| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 69th | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3625 S 1st St, Austin, TX, 78704, US |
| Region / Metro | Austin |
| Year of Construction | 1978 |
| Units | 62 |
| Transaction Date | 2008-04-30 |
| Transaction Price | $3,890,600 |
| Buyer | SPEARHEAD OAK GROVE LTD |
| Seller | RIVERS AT AUSTIN INC |
3625 S 1st St Austin Multifamily Value-Add Opportunity
Neighborhood occupancy in the mid‑90s and a high renter concentration point to durable leasing fundamentals, according to WDSuite’s CRE market data. Elevated ownership costs in 78704 support sustained renter demand relative to nearby for‑sale options.
Located in Austin’s Inner Suburb 78704 corridor, the neighborhood ranks in the top quartile among 527 metro neighborhoods (overall A rating), signaling competitive livability that underpins renter demand. Neighborhood occupancy is 94.9% (70th percentile nationally), supporting stability at the property level when underwritten with prudent renewal assumptions.
Daily needs are well covered: grocery access and pharmacies are both top‑tier locally (ranks 7 and 6 of 527), and restaurants are also strong (rank 34 of 527; 94th percentile nationally). Cafés and parks are limited within the immediate neighborhood footprint, but the area’s broader amenity mix remains competitive for urban renters who prioritize convenience.
Renter-occupied housing accounts for a substantial share of units locally (60.2%), indicating depth in the tenant base and consistent leasing velocity for multifamily assets. Median contract rents sit above national norms (79th percentile), which, paired with a rent‑to‑income ratio around the national middle, suggests potential pricing power with attention to affordability management and retention.
Within a 3‑mile radius, households have increased while average household size has declined, expanding the pool of smaller households and supporting demand for apartments. Median household income is comparatively high for the metro, and home values are elevated, which tends to keep multifamily competitive versus ownership and can support occupancy stability and renewal capture, based on CRE market data from WDSuite.
The neighborhood’s average construction vintage skews newer (2003), while the subject was built in 1978—an older profile that typically benefits from targeted capital planning and renovation to maintain competitive positioning against newer stock.
Safety metrics indicate the neighborhood performs below national averages, with violent and property offense rates positioned in lower national percentiles. Compared with Austin’s 527 neighborhoods, the area trends below the metro median, suggesting investors should underwrite for proactive security measures and insurance considerations rather than assume block‑level improvements.
Year‑over‑year trends from WDSuite show an uptick in violent incidents and a modest increase in property offenses; while single‑year moves can be noisy, they warrant practical operating responses such as lighting, access control, and resident engagement. Framing safety at the neighborhood level helps align underwriting with realistic leasing and retention strategies.
Proximity to established employers supports a sizable commuter renter base and helps stabilize leasing, with access to technology, retail HQ, and insurance offices noted below.
- Oracle Waterfront — technology offices (2.9 miles)
- Whole Foods Market — retail & corporate services (3.0 miles) — HQ
- State Farm Insurance — insurance services (6.8 miles)
- New York Life — insurance & financial services (8.8 miles)
- Coca-Cola — consumer beverages offices (10.6 miles)
3625 S 1st St brings scale at 62 units in a top‑quartile Austin neighborhood where occupancy is strong and renter concentration is high, supporting demand depth and renewal prospects. Elevated home values in the immediate area keep multifamily competitive versus ownership, while neighborhood rents trend above national norms with a rent‑to‑income ratio near the national middle—favorable for pricing discipline and lease management. The 1978 vintage is older than the neighborhood norm, creating a clear path for value‑add through targeted unit and systems upgrades to defend positioning against newer assets.
Within a 3‑mile radius, households have grown and average household size has declined, broadening the renter pool and supporting multifamily absorption. According to commercial real estate analysis from WDSuite, access to daily needs and major employers further reinforces occupancy stability, while underwriting should account for neighborhood safety considerations and capital reserves for modernization.
- Strong neighborhood fundamentals: top‑quartile local ranking and 94.9% neighborhood occupancy support leasing stability
- Deep renter base: high renter-occupied share and elevated home values sustain multifamily demand
- Value‑add potential: 1978 vintage relative to newer neighborhood stock allows targeted renovations to drive NOI
- Demand drivers: dense grocery/pharmacy access and proximity to major employers support retention
- Key risks: below‑average safety metrics and limited nearby parks/cafés warrant prudent security and amenity strategies