| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Poor |
| Demographics | 26th | Poor |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 311 Gladstell St, Conroe, TX, 77301, US |
| Region / Metro | Conroe |
| Year of Construction | 1972 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
311 Gladstell St, Conroe TX Multifamily Value-Add
Neighborhood renter concentration and steady 3‑mile household growth indicate durable tenant demand, according to WDSuite’s CRE market data, while a 1972 vintage suggests renovation upside for yield and competitiveness.
Located in Conroe’s inner-suburban fabric of the Houston metro, the area scores Competitive among Houston neighborhoods on overall amenities (ranked 344 out of 1,491). Grocery access is a relative strength, and cafés, restaurants, and childcare density trend above national midlines — factors that support day-to-day livability and leasing appeal for workforce renters.
Neighborhood renter-occupied share is high at an estimated 66% of housing units, signaling a deep tenant base for multifamily. By contrast, the neighborhood’s occupancy level (measured for the neighborhood, not this property) sits below national midline, implying leasing execution and asset quality matter to sustain occupancy stability. Median contract rents in the neighborhood track toward the lower half nationally, while 3‑mile median asking rents have grown in recent years, framing a pragmatic pricing environment for well-managed assets.
Within a 3‑mile radius, population and households have increased over the last five years, with projections calling for further population growth and a notable increase in households. This points to a larger tenant base and potential renter pool expansion that can support absorption and renewal rates over a medium-term horizon. Median household incomes in the 3‑mile area have risen, and rent-to-income levels indicated by neighborhood data suggest manageable affordability pressure — helpful for retention and lease management.
Counterpoints include limited park and pharmacy presence within the immediate neighborhood and below-average school ratings versus national benchmarks, which may temper appeal for some family renters. Still, relative value in home prices across the area means ownership is more accessible than in many U.S. markets; for investors, that can introduce some competition with entry-level ownership but also supports steady demand for more accessible rental options and lease retention when units are well-positioned.
Safety indicators are mixed when viewed across geographies. The neighborhood’s crime rank sits closer to the higher-crime end within the Houston metro (ranked 285 out of 1,491, where lower ranks indicate more crime), yet the national positioning trends above the midpoint. For investors, this suggests submarket selection, on-site management, and security measures can play a role in driving leasing and renewal outcomes.
Recent directional trends are favorable: both violent and property offense rates show sizable year-over-year declines at the neighborhood level, indicating momentum that can support perceived safety and resident retention if sustained. As always, underwriting should consider block-by-block variability and operator practices rather than relying solely on metro-wide comparisons.
Proximity to energy and healthcare-adjacent corporate offices underpins a broad workforce renter base and commute convenience for residents. The employers below represent nearby demand drivers that can support leasing stability.
- National Oilwell Varco — energy equipment (4.6 miles)
- Anadarko Petroleum — energy (9.2 miles) — HQ
- McKesson Specialty Health — healthcare services (9.4 miles)
- Hewlett Packard Enterprise Customer Engagement Center — technology/customer engagement (22.4 miles)
- FedEx Office Print & Ship Center — logistics/services (23.6 miles)
311 Gladstell St is a 52‑unit, 1972 vintage asset positioned for value-add in a renter-heavy neighborhood of the Houston metro. High renter concentration points to depth of demand, while 3‑mile demographics show recent population and household growth with further expansion projected — supportive of occupancy stability for competitively renovated units. According to CRE market data from WDSuite, neighborhood rents sit around the national midrange and rent-to-income metrics imply manageable affordability pressure, giving operators room to focus on revenue through renovations and retention rather than outsized rent pushes.
The older vintage versus the neighborhood average (1979) flags capital planning needs but also creates a straightforward path to improve curb appeal, unit finishes, and systems to outperform nearby Class C stock. Ownership costs in the area are relatively accessible compared with many U.S. markets, which can modestly compete with renting; however, value-forward positioning and operational execution can sustain demand from workforce tenants, particularly given employer access across North Houston and The Woodlands.
- Renter-heavy neighborhood supports a deep tenant base and renewal potential.
- 3‑mile population and household growth expand the renter pool, aiding lease-up and retention.
- 1972 vintage presents clear value-add levers (interiors, exteriors, systems) to drive NOI.
- Access to diversified employers in North Houston and The Woodlands supports weekday occupancy.
- Risks: below-midline neighborhood occupancy, school quality, and localized safety variability warrant conservative underwriting and active management.