| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 85th | Best |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2121 W William Cannon Dr, Austin, TX, 78745, US |
| Region / Metro | Austin |
| Year of Construction | 1980 |
| Units | 58 |
| Transaction Date | 2018-02-07 |
| Transaction Price | $3,125,000 |
| Buyer | ORANGE STREET PROPERTIES LLC |
| Seller | CHESHIRE GARDENS APARTNMENTS LP |
2121 W William Cannon Dr Austin Multifamily Investment
Neighborhood occupancy is strong and renter demand is supported by high-cost ownership and income depth, according to WDSuite’s CRE market data. The immediate area offers stable fundamentals that favor consistent leasing over the cycle.
Located in Austin’s inner south side, the neighborhood surrounding 2121 W William Cannon Dr shows durable rental fundamentals. Neighborhood occupancy is 98.2% — competitive among Austin-Round Rock-Georgetown neighborhoods (135 of 527) and in the top decile nationally — reflecting demand stability at the submarket level rather than property-specific performance.
Amenity access is service-oriented: restaurants, grocery, pharmacy, and childcare density trend above national averages, while cafés and park acreage are thinner. This mix supports day-to-day convenience for residents and reduces friction for leasing, even without destination retail. Median contract rents benchmark above national norms, aligning with the area’s higher household incomes and education levels (bachelor’s share ranks in the top decile nationally).
Vintage context matters for competitiveness. The average construction year in the neighborhood skews to the late 1990s; this asset’s 1980 vintage is older, which points to routine capital planning and potential value-add through unit and systems modernization. In practice, refreshed interiors and common areas can help maintain pricing power against newer stock while managing operating expenses.
Tenure and demographics indicate a deep renter pool. Within the neighborhood, renter-occupied housing represents a moderate share of units, while within a 3-mile radius renters account for a majority of occupied housing. Over the past five years, the 3-mile radius recorded growth in households alongside smaller average household sizes — patterns that expand the tenant base and support occupancy. Looking ahead, forecasts show additional household growth and rising incomes in the 3-mile trade area, a constructive setup for multifamily demand and lease retention.
Ownership costs are elevated relative to national benchmarks, which tends to sustain reliance on multifamily housing and supports renewal rates. With a rent-to-income profile that indicates manageable affordability pressure at the neighborhood level, operators have room for disciplined revenue management while monitoring retention risk.
Safety indicators are mixed when viewed against national benchmarks but competitive within the Austin metro. The neighborhood’s overall crime ranking sits 198 out of 527 Austin neighborhoods, indicating a mid-pack position locally. Nationally, safety percentiles are below average, yet recent trends show improvement: violent offenses are down year over year at a pace that ranks in the stronger cohort nationwide, and property offenses also show a modest decline.
For investors, the takeaway is directional improvement and metro-competitive standing, with prudent emphasis on standard property-level measures (lighting, access control, and visibility) to support resident satisfaction and retention.
- State Farm Insurance — insurance services (4.0 miles)
- Whole Foods Market — corporate offices (5.7 miles) — HQ
- Oracle Waterfront — technology offices (5.9 miles)
- New York Life — financial services offices (10.4 miles)
- Coca-Cola — consumer goods offices (13.1 miles)
This 58-unit 1980-vintage asset sits in a neighborhood with high occupancy and above-average incomes, creating a supportive base for leasing stability. Elevated home values in the area reinforce renter reliance on multifamily housing, while 3-mile demographics point to more households and a smaller average household size — dynamics that expand the tenant base and support renewal potential. Based on commercial real estate analysis from WDSuite, neighborhood occupancy trends remain strong relative to metro and national benchmarks.
The 1980 vintage suggests clear value-add pathways through interior upgrades and systems modernization to enhance competitiveness versus late-1990s peer stock. Operators should pair revenue management with watchful retention practices, as rent levels benchmark above national norms and amenity depth is more practical than destination-driven.
- High neighborhood occupancy with metro-competitive standing supports cash flow durability
- Elevated ownership costs and strong incomes underpin renter demand and renewal potential
- 1980 vintage offers value-add upside via unit and building modernization
- 3-mile trade area shows growing household counts and smaller household sizes, expanding the renter pool
- Risks: older systems, practical (not destination) amenities, and the need to manage affordability pressure to protect retention