| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Fair |
| Demographics | 82nd | Best |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2501 Anken Dr, Austin, TX, 78741, US |
| Region / Metro | Austin |
| Year of Construction | 1981 |
| Units | 100 |
| Transaction Date | 2005-03-31 |
| Transaction Price | $5,125,000 |
| Buyer | PLEASANT HILL PRESERVATION LP |
| Seller | PLEASANT VALLEY APARTMENTS LP |
2501 Anken Dr Austin Multifamily Value-Add Opportunity
Neighborhood occupancy near 93% supports stable leasing dynamics for a 1981 asset, according to WDSuite's CRE market data, with a strong renter base reinforcing demand.
Situated in Austin's Urban Core, the area around 2501 Anken Dr benefits from strong daily-needs access and food-and-beverage density. Grocery access ranks 5th out of 527 metro neighborhoods and restaurants 11th out of 527, indicating convenient amenity coverage and above-average footfall potential compared with neighborhoods nationwide. Cafes rank 13th out of 527 and land in the top quartile nationally, further supporting lifestyle appeal that can aid leasing and renewal velocity, based on CRE market data from WDSuite.
Renter demand is deep: the neighborhood's share of renter-occupied housing units is high, indicating a broad tenant pool and support for occupancy. Neighborhood occupancy trends are in the upper half nationally with a multi-year improvement, which can underpin income stability. Median asking rents in the neighborhood are elevated versus many U.S. areas but remain supported by incomes and amenity access.
Within a 3-mile radius, demographic data show a modest decline in population alongside an increase in household counts and a smaller average household size. This mix points to more, smaller households entering the market, which typically supports demand for smaller apartment formats and steady absorption. Forward-looking projections indicate additional growth in households and incomes, which can expand the renter pool and help sustain occupancy and pricing power.
Ownership costs in the neighborhood are relatively high compared with local incomes, and rent-to-income levels point to some affordability pressure. For multifamily investors, this often supports renter reliance on apartments and can aid retention, though it warrants attentive lease management and measured rent setting to balance pricing power with renewal risk.
The property's 1981 vintage is slightly newer than the neighborhood's late-1970s average. That positioning can be competitive against older stock, while still calling for targeted system updates or modernization to meet current renter expectations and enhance value-add potential.
Safety benchmarks suggest the neighborhood sits below the metro average on crime metrics (ranked 395 out of 527 Austin-area neighborhoods), and national positioning is also weaker. However, one-year trends indicate improvement, with declines in both violent and property offense estimates. For investors, this calls for prudent on-site security measures and tenant-experience management, while recognizing that recent momentum is moving in a positive direction.
Proximity to major employers supports a broad workforce renter base and commute convenience, notably in enterprise software, grocery headquarters, insurance, and beverages. The following nearby employers help anchor demand:
- Oracle Waterfront - enterprise software offices (1.0 miles)
- Whole Foods Market - grocery HQ (3.2 miles) - HQ
- State Farm Insurance - insurance (9.1 miles)
- New York Life - insurance (9.6 miles)
- Coca-Cola - beverages (10.4 miles)
This 100-unit, 1981-vintage property aligns with a renter-heavy Urban Core neighborhood that shows solid amenity access and occupancy positioned in the upper half nationally. The area's strong concentration of renter-occupied units indicates a deep tenant base, while household growth within a 3-mile radius and shrinking household sizes point to ongoing demand for smaller formats - well matched to the asset's average unit size. According to CRE market data from WDSuite, neighborhood rent levels and income trends support continued leasing fundamentals, though careful pricing and renewal management remain important.
The vintage is slightly newer than the neighborhood average, offering competitive positioning versus older stock and potential to unlock value through targeted modernization. Elevated ownership costs relative to incomes tend to sustain reliance on rental housing, supporting occupancy stability near major employment nodes, including technology and insurance offices.
- Deep renter concentration supports a broad tenant base and leasing stability
- Amenity-rich Urban Core location with strong grocery, restaurant, and cafe access
- 1981 vintage offers value-add and modernization upside versus older nearby stock
- Household growth within 3 miles and smaller household sizes support demand for smaller units
- Risks: below-metro-average safety profile and rent-to-income pressures require active management