conditions rather than property performance and point to affordability that can reinforce retention.
Set in a rural pocket near Paris, TX, the neighborhood offers a quiet, car-dependent environment with limited nearby amenities. That backdrop can appeal to renters prioritizing space and value, while the area’s lower rent levels versus many national peers position properties competitively on monthly costs, which can support lease-up and renewals.
Occupancy at the neighborhood level is reported at the high end of the spectrum and ranks first among 26 metro neighborhoods, placing it in the top percentile nationally. While property performance will vary, this context suggests tight local availability that can underpin pricing discipline and reduce downtime between turns.
Tenure patterns indicate a moderate renter-occupied share within a 3-mile radius, providing a meaningful but not saturated tenant base for a 24-unit community. Home values in the area are relatively accessible compared with many U.S. markets, which can introduce competition from ownership; however, the neighborhood’s low rent-to-income burden implies room for rent growth management and supports lease retention.
Demographic data aggregated within a 3-mile radius show growth in population, families, and households over the last five years, with additional increases projected through 2028. A larger local household count points to a slowly expanding renter pool and supports occupancy stability for well-managed assets.
The property’s 1992 construction is somewhat older than the neighborhood average year of 1999. Investors should plan for targeted capital improvements and potential value-add upgrades to remain competitive against slightly newer stock while capturing rent premiums through modernization.
Standardized neighborhood crime metrics are not available in WDSuite for this location. Investors typically contextualize safety by comparing city and county trend data, engaging with local stakeholders, and reviewing historical incident patterns around the immediate area to inform underwriting and operations. Avoid relying on block-level claims; conditions can vary within short distances.
7075 Lamar Rd offers a value-oriented positioning in a rural submarket where neighborhood-level occupancy is extremely tight, according to commercial real estate analysis from WDSuite. The area’s low rent-to-income burden and growing household counts within a 3-mile radius indicate a stable tenant base and support for renewal velocity.
Built in 1992, the asset may benefit from focused renovations to compete with slightly newer neighborhood stock, creating potential to capture rent premiums while maintaining a pragmatic capital plan. Investors should balance these strengths against amenity-light surroundings and relatively accessible ownership costs in the area, which can shape pricing power and leasing strategy.
- Tight neighborhood occupancy suggests support for rent discipline and minimized downtime.
- Expanding households within 3 miles point to a gradually deepening renter pool.
- Low rent-to-income burden indicates favorable retention and manageable rent steps.
- 1992 vintage offers value-add potential through targeted modernization.
- Risks: amenity-light location and accessible ownership alternatives may temper pricing power.