| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 8th | Poor |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 307 Sleepy Hollow Dr, Cleveland, TX, 77327, US |
| Region / Metro | Cleveland |
| Year of Construction | 1986 |
| Units | 80 |
| Transaction Date | 2005-12-14 |
| Transaction Price | $3,300,000 |
| Buyer | LANDRUS KEVIN DOUGLAS |
| Seller | WXI/MCN MULTIFAMILY REAL ESTATE LP |
307 Sleepy Hollow Dr, Cleveland TX Multifamily
Neighborhood occupancy has been resilient and renter demand broad-based in this inner-suburban pocket of the Houston metro, according to WDSuite’s CRE market data. Investors should view this asset as a workforce-oriented option with stable tenancy potential relative to nearby submarkets.
The property sits in Cleveland, Texas within the Houston-The Woodlands-Sugar Land metro. Neighborhood occupancy is described as competitive among Houston neighborhoods (1,491 tracked), with the local area posting a 95.1% occupancy rate and meaningful improvement over the last five years. For multifamily owners, that backdrop typically supports steadier leasing and lower turnover risk versus weaker submarkets.
Renter concentration is elevated at the neighborhood level, with 56.8% of housing units renter-occupied (top decile nationally). That depth of the tenant base reinforces demand for multifamily product and can help sustain occupancy through cycles. Median rent-to-income at the neighborhood level sits near 0.21, suggesting manageable affordability pressure that can aid renewal retention and reduce delinquency risk.
Livability features are mixed. Grocery access scores well relative to national benchmarks, and parks and restaurants are present at levels around or slightly above midpack nationally. However, cafe density and pharmacies are limited, pointing to a more utilitarian retail mix typical of workforce suburbs. Average school ratings data for the immediate neighborhood are limited; investors may wish to underwrite based on broader district and charter options rather than block-level metrics.
Within a 3-mile radius, the population base has been stable and is forecast to expand, with households projected to grow materially over the next five years and average household size increasing. That trajectory implies a larger tenant pool and supports occupancy stability and lease-up prospects for well-positioned units.
The asset’s 1986 vintage is slightly older than the neighborhood’s average construction year (1989). Investors should plan for ongoing capital expenditures and consider value-add scopes (interiors, building systems, and common areas) to maintain competitiveness against newer stock while capturing potential rent premiums.
Comparable, neighborhood-level crime statistics were not available in this dataset. Investors commonly benchmark safety using multiple sources at the neighborhood and city levels and assess property-specific measures (lighting, access control, and management practices) alongside broader metro trends to gauge tenant retention and leasing risk.
- National Oilwell Varco — energy equipment (21.1 miles)
- FedEx Office Print & Ship Center — business services (21.4 miles)
- Anadarko Petroleum — energy (26.1 miles) — HQ
- McKesson Specialty Health — healthcare services (26.3 miles)
- Halliburton — energy services (32.3 miles) — HQ
This 80-unit, 1986-vintage community in Cleveland, TX benefits from a neighborhood with competitive occupancy among Houston submarkets and a high share of renter-occupied housing, supporting depth of demand. Based on CRE market data from WDSuite, local rent-to-income around 0.21 indicates manageable affordability pressure, which can aid renewals and stabilize collections relative to more cost-burdened areas.
Within a 3-mile radius, households and incomes are projected to rise over the next five years, expanding the renter pool and improving pricing power for renovated stock. While ownership costs in the area are comparatively accessible versus national norms—creating some competition with entry-level ownership—thoughtful value-add and asset management can position units competitively against both older rentals and for-sale alternatives.
- Competitive neighborhood occupancy supports steadier leasing and retention
- Elevated renter-occupied share indicates depth of tenant demand
- Forecast household and income growth within 3 miles expands the renter pool
- Value-add potential from 1986 vintage can drive relative competitiveness
- Risks: utilitarian amenity mix and competition from accessible ownership options