| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 97th | Best |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2406 Bluebonnet Ln, Austin, TX, 78704, US |
| Region / Metro | Austin |
| Year of Construction | 1985 |
| Units | 31 |
| Transaction Date | 2007-06-13 |
| Transaction Price | $1,612,500 |
| Buyer | MILLER JEROME B |
| Seller | GHESSER HARVEY |
2406 Bluebonnet Ln Austin Multifamily Opportunity
Neighborhood fundamentals in 78704 show resilient renter demand and high occupancy at the neighborhood level, according to WDSuite’s CRE market data, supporting steady performance for well-operated assets.
Situated in Austin’s inner-south submarket, the property benefits from an A+ neighborhood rating and a location that is competitive among 527 Austin metro neighborhoods. Local amenity access is strong — restaurants and daily services rank in the top quartile nationally — supporting convenience and leasing appeal for working professionals.
At the neighborhood level, occupancy is elevated with recent stability (97.7% and trending upward), which is competitive among Austin neighborhoods based on WDSuite’s CRE market data. Median contract rents in the neighborhood sit well above national norms (around the 90th percentile), signaling depth of demand for quality multifamily units, while the renter-occupied share of housing units (about half locally) points to a sizable tenant base and sustained leasing velocity.
School quality benchmarks are a differentiator: the neighborhood’s average school rating is among the top quartile nationally and ranks at the top of the Austin metro (1st out of 527 neighborhoods), which can bolster retention for family-oriented renters. Grocery, pharmacy, childcare, and café density all track above national averages, reinforcing daily-life convenience that supports rentability.
Within a 3-mile radius, demographics show population growth over the last five years alongside a larger increase in households and smaller average household sizes — a pattern that typically expands the renter pool and supports occupancy stability. Household incomes have risen meaningfully, and with elevated home values (top national percentiles), the high-cost ownership market tends to sustain reliance on multifamily housing, aiding pricing power and renewal prospects for well-positioned assets.
Vintage context: the average construction year in the neighborhood is late 1980s; with a 1985 build, this asset may warrant targeted capital planning for systems and interiors. That positioning can also present value-add potential to outperform older stock and compete effectively with newer inventory through selective upgrades.
Safety indicators are mixed relative to national benchmarks. Overall, neighborhood crime measures align below national medians (around the mid-30s percentile nationally), signaling more exposure than many U.S. neighborhoods. However, recent trends show improvement: property offenses declined materially year over year (a double-digit decrease), a trajectory that, if sustained, can help leasing confidence and resident retention.
Within the Austin-Round Rock-Georgetown metro (527 neighborhoods), the area compares as middling on safety. For investors, this suggests prudent operating practices: emphasize lighting, access control, and partnership with local community initiatives, while underwriting with conservative loss assumptions and appropriate security enhancements.
Proximity to major employers supports a broad white-collar renter base and short commutes, aiding lease-up and retention. Notable nearby employers include Whole Foods Market, Oracle, State Farm, New York Life, and Coca-Cola.
- Whole Foods Market — grocery HQ and corporate offices (2.2 miles) — HQ
- Oracle Waterfront — technology offices (3.4 miles)
- State Farm Insurance — insurance (6.7 miles)
- New York Life — insurance (7.5 miles)
- Coca-Cola — consumer goods offices (9.6 miles)
This 1985-vintage, 31-unit asset in 78704 is positioned within an A+ Austin neighborhood where amenity access, top-tier schools, and high-income demographics support durable multifamily demand. Neighborhood occupancy remains elevated and competitive across the metro, and the high-cost ownership landscape reinforces reliance on rentals — favorable for lease retention and measured rent growth for well-operated properties.
Demographic trends within a 3-mile radius point to a growing household base and smaller household sizes, expanding the renter pool and supporting occupancy stability. Based on commercial real estate analysis from WDSuite, neighborhood rents benchmark above national norms, and targeted upgrades typical for 1980s construction can unlock value-add upside while remaining mindful of operating discipline given mid-tier safety comparisons.
- Competitive neighborhood fundamentals: high occupancy and strong amenity access support leasing stability.
- Deep renter base: elevated renter concentration locally and household growth within 3 miles expand demand.
- Pricing power potential: high-cost ownership market sustains reliance on rentals.
- Value-add pathway: 1985 vintage allows for targeted renovations and systems updates.
- Risk to underwrite: safety indicators below national medians warrant prudent security and loss assumptions.