| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 90th | Best |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1512 Wheless Ln, Austin, TX, 78723, US |
| Region / Metro | Austin |
| Year of Construction | 1972 |
| Units | 33 |
| Transaction Date | 1996-02-01 |
| Transaction Price | $51,500 |
| Buyer | DELOACH MARK D |
| Seller | SHOOTER CARL V |
1512 Wheless Ln Austin 33-Unit Value-Add Multifamily
Neighborhood occupancy remains strong and renter demand is supported by a deep tenant base, according to CRE market data from WDSuite. The property s inner-suburb location in Austin offers stable leasing fundamentals while ownership costs nearby tend to steer households toward multifamily rentals.
This inner-suburb pocket of Austin carries an A- neighborhood rating and ranks 108 out of 527 metro neighborhoods, indicating it is competitive among Austin neighborhoods. Neighborhood occupancy is high (96.5%) and has strengthened over the past five years; these figures reflect the neighborhood, not the property, and point to steady leasing conditions for well-managed assets.
Daily convenience is a relative strength: grocery access and restaurant density outperform many parts of the metro (above the metro median), though immediate park, pharmacy, and caf e9 options are thinner within the neighborhood. For investors, this mix supports everyday livability while leaving room for future amenity growth as the area densifies.
Within a 3-mile radius, households have grown and are projected to continue increasing through the forecast period, with average household size trending smaller. A sizable 3-mile renter-occupied share (around two-thirds of units) suggests a deep tenant base that can support occupancy stability and leasing velocity for mid-size multifamily assets.
Rents in the neighborhood benchmark in the upper range for Austin and above national norms, while local home values are elevated relative to the U.S. market. For investors, a high-cost ownership environment tends to sustain reliance on rental housing, which can help support pricing power and renewal retention when paired with quality management and unit finishes.
Safety indicators in this neighborhood trend below national medians but have improved year over year, with recent estimates showing double-digit declines in both violent and property offense rates. Relative to the Austin-Round Rock-Georgetown metro (527 neighborhoods), the area sits around the middle of the pack, suggesting conditions that warrant standard risk management and security practices common to urban infill assets.
For investors, the key takeaway is directional improvement: continued declines in reported offenses can support resident retention and leasing performance, while prudent on-site measures and lighting, access control, and community engagement remain advisable.
Proximity to established employers supports a broad commuter tenant base and can bolster retention through convenience. Notable nearby offices include Airgas, Coca-Cola, Whole Foods Market, Oracle Waterfront, and Adobe.
- Airgas d corporate offices (4.2 miles)
- Coca-Cola d corporate offices (4.8 miles)
- Whole Foods Market d corporate offices (4.9 miles) d HQ
- Oracle Waterfront d corporate offices (5.5 miles)
- Adobe d corporate offices (5.9 miles)
Built in 1972, this 33-unit asset offers clear value-add potential through interior upgrades and systems modernization, with the benefit of strong neighborhood occupancy and a renter-heavy 3-mile trade area. Elevated home values nearby tend to reinforce multifamily demand, while neighborhood rents index above national norms, supporting disciplined pricing for renovated units.
According to CRE market data from WDSuite, the immediate neighborhood s occupancy is high and has trended upward over the past five years, and the 3-mile area shows household growth with a sizable renter pool dconditions that can underpin steady leasing and renewal performance. Key risks include an older physical plant requiring capital planning and safety metrics that sit below national medians, though recent year-over-year crime declines are constructive.
- 1972 vintage points to value-add upside via interiors and building systems
- High neighborhood occupancy and renter depth support leasing stability
- Elevated ownership costs in the area reinforce reliance on rental housing
- Neighborhood rents benchmark above national norms, aiding renovated unit pricing
- Risks: aging asset CapEx needs and safety below national medians despite improving trends