| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 79th | Best |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 121 Woodward St, Austin, TX, 78704, US |
| Region / Metro | Austin |
| Year of Construction | 1985 |
| Units | 52 |
| Transaction Date | 2020-02-20 |
| Transaction Price | $4,486,300 |
| Buyer | AHFC SOCO 121 |
| Seller | 121 WOODWARD INVESTORS LLC |
121 Woodward St, Austin TX Multifamily Investment
Neighborhood occupancy is high and renter demand is deep in this South Austin inner-suburb, according to WDSuites CRE market data, supporting steady leasing conditions relative to the metro. Positioning centers on workforce access and amenity convenience rather than speculative rent growth.
Located in Austins Inner Suburb south of downtown, the property benefits from strong neighborhood fundamentals for rentersgrocery access is among the highest in the region (99th percentile nationally), with cafe and restaurant density also testing the top decile nationwide. While formal parks and pharmacies are limited within the immediate neighborhood footprint, daily-needs retail and food options remain a local strength, supporting resident convenience and retention.
For investors, the neighborhoods occupancy level sits in the top decile nationally, indicating stable renter demand at the area level rather than at the property itself. Median contract rents in the neighborhood are above the national median, and net operating income per unit trends strong relative to U.S. neighborhoods, which historically supports underwriting consistency. This positioning is reinforced by multifamily property research benchmarks from WDSuite that show the area performing above most national peers on housing and amenity metrics.
Construction year for the asset is 1985 versus a neighborhood average vintage of 1977. Being newer than much of the nearby stock suggests relative competitiveness against older properties; however, investors should still plan for system updates and targeted modernization to protect rent positioning as the asset approaches 40 years of age.
Demographics within a 3-mile radius point to a larger tenant base over time: recent years show modest population growth alongside a notable increase in households and a declining average household size, which typically expands the renter pool and supports occupancy stability. The 3-mile area remains renter-leaning (roughly two-thirds renter-occupied units), and a sizable 1834 cohort complements smaller average unit sizes by broadening demand for efficient floor plans.
Safety indicators for the neighborhood rank below metro and national norms, with national percentiles signaling higher crime exposure than many U.S. neighborhoods. Within the Austin-Round Rock-Georgetown metro (527 neighborhoods), the areas crime rank places it on the weaker side of the distribution. That said, WDSuites time-series signals show recent year-over-year declines in both property and violent offense rates, which, if sustained, would be a constructive directional trend for risk management.
Investors should underwrite prudent security and operating practicesincluding lighting, access control, and resident engagementand monitor submarket trends rather than relying on block-level conclusions. Framing safety comparatively (neighborhood vs. region) helps align expectations with leasing, retention, and insurance planning.
The employment base nearby skews toward corporate offices within a short drive, supporting commuter convenience and diversified renter demand. Key nodes include Oracle, Whole Foods Market, State Farm, New York Life, and Coca-Cola.
- Oracle Waterfront technology offices (2.5 miles)
- Whole Foods Market corporate offices (2.9 miles) HQ
- State Farm Insurance insurance (7.2 miles)
- New York Life insurance (9.0 miles)
- Coca-Cola corporate offices (10.6 miles)
121 Woodward St offers exposure to a high-occupancy South Austin neighborhood where amenity density and renter depth underpin steady leasing. Based on CRE market data from WDSuite, neighborhood occupancy trends in the top tier nationally, while grocery, cafe, and restaurant concentrations compare favorably to most U.S. neighborhoodsfactors that can enhance retention and pricing resilience at the area level.
Built in 1985 with 52 units averaging efficient square footage, the asset is positioned for light value-add: modernizing interiors and key building systems can sharpen competitive standing versus older local stock from the 1970s. Within a 3-mile radius, household counts are rising and average household size is trending lower, expanding the renter pool and supporting long-term demand for smaller-format units. Prudent underwriting should note local safety headwinds and the limited presence of parks and pharmacies within the immediate neighborhood.
- High neighborhood occupancy and strong daily-needs amenities support leasing stability
- 1985 vintage offers value-add via targeted system upgrades and interior refresh
- 3-mile radius shows larger renter pool over time with increasing households and smaller household sizes
- Proximity to major employers (Oracle, Whole Foods HQ) aids demand and retention
- Risks: below-average safety metrics and limited nearby parks/pharmacies warrant operating mitigations