| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 80th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 409 W 38th St, Austin, TX, 78705, US |
| Region / Metro | Austin |
| Year of Construction | 1977 |
| Units | 28 |
| Transaction Date | 2012-03-14 |
| Transaction Price | $1,750,000 |
| Buyer | NSSW DEVELOPMENT LLC |
| Seller | 409 W 38TH ST LLC |
409 W 38th St Austin Multifamily Investment
Positioned in Austin’s urban core with stable neighborhood occupancy and deep renter demand, this 28-unit asset offers durable leasing fundamentals, according to WDSuite’s CRE market data. The investment case centers on location convenience and pricing power supported by strong nearby amenities and a sizable renter pool.
The property sits in an Urban Core neighborhood rated A and ranked 76 out of 527 Austin metro neighborhoods, placing it in the top quartile locally for overall fundamentals. Neighborhood occupancy is stable and sits near the national midpoint, providing a baseline of leasing durability at the neighborhood level rather than the property itself.
Livability drivers are strong: grocery and pharmacy access are competitive (both ranked within the top 100 of 527 metro neighborhoods), and restaurants are dense (top 31 of 527), supporting walkable convenience for residents. Park access within the immediate neighborhood footprint is limited by the dataset, so outdoor amenities may rely more on nearby districts.
Within a 3-mile radius, households have increased over the past five years and are projected to expand further, indicating a larger tenant base and supporting occupancy stability. The renter-occupied share within this radius is about 62%, underscoring a deep pool of prospective renters and consistent demand for multifamily product.
Elevated home values (97th percentile nationally) signal a high-cost ownership market that tends to reinforce reliance on rental housing and support pricing power for well-located apartments. Neighborhood rent levels have risen meaningfully over the last five years and are expected to continue growing, a trend that favors professionally managed assets while calling for active lease management as affordability pressure evolves.
The average construction year for the neighborhood is 1969. Built in 1977, the subject’s vintage is somewhat newer than much of the local stock, which can enhance competitiveness versus older assets while still leaving room for targeted renovations or systems upgrades to capture value-add upside based on multifamily property research.
Safety indicators are mixed relative to peers. The neighborhood’s crime rank is 286 out of 527 within the Austin metro, placing it below the metro median for safety. Compared with neighborhoods nationwide, overall safety percentiles sit on the lower end; however, property offense rates have declined sharply year over year, a positive directional sign. These metrics describe neighborhood-level conditions rather than the property itself.
Investors should underwrite prudent operating practices and resident experience measures, while noting the recent downward trend in property offenses. Monitoring local trends and engaging with professional management can help sustain leasing stability and retention.
Proximity to major employers supports workforce housing demand and commute convenience, with a concentration of corporate offices nearby including Whole Foods Market, Oracle, New York Life, Coca-Cola, and Airgas.
- Whole Foods Market — grocery HQ (2.34 miles) — HQ
- Oracle Waterfront — technology campus (4.16 miles)
- New York Life — insurance (5.19 miles)
- Coca-Cola — beverage offices (5.44 miles)
- Airgas — industrial gases (6.17 miles)
This 1977-vintage, 28-unit asset in Austin’s urban core benefits from steady neighborhood occupancy, dense amenities, and a renter-dominant housing landscape within a 3-mile radius. Elevated ownership costs in the area support reliance on multifamily housing, while rising neighborhood rents point to ongoing pricing power for well-located assets. According to commercial real estate analysis from WDSuite, neighborhood occupancy trends are stable around national midpoints, and home values rank among the highest nationwide, reinforcing durable renter demand.
Relative to older local stock, the property’s vintage offers competitive positioning with potential for targeted upgrades to capture value-add upside and modernize systems. Forecast household growth within 3 miles suggests a larger tenant base ahead, supporting leasing stability; at the same time, rent-to-income dynamics indicate the need for disciplined renewal strategies and amenity investments that support retention.
- Urban-core location with strong amenity access and commute convenience
- High-cost ownership market supports renter reliance and pricing power
- 1977 vintage enables targeted renovations for value-add and competitive positioning
- Risks: neighborhood safety variability and affordability pressure require active lease management