| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 79th | Best |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 607 Woodward St, Austin, TX, 78704, US |
| Region / Metro | Austin |
| Year of Construction | 1983 |
| Units | 28 |
| Transaction Date | 2013-12-19 |
| Transaction Price | $1,312,500 |
| Buyer | SPEARHEAD WOODWARD LLC |
| Seller | JOHN A KOHLER III LP |
607 Woodward St Austin Multifamily Investment
Positioned in 78704 with strong neighborhood occupancy and daily-needs access, this asset benefits from durable renter demand, according to WDSuite s CRE market data. Commercial real estate analysis points to stability rooted in location fundamentals rather than one-time factors.
Located in Austin s inner suburb fabric, the neighborhood carries an A- rating (ranked 94 among 527 metro neighborhoods), indicating competitive fundamentals within the Austin-Round Rock-Georgetown market. Neighborhood occupancy is high and in the top quartile nationally (98.3% for the neighborhood), supporting leasing stability at properties nearby based on CRE market data from WDSuite.
Daily-needs access is a core strength: grocery density ranks 6th of 527 metro neighborhoods and cafes rank 14th of 527 both competitive among Austin neighborhoods and in the 95th percentile or better nationally for those categories. Restaurant density also scores well. By contrast, parks, pharmacies, and formal childcare options are limited within the neighborhood boundary (ranks at the back of the metro pack), so residents often rely on nearby districts for those amenities.
Vintage context matters for positioning. The area s average construction year is 1977; with a 1983 build, the property is modestly newer than the neighborhood norm, which can support competitive appeal versus older stock, while still warranting modernization planning for aging systems to enhance rentability.
Demographic statistics aggregated within a 3-mile radius show a large working-age renter base and ongoing renter pool expansion: households grew over the past five years with smaller average household sizes, and projections indicate a further increase in households alongside continued population growth. A renter-occupied share around 70% in this 3-mile area suggests depth of demand for apartments, helping support occupancy and lease-up durability rather than reliance on for-sale alternatives.
Income and affordability dynamics appear supportive for multifamily operations. Median household income in the 3-mile radius has risen materially, and neighborhood rent-to-income sits near 0.21, indicating manageable affordability pressure that can aid retention while allowing measured pricing moves, per WDSuite s CRE market data. Neighborhood NOI per unit ranks in the top quartile nationally, reinforcing the area s strong operating profile relative to national peers.
Safety trends should be evaluated with appropriate context. Relative to U.S. neighborhoods, this area sits below average on safety (around the 28th percentile nationally). Within the Austin-Round Rock-Georgetown metro, it ranks 397 out of 527 neighborhoods below the metro median so investors typically underwrite with enhanced security and loss-prevention measures.
On a directional basis, recent WDSuite indicators show modest year-over-year improvement, with decreases in both property and violent offense rates. For underwriting, comparative positioning suggests prudent reserves and operational protocols, while the improving trend helps frame risk management rather than indicating a fundamental shift.
Proximity to major employers supports a steady commuter tenant base and reinforces leasing durability. Nearby corporate offices include Oracle, Whole Foods Market, State Farm, New York Life, and Coca-Cola.
- Oracle Waterfront enterprise software (2.3 miles)
- Whole Foods Market grocery headquarters & corporate (3.1 miles) HQ
- State Farm Insurance insurance services (7.6 miles)
- New York Life insurance & financial services (9.3 miles)
- Coca-Cola consumer beverages offices (10.8 miles)
607 Woodward St is a 28-unit, 1983-vintage property in Austin s 78704, benefiting from high neighborhood occupancy (a neighborhood metric) and strong daily-needs access. The submarket offers depth of demand, with a sizable 18 4 cohort and a renter-occupied share near 70% within a 3-mile radius, indicating a large tenant base for smaller-format units. According to CRE market data from WDSuite, neighborhood operations trend in the top quartile nationally, supporting expectations for leasing stability.
The 1983 vintage suggests potential value-add through targeted modernization while retaining relative competitiveness against older local stock. Household growth and projected increases in the number of households point to continued renter pool expansion, which can support occupancy and measured rent positioning over time.
- High neighborhood occupancy and competitive amenity access support leasing stability
- Large 3-mile renter base and growing household counts expand the tenant pool
- 1983 vintage enables value-add via modernization to enhance rentability
- Income trends and rent-to-income near 0.21 suggest manageable affordability pressure
- Risks: below-metro safety ranking and limited parks/childcare within the neighborhood warrant prudent operations