| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 83rd | Best |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5606 N Lamar Blvd, Austin, TX, 78751, US |
| Region / Metro | Austin |
| Year of Construction | 1972 |
| Units | 70 |
| Transaction Date | 2019-10-18 |
| Transaction Price | $6,968,800 |
| Buyer | 229 S NORMANDIE AVE LLC |
| Seller | AUSTIN HIDDEN GARDENS APARTMENT LLC |
5606 N Lamar Blvd Austin Multifamily Investment
Neighborhood-level occupancy and a high renter concentration point to durable leasing fundamentals for this corridor, according to WDSuite’s CRE market data. Metrics cited reflect the surrounding neighborhood rather than the property and suggest steady renter demand in an amenity-rich Urban Core location.
Positioned in Austin’s Urban Core, the property benefits from a neighborhood ranked A+ and competitive among 527 metro neighborhoods. Amenity access is a clear strength: restaurant and cafe density sit in the top quartile nationally, with grocery and pharmacy access also strong. This concentration of daily needs and lifestyle amenities supports leasing velocity and resident retention for workforce and professional tenants.
Neighborhood occupancy trends are above the metro median among 527 neighborhoods, and renter-occupied housing share is very high, indicating a deep tenant base and demand stability for multifamily. Median contract rents in the area have risen over the past five years, and current rent-to-income dynamics suggest room for disciplined pricing while monitoring retention risk. These are neighborhood-level indicators and can help frame underwriting assumptions around absorption and renewal strategy.
Within a 3-mile radius, demographics point to a growing and evolving renter pool: population has expanded in recent years, households have increased, and forecasts indicate further population growth with a continued rise in household counts alongside smaller average household sizes. For investors, that combination typically supports a larger tenant base and steady demand for smaller formats, which can reinforce occupancy stability.
Home values in the neighborhood are elevated relative to national norms, placing the area among higher-cost ownership markets. For multifamily investors, that context often sustains rental demand and can support pricing power and lease retention. The property’s 1972 construction is older than the neighborhood’s average vintage, implying potential value-add and capital planning opportunities to enhance competitive positioning against newer stock.
Neighborhood safety indicators are below the metro average among 527 Austin neighborhoods and fall below national medians. While recent year-over-year trends show modest declines in both violent and property offense rates, investors should underwrite prudent operating measures (lighting, access controls, resident communications) consistent with an Urban Core environment. These are neighborhood-level signals and can vary block to block; compare against peer assets and submarket norms when assessing risk.
Proximity to established employers across retail headquarters, technology, and corporate services supports commute convenience and renter demand at the neighborhood level. Key nearby employers include Whole Foods Market, Coca-Cola, Airgas, New York Life, and Adobe.
- Coca-Cola — corporate offices (3.8 miles)
- Whole Foods Market — corporate offices (4.0 miles) — HQ
- Airgas — corporate offices (4.5 miles)
- New York Life — insurance (4.8 miles)
- Adobe — technology offices (5.3 miles)
5606 N Lamar Blvd offers exposure to an amenity-rich Urban Core location where neighborhood-level occupancy is above the metro median and renter concentration is high, supporting a deep tenant base. Elevated home values relative to national norms reinforce reliance on multifamily housing, which can sustain rental demand and reduce lease-up risk compared with more ownership-accessible areas. Based on CRE market data from WDSuite, the surrounding area’s rent trends and strong daily-needs access support steady absorption and renewal potential.
Constructed in 1972, the asset is older than the neighborhood’s average vintage, creating a straightforward path for value-add through unit and system modernization to compete with newer stock. Within a 3-mile radius, recent and forecast increases in households alongside smaller household sizes point to a larger renter pool and demand for efficient unit mixes, which can help bolster occupancy stability over time. Key risks include below-metro-average safety indicators and the need for ongoing capital investment typical of 1970s construction.
- Urban Core location with strong amenity access and above-metro-median neighborhood occupancy supporting leasing stability
- High renter-occupied share indicates deep tenant base and durable multifamily demand
- 1972 vintage suggests clear value-add and capital planning opportunities to enhance competitive position
- Elevated ownership costs locally can reinforce pricing power and lease retention for rentals
- Risks: below-metro-average safety metrics and ongoing capex typical for older construction