| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 90th | Best |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1604 Wheless Ln, Austin, TX, 78723, US |
| Region / Metro | Austin |
| Year of Construction | 1983 |
| Units | 49 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1604 Wheless Ln Austin Multifamily Investment
Neighborhood occupancy remains elevated and stable, according to WDSuite s CRE market data, suggesting dependable renter demand near Central Austin employment corridors. This positions the asset to compete on convenience and value relative to older nearby stock.
Located in Austin s Inner Suburb fabric, the neighborhood is rated A- and ranks 108 out of 527 metro neighborhoods competitive among Austin submarkets while positioning north of the metro median. For investors, this indicates durable fundamentals with broad renter appeal without relying on a single demand driver.
Livability signals are balanced: grocery access is strong relative to national norms (high national percentile), while cafes, parks, and pharmacies are thinner within the immediate neighborhood footprint. Median contract rents and home values sit in higher national percentiles, pointing to a high-cost ownership market that can reinforce reliance on multifamily rentals and support pricing power when operations are well-managed.
The asset s 1983 vintage is newer than the area s average construction year of 1965. That relative youth helps competitiveness versus older stock, while still leaving room for targeted modernization to capture value-add rent premiums and manage long-term systems planning.
Tenure patterns are mixed at the neighborhood scale, with a mid-range renter-occupied share of housing units, which can temper turnover pressures. In contrast, demographics aggregated within a 3-mile radius indicate a larger renter pool today and a projected increase in households alongside smaller average household sizes over the next five years ends that typically support lease-up and occupancy stability for well-located, smaller-format units.
Safety trends are mixed and should be underwritten conservatively. The neighborhood ranks 206 out of 527 Austin metro neighborhoods on crime competitive in the local context but below the national median for safety when benchmarked against neighborhoods nationwide. Recent data shows estimated year-over-year decreases in both property and violent offenses, which is directionally positive, though investors should prioritize current, property-specific security measures and insurer feedback.
Nearby employers span corporate offices and tech, supporting commuter convenience and a steady renter base for workforce and professional tenants. Highlights include Airgas, Coca-Cola, Whole Foods Market, Oracle, and Adobe within roughly 6 miles.
- Airgas industry/role (4.2 miles)
- Coca-Cola industry/role (4.8 miles)
- Whole Foods Market corporate offices (4.96 miles) HQ
- Oracle Waterfront technology offices (5.53 miles)
- Adobe technology offices (5.96 miles)
This 49-unit, small-format asset (average unit size ~399 sq. ft.) sits in a competitive Austin neighborhood where occupancy is elevated versus national norms and has trended upward, according to CRE market data from WDSuite. The 1983 vintage is newer than the local average, offering an edge over older inventory with actionable value-add potential through selective upgrades and operational improvements.
Within a 3-mile radius, population and household counts are projected to rise with smaller average household sizes, expanding the renter pool and supporting lease-up and retention for studios and micro units. High home values in the neighborhood sustain renter reliance on multifamily housing, while proximity to diversified employers underpins day-to-day demand. Key risks include thinner park/pharmacy amenities inside the neighborhood footprint and safety metrics that trail national medians, warranting prudent underwriting and asset-level mitigation.
- Elevated neighborhood occupancy and stable demand backdrop
- 1983 vintage offers relative competitiveness plus renovation upside
- 3-mile demographics point to renter pool expansion and retention support
- Proximity to corporate and tech employers supports weekday leasing stability
- Risks: thinner neighborhood amenities and safety below national median