| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 44th | Poor |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2606 Wheless Ln, Austin, TX, 78723, US |
| Region / Metro | Austin |
| Year of Construction | 1978 |
| Units | 70 |
| Transaction Date | 2016-12-09 |
| Transaction Price | $4,698,438 |
| Buyer | GVA Pro LLC |
| Seller | ACA Westheimer LLC, Corporation, Austin Capital Advisors, PCraicseh/ uEnqitu aivnadle /nsft |
2606 Wheless Ln, Austin TX — 70-Unit Value-Add Multifamily
Positioned in Austin’s urban core, this 70-unit asset benefits from a deep renter base and a high-cost ownership market, according to WDSuite’s CRE market data.
The property sits within Austin’s Urban Core where renter housing is a significant share of the local stock. Neighborhood data indicate approximately 60.9% of housing units are renter-occupied, signaling a substantial tenant base that supports demand depth and leasing velocity for multifamily investors.
Everyday needs are well served by grocery access, with the neighborhood ranking 54 out of 527 Austin neighborhoods on grocery stores per square mile — a top quartile position locally and strong versus the 90th national percentile. In contrast, parks, cafes, and pharmacies are sparse within neighborhood boundaries, which may reduce lifestyle convenience on certain fronts and place more weight on in-unit and on-site amenities.
Neighborhood rent levels sit around the 66th percentile nationally and the occupancy rate is stable near local norms. Median home values trend in the 82nd percentile nationally and the value-to-income ratio is in the 86th percentile, reflecting a high-cost ownership market that can reinforce renter reliance on multifamily housing and help sustain pricing power. Construction in the area averages 1984, while this asset was built in 1978, suggesting potential value-add through unit and system updates to remain competitive.
Within a 3-mile radius, demographics show population growth over the last five years and an increase in households, alongside smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability; based on WDSuite’s commercial real estate analysis, these shifts point to steady long-run demand for well-managed, appropriately positioned units.
Safety indicators are mixed. Compared with neighborhoods nationwide, the area tracks below average on safety (violent offenses around the 9th national percentile and property offenses near the 17th percentile), yet recent property crime trends show improvement with year-over-year declines. Within the Austin metro (527 neighborhoods), the crime rank sits in the lower middle of the pack, indicating conditions that merit standard risk management and resident-experience strategies rather than block-level conclusions.
Investors should underwrite proactive measures such as lighting, access control, and partnerships with local public safety resources, and monitor trend improvements to gauge potential for further stabilization.
Proximity to established employers underpins renter demand via diverse office, technology, and consumer-goods payrolls. The nearby base includes Airgas, Whole Foods Market, Oracle, Coca-Cola, and Adobe, supporting commute convenience and tenant retention.
- Airgas — industrial gases & supplies (4.9 miles)
- Whole Foods Market — corporate offices (5.1 miles) — HQ
- Oracle Waterfront — technology offices (5.2 miles)
- Coca-Cola — corporate offices (5.7 miles)
- Adobe — software offices (6.8 miles)
This 70-unit asset offers durable renter demand supported by a high-cost ownership market and steady neighborhood occupancy. Built in 1978, it is older than the neighborhood average and presents a clear value-add path through targeted renovations and modernization to sharpen competitive positioning and capture rent premiums where justified by finishes and amenities. According to CRE market data from WDSuite, neighborhood rent levels sit above national midpoints while home values are elevated versus incomes, reinforcing reliance on rental housing.
Within a 3-mile radius, recent population growth and a meaningful increase in households point to a larger tenant base and support for occupancy stability. Strong grocery access enhances livability, though limited parks and cafe density and mixed safety signals call for asset-level amenity and security strategies to sustain retention and pricing power.
- High renter concentration and above-median neighborhood rents support demand depth
- 1978 vintage offers value-add potential via interior and systems upgrades
- Elevated ownership costs in the area reinforce multifamily reliance and pricing power
- 3-mile growth in households expands the renter pool and supports occupancy stability
- Risks: mixed safety metrics and limited park/cafe density require proactive asset management