| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 80th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 506 W 37th St, Austin, TX, 78705, US |
| Region / Metro | Austin |
| Year of Construction | 1978 |
| Units | 27 |
| Transaction Date | 1999-12-30 |
| Transaction Price | $860,000 |
| Buyer | J & E MILLER FAMILY LP |
| Seller | ALORI PROPERTIES 506 WEST 37TH LTD |
506 W 37th St Austin Multifamily Investment
High renter concentration and strong neighborhood amenity access point to durable leasing demand, according to WDSuite's CRE market data.
Located in Austin's Urban Core, the neighborhood is competitive among 527 metro neighborhoods and benefits from a dense mix of restaurants, grocery options, and pharmacies. Restaurant and grocery access ranks in the upper range nationally, while childcare availability is also strong; parks and cafes are less prevalent, which may modestly limit open-space appeal. This balance supports convenience-driven living that typically favors multifamily retention.
Home values in the neighborhood sit in the high-cost range nationally, which reinforces reliance on rental housing and can support pricing power when paired with prudent lease management. The share of renter-occupied units is among the highest nationally, indicating a deep tenant base and consistent multifamily demand. Neighborhood occupancy is modestly above the national midpoint, suggesting generally stable absorption rather than outsized vacancy risk.
Within a 3-mile radius, demographics show sustained renter pool expansion: population and household counts have grown over the past five years, with households rising faster than population as average household size edges lower. Income levels in the 3-mile area are elevated and have trended higher, which supports Class B leasing depth and renewal potential as new renters enter the market. Looking ahead, forecasts point to continued gains in households and contract rents in the area, providing a supportive backdrop for rent growth and occupancy stability.
The property's 1978 vintage is newer than the neighborhood's average construction year, positioning it competitively versus older stock while still offering potential value-add through targeted system updates, unit refreshes, or common-area improvements. These dynamics align with measured upside opportunities identified through commercial real estate analysis using WDSuite as the data source.
Safety signals are mixed. Relative to neighborhoods nationwide, the area trends below the national median for safety, and within the Austin metro it sits near the middle of the pack among 527 neighborhoods. Recent trends show a notable decline in property offenses over the past year, while violent offenses rose over the same period. For investors, the takeaway is to underwrite with conservative assumptions around security and asset management while recognizing that property offense trends have recently moved in a favorable direction.
Proximity to established corporate employers supports renter demand through commute convenience and a broad professional workforce. Nearby anchors include Whole Foods Market, Oracle Waterfront, New York Life, Coca-Cola, and Airgas.
- Whole Foods Market — grocery headquarters/corporate (2.3 miles) — HQ
- Oracle Waterfront — enterprise software offices (4.1 miles)
- New York Life — insurance (5.2 miles)
- Coca-Cola — beverage (5.5 miles)
- Airgas — industrial gases (6.2 miles)
506 W 37th St is a 27-unit, 1978-vintage asset positioned in an Urban Core neighborhood where renter-occupied housing is prevalent and amenity access is strong. Elevated ownership costs in the area reinforce renter reliance on multifamily housing, and neighborhood occupancy sits modestly above the national midpoint, supporting steady leasing and renewal potential. Based on CRE market data from WDSuite, the asset competes against older local stock and can benefit from targeted renovations to capture incremental rent and retention.
Within a 3-mile radius, population and households have expanded, with projections indicating additional household growth and higher contract rents over the next few years. This points to a larger tenant base and supports near- to medium-term occupancy stability. Investors should still account for affordability pressure and mixed safety trends when underwriting, with focused asset management and expense planning for an older property.
- High renter concentration and strong amenity access support demand and retention
- 1978 vintage offers value-add potential versus older neighborhood stock
- 3-mile household growth and rising incomes expand the tenant base
- Forecast rent gains in the area bolster revenue outlook
- Risks: affordability pressure, mixed safety signals, and capital needs for aging systems