| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 48th | Good |
| Amenities | 11th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2001 Palm Village Blvd, Bay City, TX, 77414, US |
| Region / Metro | Bay City |
| Year of Construction | 1980 |
| Units | 112 |
| Transaction Date | 2021-06-25 |
| Transaction Price | $15,875,000 |
| Buyer | THE RETREAT 360 LLC |
| Seller | CYPRESSBROOK PALM VILLAGE LP |
2001 Palm Village Blvd Bay City Multifamily Investment
Neighborhood occupancy is just under 90% and trending upward, supporting stable renter demand, according to WDSuite’s CRE market data. These figures reflect the surrounding neighborhood, not the property, and point to a value-focused submarket where pricing remains approachable.
Bay City’s Inner Suburb setting offers practical access to daily needs with a modest amenity base. Neighborhood grocery availability ranks 2nd among 18 metro neighborhoods, while cafés, restaurants, parks, and pharmacies are limited—conditions that typically favor workforce housing and drive car-dependent lifestyles. Compared with national peers, amenities sit below average, so resident appeal leans more toward value and commute simplicity than lifestyle-driven features.
Rents in the neighborhood remain comparatively accessible (neighborhood median contract rent sits below typical metro levels), which can help sustain leasing velocity and renewal rates. Neighborhood occupancy is near 90% and has improved over the past five years, signaling durable absorption even without high-end amenity density. NOI per unit at the neighborhood level tracks in lower national percentiles, underscoring the importance of disciplined expense control and targeted operational improvements.
The property’s 1980 vintage is older than the neighborhood’s average construction year (1988). Investors should plan for ongoing capital needs—systems modernization and selective renovations can sharpen competitiveness against newer stock and support rent positioning while maintaining affordability.
Tenure patterns show a high share of renter-occupied homes—roughly two-thirds at the neighborhood level—indicating a deep tenant base for multifamily. Within a 3-mile radius, households have grown in recent years even as population was roughly flat, and forecasts point to additional household growth alongside smaller average household sizes. For owners, that combination typically enlarges the renter pool and supports occupancy stability.
Home values in the neighborhood are relatively low compared with national norms. In practice, more accessible ownership options can create some competitive tension for entry-level rentals; however, the area’s moderate rent-to-income conditions suggest manageable affordability pressure for renters, aiding retention and consistent collections.
Comparable crime data for this neighborhood is limited in the current release. Investors should benchmark safety trends at the Bay City and Matagorda County levels and monitor property-level security measures, lease screening, and lighting/visibility improvements as part of standard risk management.
This 112-unit, 1980-vintage asset in Bay City aligns with a value-focused renter base. Neighborhood occupancy sits just under 90% and has strengthened over the past five years, while a high share of renter-occupied housing supports demand depth. According to CRE market data from WDSuite, rents remain comparatively accessible for the area, which can aid renewal rates and collections, though it may temper near-term pricing power absent renovations or amenity upgrades.
The older vintage points to clear value-add levers—systems, interiors, and curb appeal—that can enhance competitive positioning versus newer stock. Within a 3-mile radius, household counts have increased and are projected to rise further as average household size declines, expanding the renter pool and supporting occupancy stability over time. Balanced against these strengths are the neighborhood’s lean amenity base and relatively low home values, which require disciplined operations and thoughtful capital planning to capture durable returns.
- Occupancy near 90% at the neighborhood level with multi-year improvement supports leasing stability.
- High renter-occupied share indicates a deep tenant base for a 112-unit asset.
- 1980 vintage offers value-add upside via targeted renovations and systems upgrades.
- Accessible rent levels support renewal rates, though they may moderate rent growth without upgrades.
- Risks: lean neighborhood amenities and relatively low ownership costs can increase competitive pressure, requiring tight expense control and asset-specific enhancements.