| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 61st | Best |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 506 Rice Rd, Tyler, TX, 75703, US |
| Region / Metro | Tyler |
| Year of Construction | 1998 |
| Units | 111 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
506 Rice Rd, Tyler TX Multifamily Investment
Renter demand is supported by a sizable renter-occupied housing base in the neighborhood and moderate rent-to-income dynamics, according to WDSuite 7s CRE market data. A 1998 vintage suggests practical value-add potential relative to newer nearby stock.
The property sits in an Inner Suburb of Tyler with an A- neighborhood rating and a neighborhood rank of 21 out of 78, indicating it is competitive among Tyler neighborhoods. Nearby household characteristics point to steady multifamily demand: the share of housing units that are renter-occupied is elevated for the area (neighborhood metric), which typically supports a deeper tenant base and leasing velocity.
Median contract rents in the neighborhood trend modestly above national medians (national percentile in the mid-60s), while the rent-to-income ratio near 0.22 suggests manageable affordability pressure for tenants and potential for stable retention. Home values in the neighborhood sit in a mid-to-upper national percentile, which in practice often sustains reliance on rental options and supports pricing power without overextending residents.
Construction trends matter for competitive positioning: the asset 27s 1998 vintage is older than the neighborhood 27s average construction year of 2003, signaling potential for targeted renovations and capital planning to capture value-add upside against somewhat newer peer product.
Amenities within the immediate neighborhood cluster are limited (very low counts for restaurants, groceries, and parks), while childcare access rates strong relative to peers. Average school ratings trend around 3.0 out of 5 at the neighborhood level, which is typical for workforce-oriented submarkets and can support occupancy among households seeking more accessible rental options. Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with projections indicating further renter pool expansion by 2028, reinforcing demand fundamentals for professionally managed units.
Neighborhood safety benchmarks are mixed relative to Tyler and the nation. The neighborhood 27s crime rank is 42 out of 78 within the metro, placing it around the metro middle and slightly weaker than average. Nationally, the neighborhood profiles below the median for property crime (low 30s percentile), while violent crime metrics sit closer to the national middle (around the 50th percentile). Recent year-over-year estimates indicate a modest uptick in property offenses at the neighborhood level, warranting routine risk management and resident experience initiatives typical for workforce housing assets.
Regional employment access is anchored by major distribution and logistics roles that broaden the renter base and help support leasing, led by Sysco to the west.
- Sysco food distribution (35.7 miles)
The investment case centers on durable renter demand, moderate neighborhood-level affordability, and value-add potential. Based on CRE market data from WDSuite, neighborhood median rents sit modestly above national norms while rent-to-income levels indicate manageable affordability pressure, which can support occupancy stability and renewal rates. The asset 27s 1998 construction is older than the neighborhood 27s average (2003), allowing for targeted upgrades to compete more effectively with newer stock.
At the metro scale, neighborhood NOI per unit benchmarks rank in the top quartile among 78 Tyler neighborhoods, underscoring competitive operating potential, while an elevated renter-occupied share supports a deeper tenant base. Counterbalancing factors include limited immediate amenity density and mixed safety metrics versus national comparisons, which call for active management, marketing, and resident services to sustain leasing performance.
- Moderate rent-to-income dynamics support retention and pricing power
- 1998 vintage offers value-add and repositioning angles versus newer peers
- Competitive NOI per unit at the neighborhood level (top quartile in Tyler)
- Expanding 3-mile population and households indicate a growing renter pool
- Risks: limited nearby amenities and mixed safety metrics require active management