| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 8th | Poor |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 307 Kirbywood Dr, Cleveland, TX, 77327, US |
| Region / Metro | Cleveland |
| Year of Construction | 1978 |
| Units | 73 |
| Transaction Date | 2013-10-11 |
| Transaction Price | $1,710,900 |
| Buyer | 307 KIRBYWOOD LLC |
| Seller | PERAM PROPERTIES LP |
307 Kirbywood Dr Cleveland TX Multifamily Value-Add
Neighborhood occupancy has been resilient with a sizable renter-occupied base, according to WDSuite’s CRE market data, pointing to steady demand for workforce units near Cleveland, TX.
This Inner Suburb location in the Houston MSA presents stable renter demand fundamentals for multifamily investors. The neighborhood s occupancy trend sits in the top quartile nationally and is competitive among 1,491 Houston-area neighborhoods, supporting income stability and lease retention.
Renter concentration is high for the metro (56.8% of housing units are renter-occupied), signaling a deeper tenant base and consistent leasing velocity. At the same time, rent-to-income levels in the neighborhood are moderate, which helps manage affordability pressure and supports renewals.
Everyday convenience is serviceable rather than destination-driven: grocery access and park availability track above national midpoints, while cafes and pharmacies are sparse. For investors, this mix typically aligns with workforce housing demand where proximity to essentials matters more than lifestyle retail.
The property s 1978 vintage is older than the neighborhood s average construction year (1989). That gap suggests practical value-add potential through system upgrades and unit/interior modernization, with capex planning needed to remain competitive against newer stock.
Within a 3-mile radius, recent population was roughly flat, but forecasts point to meaningful population growth and a larger household count by the mid-term outlook. A projected increase in renter-occupied share and rising median incomes within this radius indicate a widening renter pool that can support occupancy stability and measured rent growth, based on CRE market data from WDSuite.
Comparable crime statistics for this neighborhood were not available in the current WDSuite release. Investors typically benchmark safety by comparing neighborhood trends to metro and national patterns, tracking multi-year direction rather than single-period snapshots. Given the lack of ranked data here, underwriting should rely on broader regional context and property-level operations (lighting, access control, and on-site management) to support resident retention.
Regional employment is anchored by energy, logistics, and healthcare corporate offices within commutable distance, reinforcing workforce housing demand and aiding tenant retention.
- National Oilwell Varco — energy equipment (21.2 miles)
- FedEx Office Print & Ship Center — logistics/office services (21.5 miles)
- Anadarko Petroleum — energy (26.2 miles) — HQ
- McKesson Specialty Health — healthcare services (26.4 miles)
- Halliburton — energy services (32.4 miles) — HQ
307 Kirbywood Dr combines steady neighborhood occupancy with a high share of renter-occupied housing, a profile that supports durable tenant demand for workforce apartments. According to CRE market data from WDSuite, the neighborhood s occupancy performance is competitive within the Houston metro and in the top quartile nationally, while rent-to-income levels suggest manageable affordability pressure that can aid renewal rates.
The 1978 vintage points to a clear value-add path: mechanicals, exteriors, and interiors may benefit from targeted upgrades to sharpen competitiveness against newer stock. Within a 3-mile radius, forward-looking demographics indicate population growth and more households over the next several years, expanding the renter pool and supporting occupancy stability. Risks to underwrite include modest amenity density and metro-comparable school scores, as well as neighborhood-level operating income that trails national norms.
- Competitive neighborhood occupancy supports income stability
- High renter-occupied share deepens the tenant base
- 1978 vintage offers value-add and capex-driven upside
- 3-mile radius forecasts point to renter pool expansion
- Risks: lower amenity density and submarket NOI levels