| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 68th | Good |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3524 Greystone Dr, Austin, TX, 78731, US |
| Region / Metro | Austin |
| Year of Construction | 1974 |
| Units | 108 |
| Transaction Date | 2019-10-01 |
| Transaction Price | $16,190,000 |
| Buyer | 2414 Greystone LLC |
| Seller | Greystoneflats, LLC |
3524 Greystone Dr Austin Multifamily Value-Add Outlook
Neighborhood occupancy is strong and renter demand appears durable, according to WDSuite’s CRE market data, positioning this 108-unit 1974 asset for stable operations with targeted upgrades.
Located in Austin’s inner suburbs near 3524 Greystone Dr, the neighborhood posts high occupancy and competitive renter demand relative to the metro. With an occupancy rate measured at the neighborhood level in the top quartile among 527 metro neighborhoods, investors can underwrite with an eye toward retention and steady lease-up rather than heavy concessions.
Everyday access is favorable: grocery and pharmacy density ranks competitively in the metro and sits well above national norms (grocery and pharmacies both in high national percentiles), while restaurants are also plentiful. By contrast, parks and cafes are limited immediately nearby, which may temper some lifestyle appeal but is unlikely to outweigh the area’s day-to-day convenience for most renters.
Demographic statistics aggregated within a 3-mile radius indicate modest population growth and a faster increase in households, with smaller household sizes over time. This points to a larger tenant base for one- and two-bedroom product and supports occupancy stability. Median household incomes in the 3-mile area are solid, and rent levels (also measured for the 3-mile area) suggest manageable affordability pressures; lease management should focus on renewal capture rather than aggressive rent trade-outs. Neighborhood-level tenure skews renter-occupied, reinforcing depth of the tenant pool, while the broader 3-mile area shows a balanced split that still supports multifamily demand.
From an asset positioning standpoint, the 1974 vintage is slightly older than the neighborhood’s average construction year. That creates straightforward value-add angles—interiors, energy systems, and common areas—while remaining competitive given strong location fundamentals. Based on commercial real estate analysis from WDSuite, this submarket’s stable renter base and above-metro occupancy underpin consistent performance for well-maintained assets.
Safety indicators are mixed. The neighborhood’s overall crime rank sits around the metro median among 527 Austin-area neighborhoods, suggesting average local risk versus the region. Nationally, comparative measures indicate below-average safety, so investors should calibrate operating plans (access controls, lighting, resident engagement) to support retention and protect NOI.
Trend signals are constructive on property crime, with year-over-year declines at the neighborhood level, while violent offense measures have recently moved higher. Taken together, this supports a prudent but not alarmist stance—budget for preventative measures and monitor trends as part of standard asset management.
Proximity to established employers supports a broad renter pool and commute convenience for workforce and professional tenants. Nearby anchors include beverages, insurance, software, industrial gases, and a major grocery headquarters—each contributing to leasing depth and retention.
- Coca-Cola — beverages (1.97 miles)
- New York Life — insurance (2.96 miles)
- Adobe — software (3.34 miles)
- Airgas — industrial gases (4.09 miles)
- Whole Foods Market — grocery & corporate services (6.04 miles) — HQ
The investment case centers on occupancy stability and durable renter demand in an inner-suburban Austin location. Neighborhood-level occupancy trends are strong relative to the metro, and 3-mile demographics indicate a growing household base with smaller average household sizes—conditions that typically support steady absorption for one- and two-bedroom units. According to CRE market data from WDSuite, local amenities skew toward daily-needs retail and services, reinforcing convenience-driven retention.
Built in 1974, the property presents classic value-add potential. Selective renovations and system upgrades can enhance competitive positioning against newer stock without relying on outsized rent trade-outs. With a renter-leaning neighborhood profile and solid 3-mile incomes, underwriting can emphasize renewal capture, modest rent progression, and disciplined expense control.
- High neighborhood occupancy supports leasing stability and renewal capture
- 3-mile household growth and smaller household sizes expand the renter pool
- Daily-needs retail and services nearby bolster convenience-led retention
- 1974 vintage offers actionable value-add via interiors and building systems
- Risk: mixed safety indicators and aging systems warrant proactive management