| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 26th | Poor |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 611 E Interstate 20, Midland, TX, 79701, US |
| Region / Metro | Midland |
| Year of Construction | 2013 |
| Units | 96 |
| Transaction Date | 2012-06-13 |
| Transaction Price | $1,125,000 |
| Buyer | PLAYA DEL PUEBLO LTD |
| Seller | BAREFOOT LTD |
611 E Interstate 20, Midland TX Multifamily Investment
Neighborhood occupancy trends are steady and rents are competitive among Midland submarkets, according to WDSuite’s CRE market data, supporting a durable tenant base for a 2013-vintage, 96-unit asset. Renter concentration sits near one-third of local housing units, indicating a stable but not saturated pool for leasing and renewals.
The property sits in a Suburban neighborhood with a B rating that is competitive among Midland neighborhoods (ranked 21 out of 47). Daily needs are convenient: grocery access ranks 10th of 47 (top quartile in the metro and 74th percentile nationally), parks 9th of 47 (top quartile; 79th percentile nationally), pharmacies 11th of 47 (top quartile; 78th percentile), restaurants 10th of 47 (top quartile; 82nd percentile), and childcare density 3rd of 47 (top quartile; 86th percentile). These amenities reinforce leasing appeal and support resident retention.
Multifamily dynamics show mixed but workable conditions. Neighborhood occupancy is below the metro median (ranked 36 of 47; 44th percentile nationally), while median contract rent is competitive among Midland neighborhoods (ranked 19 of 47; 63rd percentile nationally) with meaningful five‑year rent gains. The share of renter‑occupied housing is near the metro median (ranked 23 of 47; 64th percentile nationally), signaling a moderate, sustainable tenant base without excessive concentration risk.
Demographic indicators within a 3‑mile radius show households have increased even as population edged down, pointing to smaller household sizes and a gradual expansion of the renter pool. Forward-looking data in this radius indicates continued growth in household counts and a declining average household size, which can support occupancy stability and lease‑up velocity for appropriately positioned units.
Ownership costs appear manageable in absolute terms but relatively elevated versus local incomes (value‑to‑income ratio ranks 4th of 47; top quartile nationally), which tends to sustain reliance on rental housing. At the same time, a rent‑to‑income ratio near the lower end nationally suggests affordability pressure is limited for many renters, supporting retention while still allowing disciplined pricing strategies. The 2013 vintage is newer than the neighborhood’s 1978 average, offering competitive positioning versus older stock; investors should still plan for mid‑life system updates and selective modernization to maintain appeal.
Safety indicators are mixed in a metro and national context. The neighborhood’s overall crime positioning falls in the lower half among 47 Midland neighborhoods (ranked 39 of 47) and below the national median by percentile. However, recent trends show improvement: estimated violent offenses declined sharply year over year (improvement in the 81st percentile nationally), and property offenses also moved lower on a one‑year basis (around the national middle by percentile). These directional shifts suggest conditions are stabilizing, but investors should underwrite to current comps and monitor trend durability.
The Midland area’s employment base in energy, logistics, and services supports renter demand through commute‑oriented housing needs. Specific nearby corporate locations with verified distances were not available in this dataset; investors should validate employer proximity during due diligence to refine leasing and retention assumptions.
This 2013‑built, 96‑unit asset benefits from a Suburban Midland location with top‑quartile access to daily amenities and childcare, which supports leasing performance and renewal capture. Neighborhood occupancy trails the metro median, but rents are competitive locally and household growth within a 3‑mile radius indicates a larger tenant base over time. The asset’s newer vintage versus the area’s 1970s average provides competitive positioning against older stock, with manageable mid‑life capital planning to preserve curb appeal and operating efficiency.
Homeownership remains relatively costly when benchmarked to incomes (top‑quartile value‑to‑income positioning), which sustains rental demand, while rent burdens track on the lower side nationally—favorable for retention and measured rent growth. According to CRE market data from WDSuite, neighborhood rent levels and amenity access are supportive of steady multifamily performance, provided leasing strategy and capex align with submarket expectations.
- 2013 vintage outcompetes older neighborhood stock; plan mid‑life system updates for durability
- Top‑quartile access to groceries, parks, pharmacies, restaurants, and childcare supports retention
- Household growth within 3 miles and moderate renter concentration underpin demand depth
- Ownership costs versus incomes reinforce reliance on rentals, while rent burdens remain manageable
- Risks: occupancy below metro median and mixed safety metrics; underwrite to recent comps and trend stability