| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Fair |
| Demographics | 68th | Best |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2720 S Broadway Ave, Tyler, TX, 75701, US |
| Region / Metro | Tyler |
| Year of Construction | 1973 |
| Units | 100 |
| Transaction Date | 2017-09-22 |
| Transaction Price | $5,750,000 |
| Buyer | Raffaele Gesmundo |
| Seller | BMA Timbers LP, Private Investor, Brian Martin, Price/unit and /sf |
2720 S Broadway Ave Tyler — Value-Add Multifamily
Positioned in a suburban Tyler submarket with stable renter demand and improving neighborhood metrics, according to WDSuite’s CRE market data. The area’s occupancy and schools support retention, while a 1973 vintage points to targeted renovation upside.
This suburban neighborhood is rated A and ranks 12 out of 78 Tyler neighborhoods, placing it in the top quartile locally for overall livability and investment appeal. Parks and daily conveniences trend favorable: park and pharmacy access rank among the stronger in the metro, while restaurants are present and cafés and groceries are less dense—suggesting residents rely on nearby corridors rather than hyperlocal options.
Schools are a relative strength: the average school rating is 4.0 out of 5, ranking 4 of 78 in the metro and landing in the top quartile nationally, a factor that can support leasing stability for family-oriented units. Median contract rents in the neighborhood have risen over the last five years, and the rent-to-income profile is manageable, reinforcing retention prospects rather than acute affordability pressure.
The renter concentration at the neighborhood level is modest, with roughly a quarter of housing units renter-occupied, indicating an ownership-leaning micro-area. However, within a 3-mile radius, renter households account for a larger share of housing units, broadening the tenant base for multifamily operators and supporting steady demand. Demographic trends within that 3-mile radius point to modest recent population growth and a projected increase in households, which can translate into a larger tenant pool and support occupancy. These dynamics align with a measured, fundamentals-first multifamily property research approach.
Vintage across the neighborhood skews newer than this asset (average construction year is 1983), which underscores the potential for a 1973 property to compete through selective capital improvements—particularly in unit interiors, common areas, and building systems—to meet renter expectations amid a mixed stock of newer comparables.
Safety conditions are mixed compared with national benchmarks and the broader Tyler metro. The neighborhood’s crime rank sits in the less favorable half of the metro (rank 26 out of 78), and national percentiles indicate safety levels that are around or below the national middle. At the same time, year-over-year trends show improvement, with both property and violent offense rates declining, suggesting conditions have been moving in a better direction recently.
For investors, the takeaway is risk management rather than avoidance: underwriting should reflect neighborhood positioning that is not top-tier on safety, alongside evidence of recent downward trends in incident rates. Engagement with professional management, lighting, access controls, and community programming can help sustain improvement and support resident retention.
Regional employers within commuting distance help underpin renter demand by providing a stable employment base accessible from this Tyler location. Notable among them is a major foodservice distributor with large-scale logistics operations.
- Sysco — foodservice distribution (34.8 miles)
The property’s 1973 construction points to a clear value-add path: targeted renovations and system upgrades can improve competitive positioning against a neighborhood stock that skews newer. Neighborhood occupancy trends are competitive among Tyler submarkets and roughly in line with national mid-range levels, indicating stable leasing conditions without relying on outsized growth assumptions. Rent-to-income levels suggest manageable affordability pressure, supporting retention and measured pricing power, while a strong school profile and improving safety trends provide additional tailwinds for family-oriented demand.
Within a 3-mile radius, recent population gains and a projected increase in households point to a larger tenant base over the medium term, which can support occupancy stability and leasing velocity. Home values in the broader area are moderate by national standards, which may temper pricing power in some segments but also broaden the pool of renters seeking quality, well-managed units—particularly as renovated offerings differentiate. These observations are grounded in regional patterns and, according to commercial real estate analysis from WDSuite, align with measured, fundamentals-driven underwriting.
- Value-add potential from a 1973 vintage via interior, common area, and systems upgrades
- Competitive neighborhood occupancy within Tyler supports steady leasing and retention
- Strong school ratings and improving safety trends reinforce family-oriented renter demand
- Expanding 3-mile renter pool and household growth outlook support long-term demand
- Risk: ownership-leaning micro-area and moderate safety positioning require disciplined underwriting and active management