| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 44th | Poor |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1706 Patton Ln, Austin, TX, 78723, US |
| Region / Metro | Austin |
| Year of Construction | 1973 |
| Units | 34 |
| Transaction Date | 2016-04-11 |
| Transaction Price | $1,561,900 |
| Buyer | PATTON APARTMENTS LLC |
| Seller | 1706 PATTON LLC |
1706 Patton Ln, Austin — Multifamily Value-Add Potential
Neighborhood data points to a deep renter base and steady occupancy in the surrounding area, according to WDSuite’s CRE market data, supporting durable leasing for smaller-unit assets.
Located in Austin’s Urban Core, the area surrounding 1706 Patton Ln shows investor-friendly fundamentals: a high share of renter-occupied housing units indicates a broad tenant pool, and neighborhood occupancy trends sit modestly above national norms. The property’s 1973 vintage is older than the neighborhood’s average construction year (1984), which can create value-add opportunities alongside capital planning for building systems.
Amenity access is mixed. Grocery access is a relative strength — ranked 54 out of 527 metro neighborhoods and in the top quartile nationally — which helps daily convenience and supports resident retention. By contrast, neighborhood-level counts of parks, pharmacies, and cafes are thin, so residents may rely on nearby districts for some lifestyle needs.
Within a 3-mile radius, demographics indicate a larger tenant base today and continued expansion ahead: recent gains in households and families, coupled with smaller average household sizes, point to more renters entering the market and support for occupancy stability. Elevated home values versus national norms in the neighborhood context suggest a high-cost ownership market locally, which tends to reinforce rental demand depth and pricing discipline for comparable Class B multifamily, based on commercial real estate analysis from WDSuite.
Rent levels in the surrounding neighborhood sit above many U.S. areas, yet rent-to-income metrics are consistent with sustainable leasing strategies. This backdrop, combined with Austin’s employment draw, supports lease-up and renewal prospects, while still requiring hands-on management to balance affordability pressures with revenue growth.
Safety indicators for the neighborhood are below national and metro averages, with violent and property offense rates trending weaker than many U.S. neighborhoods. However, recent data shows a year-over-year decline in property offenses, signaling incremental improvement that investors should monitor over subsequent periods.
Given these dynamics, prudent measures — lighting, access controls, and resident engagement — can support tenant retention. Compare trends against peer Austin neighborhoods (527 total) to calibrate underwriting assumptions and assess whether recent improvements are sustaining.
Nearby corporate offices broaden the employment base and help underpin renter demand through commute convenience, including roles in industrial gases, beverages, grocery headquarters, enterprise software, and tech services.
- Airgas — industrial gases (4.2 miles)
- Coca-Cola — beverages (4.87 miles)
- Whole Foods Market — grocery HQ operations (5.05 miles) — HQ
- Oracle Waterfront — enterprise software offices (5.56 miles)
- Adobe — software (6.02 miles)
This 34‑unit asset offers a straightforward value-add angle: a 1973 vintage in a neighborhood with steady occupancy, strong renter concentration, and elevated ownership costs that sustain the rental market. Within a 3‑mile radius, household counts have risen and are projected to continue increasing, which supports a larger tenant base, lease renewal potential, and occupancy stability. According to CRE market data from WDSuite, neighborhood grocery access ranks competitively while other lifestyle amenities are thinner, suggesting retention strategies should emphasize on-site convenience.
For underwriting, investors should weigh capex for modernization against demand resilience driven by Austin’s employment draw and neighborhood-level renter depth. Safety metrics are weaker than national norms but show recent improvement in property offenses; hands-on operations and security enhancements can be used to mitigate risk and support leasing performance.
- Older 1973 vintage creates clear value‑add potential alongside system upgrades
- High neighborhood renter concentration supports a deep tenant pool and renewal prospects
- Household growth within 3 miles points to ongoing renter pool expansion and occupancy stability
- Strong grocery access aids daily convenience; on-site amenities can offset thinner local parks/cafes
- Risks: below-average safety metrics and capex needs; proactive management and security can mitigate