| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 50th | Fair |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6240 Woodward St, Amarillo, TX, 79106, US |
| Region / Metro | Amarillo |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | 2021-05-27 |
| Transaction Price | $2,100,000 |
| Buyer | OAK WEST APARTMENTS AMARILLO LLC |
| Seller | MCDONOUGH PATRICIA E |
6240 Woodward St Amarillo Multifamily Investment Opportunity
Renter demand is reinforced by a high neighborhood share of renter-occupied units and manageable rent-to-income levels, according to WDSuite’s CRE market data. This supports a deeper tenant base relative to nearby ownership options while leaving room for rent optimization through targeted upgrades.
Positioned in an Inner Suburb of Amarillo with a B+ neighborhood rating, the area ranks 27 out of 87 metro neighborhoods—competitive among Amarillo neighborhoods. For investors, this indicates balanced fundamentals rather than a purely cyclical story.
Local amenity access is practical for everyday living: grocery and pharmacy availability track above many areas across the country, and restaurant density is comparatively strong. Parks and childcare options are thinner, so family-oriented appeal may hinge more on property-level features than neighborhood offerings.
Housing dynamics skew toward rentals: an estimated 71.5% of housing units in the neighborhood are renter-occupied. That elevated renter concentration suggests depth in the tenant pool and supports leasing velocity, while the neighborhood occupancy rate is moderate and should be managed with attention to renewals and targeted marketing. Median contract rents have trended upward over the last five years, and neighborhood rent-to-income levels around the low-20% range point to relatively manageable affordability pressure that can aid retention.
Within a 3-mile radius, recent population and household counts were roughly flat to slightly lower, but WDSuite’s CRE market data points to forward growth: forecasts indicate increases in both population and households, implying renter pool expansion that can support occupancy stability over the medium term. Median home values are comparatively modest for owners, which can introduce some competition with entry-level ownership; however, that same ownership landscape often sustains reliance on multifamily rentals for convenience and flexibility.
The 1977 vintage is older than the neighborhood’s average construction year. For investors, that typically signals value-add or renovation potential and the need for capital planning around building systems and finishes to remain competitive against newer stock.
Safety indicators in this neighborhood are mixed but improving. Overall crime benchmarks sit modestly better than the national middle, while property offenses are less favorable on a national basis. Notably, both violent and property offense rates show meaningful year-over-year declines, indicating an improving trend relative to prior periods, based on WDSuite’s CRE market data.
Investors should underwrite with neighborhood-level context rather than block-specific assumptions, monitor trend continuity, and consider standard property-level measures that support resident confidence and retention.
Proximity to established employers supports renter demand via convenient commutes for a broad workforce. The companies listed below represent nearby employment anchors relevant to day-to-day leasing.
- Xcel Energy — utilities (2.6 miles)
This 1977, 20-unit asset in an Inner Suburb of Amarillo offers an attainable basis with clear value-add angles. A high neighborhood share of renter-occupied housing signals depth in the tenant base, while moderate neighborhood occupancy and upward rent trends suggest room for targeted upgrades to drive pricing and retention. According to CRE market data from WDSuite, forward-looking demographic projections within 3 miles point to growth in both population and households, supporting a larger renter pool over the medium term.
Amenity access is serviceable for daily needs, and ownership costs in the area are comparatively modest—factors that can both sustain rental reliance and introduce competition from entry-level ownership. Underwriting should account for exterior and systems work typical of late-1970s construction, with renovations positioned to compete against newer stock and to manage affordability pressure for stable lease-ups.
- Renter-heavy neighborhood supports demand depth and leasing stability.
- Forecast growth in population and households within 3 miles expands the tenant base.
- Upward rent trend with manageable rent-to-income levels enables thoughtful rent optimization.
- Value-add potential: 1977 vintage may benefit from system upgrades and unit renovations.
- Risks: moderate neighborhood occupancy, modest park/childcare access, and some competition from ownership options.