| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 65th | Fair |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6409 Springdale Rd, Austin, TX, 78723, US |
| Region / Metro | Austin |
| Year of Construction | 1972 |
| Units | 98 |
| Transaction Date | 2000-04-28 |
| Transaction Price | $4,500,000 |
| Buyer | LIH WALNUT CREEK LP |
| Seller | SPRINGDALE APARTMENTS LP |
6409 Springdale Rd Austin Multifamily Value-Add Potential
Neighborhood renter demand and a high-cost ownership market point to steady leasing fundamentals, according to CRE market data from WDSuite. The assets older vintage suggests scope for renovations to compete with newer nearby supply.
Located in Austins inner suburb of 78723, the property sits in a neighborhood rated B among 527 metro neighborhoods, indicating broadly stable fundamentals with room for selective improvement. Grocery access is a relative strength (competitive locally and top quartile nationally), while parks, pharmacies, and cafes are less dense in the immediate area, suggesting on-site amenities and unit finishes can play a larger role in retention.
The local housing stock skews newer, with the average construction year in the neighborhood at 2014. With a 1972 vintage, this asset is older than much of the competitive set, creating a clear value-add path through interior modernization and systems upgrades, along with capital planning to address aging components.
For renters, ownership costs are elevated versus incomes (value-to-income metrics test high nationally), which supports renter reliance on multifamily housing and can aid pricing power when paired with effective lease management. Neighborhood contract rents have risen over the past five years, and occupancy in the neighborhood sits around 90%, a mid-pack outcome that calls for disciplined operations rather than aggressive lease-up assumptions, based on CRE market data from WDSuite.
Demographic statistics within a 3-mile radius show population and household growth over the past five years, with forecasts indicating further increases in households by 2028. A renter-occupied housing share near half locally and a majority within the 3-mile radius points to a sizable tenant base, supporting occupancy stability and renewals when paired with competitive product positioning.
Safety indicators are mixed. Compared with neighborhoods nationwide, violent and property offense rates benchmark on the weaker side, while the Austin metro rank places the area below the metro median (250th out of 527). However, recent trends show improvement: both violent and property offenses have declined year over year, with property crime improvement ranking competitively among Austin neighborhoods. Conditions vary by block and over time, so investors typically underwrite security measures and monitor ongoing trends rather than relying on a single snapshot.
Proximity to corporate offices underpins renter demand and commute convenience, including Airgas, Oracle Waterfront, Whole Foods Market, Coca-Cola, and Adobe. These employers broaden the white-collar employment base that supports leasing stability.
- Airgas corporate offices (5.1 miles)
- Oracle Waterfront corporate offices (5.4 miles)
- Whole Foods Market corporate offices (5.6 miles) HQ
- Coca-Cola corporate offices (6.2 miles)
- Adobe corporate offices (7.3 miles)
As a 98-unit community built in 1972, the property is positioned for a pragmatic value-add program to compete with a neighborhood that trends much newer on average. Household and population growth within a 3-mile radius expand the local renter pool, while elevated home values relative to incomes reinforce sustained demand for rental housing. According to commercial real estate analysis from WDSuite, neighborhood occupancy hovers near 90%, suggesting stable but competitive leasing where operational execution and product differentiation matter.
Grocery access is a local advantage, but limited nearby parks, pharmacies, and cafes place more emphasis on on-site amenities. Crime benchmarks have trended downward year over year, yet remain an underwriting consideration. Overall, the combination of demand depth, modernization upside, and mid-scale operations can support a durable business plan with disciplined assumptions.
- 1972 vintage offers clear renovation and systems-upgrade upside versus newer neighborhood stock
- Population and household growth within 3 miles support a larger tenant base and leasing durability
- Elevated ownership costs locally reinforce renter reliance on multifamily, aiding pricing power with careful lease management
- Strong grocery access offsets thinner nearby parks/cafes; invest in on-site amenities to drive retention
- Risks: mid-pack neighborhood occupancy and historically elevated crime require conservative underwriting and security planning