| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 52nd | Fair |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2704 Rio Grande St, Austin, TX, 78705, US |
| Region / Metro | Austin |
| Year of Construction | 2006 |
| Units | 76 |
| Transaction Date | 2019-01-18 |
| Transaction Price | $62,000,000 |
| Buyer | REOF Austin Three LLC |
| Seller | CN RE Vaughan LLC, Corporation, CN RE Vaughan LLC, Price/unit and /sf |
2704 Rio Grande St Austin Multifamily Opportunity
Situated in Austin’s Urban Core, this 76-unit asset benefits from a deep renter base and strong neighborhood amenities; according to WDSuite’s CRE market data, nearby occupancy has trended upward while renter concentration supports stable leasing.
Located in Austin’s Urban Core and rated B+ among 527 metro neighborhoods, the area ranks 141st locally, placing it above the metro median for overall performance. Neighborhood statistics referenced here describe the surrounding neighborhood, not the property itself.
Amenity access is a clear strength: restaurant density sits in the 99th percentile nationally and grocery access in the 98th percentile, with cafes competitive among Austin neighborhoods (ranked 19th of 527). Parks are also plentiful relative to many U.S. neighborhoods (88th percentile). These factors typically support renter retention and leasing velocity for well-positioned multifamily assets.
The neighborhood skews heavily renter-occupied, with a renter concentration of 77.5%, indicating a deep tenant pool for multifamily demand. Neighborhood occupancy is 87.7% and has improved over the past five years, which points to steady absorption and generally supportive leasing conditions, based on CRE market data from WDSuite.
Construction year averages nearby skew older (average 1983), while this property was built in 2006. Newer vintage relative to much of the surrounding stock can enhance competitive positioning; investors should still plan for routine system updates and modernization to meet current renter expectations.
Within a 3-mile radius, demographics indicate population growth in recent years with a larger share of adults ages 18–34, and households have expanded with smaller average household sizes. Projections through 2028 point to additional population and household growth, reinforcing a larger tenant base over time. Median contract rents in the 3-mile area have risen, and median household income has increased, supporting the case for sustained renter demand, though lease management should account for affordability pressure in select cohorts.
Home values in the neighborhood are elevated relative to income (high national percentile for value-to-income), suggesting a high-cost ownership market that can sustain reliance on rentals. For investors, this typically supports pricing power and lease-up depth, while reinforcing the importance of product differentiation and value delivery.
Neighborhood safety indicators are mixed and should be considered in underwriting. Relative to neighborhoods nationwide, the area scores below national norms on safety, and within the Austin metro (527 neighborhoods total) its crime ranking places it in a less competitive cohort. These figures reflect neighborhood-level trends, not the property.
Recent year data show an uptick in both violent and property offenses at the neighborhood level. Investors may want to incorporate enhanced security measures, lighting, and resident engagement, and monitor citywide initiatives that can influence trendlines over the hold period.
Proximity to major employers underpins renter demand and commute convenience in this Urban Core location, including Whole Foods Market, Oracle, New York Life, Coca-Cola, and Airgas.
- Whole Foods Market — grocery retail (1.6 miles) — HQ
- Oracle Waterfront — technology offices (3.68 miles)
- New York Life — insurance (5.38 miles)
- Coca-Cola — beverage offices (6.11 miles)
- Airgas — industrial gases offices (6.93 miles)
This 2006-vintage, 76-unit multifamily property sits in a renter-centric Urban Core neighborhood where amenity density and elevated ownership costs reinforce reliance on rentals. Neighborhood occupancy is 87.7% and has improved over five years, and renter concentration of 77.5% suggests a deep tenant base. According to CRE market data from WDSuite, the neighborhood’s NOI per unit ranks among the highest locally and nationally, indicating favorable revenue potential for competitive assets, while the property’s newer vintage versus much of the area’s 1980s stock can help differentiate on finishes, systems, and livability.
Within a 3-mile radius, population and household growth—alongside rising incomes and projected gains through 2028—point to a larger renter pool and support occupancy stability. Key risks to underwrite include neighborhood safety trendlines and pockets of affordability pressure that may influence renewal strategies and concession discipline.
- Renter-centric area with 77.5% renter-occupied units supports demand depth
- Occupancy of the surrounding neighborhood at 87.7% with multi-year improvement
- 2006 construction offers competitive positioning versus older local stock
- 3-mile demographics signal renter pool expansion and income growth through 2028
- Risks: below-average safety metrics and affordability pressure warrant prudent lease management