| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 68th | Best |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1773 Ennis Joslin Rd, Corpus Christi, TX, 78412, US |
| Region / Metro | Corpus Christi |
| Year of Construction | 2011 |
| Units | 108 |
| Transaction Date | 2014-02-28 |
| Transaction Price | $18,550,000 |
| Buyer | CCAL 2 1773 Ennis Joslin Road, LLC |
| Seller | Next Chapter Corpus Christi, LLC |
1773 Ennis Joslin Rd, Corpus Christi Multifamily Investment
2011-vintage, 108-unit asset positioned in a suburban Corpus Christi neighborhood with strong day-to-day amenities and a renter base supported by nearby households; according to WDSuite’s CRE market data, local ownership costs skew high relative to incomes, reinforcing multifamily demand.
This suburban neighborhood rates A+ and ranks 5 out of 121 Corpus Christi neighborhoods, indicating competitive fundamentals at the metro level. Parks and daily-needs retail are a relative strength (parks and grocery access score in higher national percentiles), while café density is limited. For investors, this mix supports practical livability that can aid retention even without a heavy lifestyle component.
The property’s 2011 construction is newer than the neighborhood’s older average stock (1973), suggesting a competitive edge on finishes and systems versus legacy assets. Capital plans should still account for mid-life building systems and common-area refreshes over the hold period, but the vintage positions the asset well against much of the local inventory.
Within a 3-mile radius, households have grown in recent years with additional increases forecast, pointing to a larger tenant base over time. Renter-occupied housing accounts for a little over half of units locally, indicating meaningful depth for multifamily leasing. Median contract rents in the area remain moderate relative to incomes, which can support occupancy stability and measured pricing power as leases turn.
Home values in the neighborhood trend elevated relative to incomes (high national percentile for value-to-income), which generally sustains reliance on rental housing rather than ownership. This dynamic can support lease retention and reduce move-outs to ownership during the hold, particularly if rent-to-income levels remain manageable.
Safety trends are mixed. Compared with other Corpus Christi neighborhoods, this area’s crime rank (32 out of 121) suggests crime levels are higher than many in the metro, warranting routine security and lighting best practices. Nationally, recent year-over-year data show improvement, with both property and violent offense estimates declining, which is a constructive trend to monitor for sustained momentum.
The investment case centers on newer construction relative to local stock, day-to-day amenity access, and a sizable renter pool within 3 miles. Population and household growth projections indicate a gradual expansion of the tenant base, supporting occupancy stability and steady leasing. Elevated ownership costs versus incomes locally underpin continued demand for rentals, while rent levels remain aligned with area incomes, reducing near-term retention risk. Based on CRE market data from WDSuite, the neighborhood scores competitively within the metro, though recent occupancy softness at the neighborhood level encourages disciplined revenue management.
Given its 2011 vintage, the asset should compete well against older comparables, with capex focused on mid-life systems, unit refreshes, and amenity modernization to defend positioning. Risk considerations include a metro-relative safety profile that merits standard property management protocols and the need to manage pricing carefully if neighborhood occupancy variability persists.
- 2011 vintage offers competitive positioning versus older neighborhood stock with targeted mid-life capex planning.
- Growing 3-mile households and renter concentration support depth of demand and leasing velocity.
- Elevated ownership costs relative to incomes sustain reliance on multifamily, aiding retention and pricing power.
- Day-to-day amenities (parks, groceries, pharmacies) enhance livability and reduce friction for renewals.
- Risks: metro-relative safety levels and neighborhood occupancy variability require prudent security and rent management.