| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 79th | Best |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 702 Lamar Pl, Austin, TX, 78752, US |
| Region / Metro | Austin |
| Year of Construction | 1972 |
| Units | 38 |
| Transaction Date | 2024-10-10 |
| Transaction Price | $4,928,980 |
| Buyer | TEXCEL AUSTIN LP LLC |
| Seller | TEXCEL LP LLC |
702 Lamar Pl Austin Multifamily Investment
Renter demand is deep and occupancy in the surrounding neighborhood has held in the low-90s, according to WDSuite’s CRE market data, supporting income stability for well-managed assets. The location’s Inner Suburb profile and high renter concentration point to a broad tenant base without relying on in-migration.
This Inner Suburb pocket of Austin is rated A+ and ranks 21st out of 527 metro neighborhoods, placing it firmly in the top quartile locally. Amenity access is a core strength: restaurants and cafes score in the top percentiles nationally, while parks availability is above average. The trade-off is limited pharmacy presence within the immediate area.
Vintage positioning matters: the property’s 1972 construction is older than the neighborhood’s average vintage of 1991 (rank 358 of 527), suggesting potential value-add through unit and system upgrades alongside capital planning for aging components. For investors, that can translate into renovation-driven rent lift and improved competitive standing against newer stock.
Renter-occupied housing is high (rank 61 of 527), indicating a strong renter concentration that supports depth of tenant demand and leasing velocity. Neighborhood occupancy sits in the low-90s with modest gains over the past five years, which helps underpin income consistency through cycles rather than outsized lease-up risk.
Within a 3-mile radius, population grew modestly over the last five years while households expanded more quickly, reflecting smaller household sizes and a broadening renter pool. Forward-looking projections show continued increases in households and incomes, a setup that supports sustained demand for rental units and retention in professionally managed properties. Elevated home values relative to local incomes point to a high-cost ownership market, which typically sustains reliance on multifamily rentals and can support pricing power when paired with disciplined lease management. These dynamics are consistent with Austin’s stronger-than-national amenity profile and above-median housing fundamentals, based on commercial real estate analysis from WDSuite.
Safety trends warrant monitoring. Compared with neighborhoods nationwide, this area sits in lower national safety percentiles, and within the Austin metro it ranks below the median (crime rank 439 out of 527). In practical terms, the neighborhood experiences more reported incidents than many peer areas in the region.
Recent year-over-year readings show property and violent offense rates moving up, indicating near-term volatility. Investors typically address this through security measures, lighting, and resident engagement, and by underwriting prudent loss assumptions. Framing: this submarket remains competitive on amenities and renter demand, but risk-adjusted underwriting for safety is appropriate.
Proximity to established employers supports a broad workforce renter base and commute convenience, notably in consumer goods, industrial gases, grocery headquarters, software, and insurance—specifically Coca-Cola, Airgas, Whole Foods Market, Adobe, and New York Life.
- Coca-Cola — beverage (3.4 miles)
- Airgas — industrial gases (4.0 miles)
- Whole Foods Market — grocer HQ (4.6 miles) — HQ
- Adobe — software (4.8 miles)
- New York Life — insurance (4.9 miles)
702 Lamar Pl sits in a top-quartile Austin neighborhood with strong amenity access and a deep renter base. According to CRE market data from WDSuite, neighborhood occupancy has remained in the low-90s with gradual improvement, which supports income stability for well-run assets. Elevated ownership costs in the area tend to reinforce reliance on multifamily housing, while steady household growth within a 3-mile radius broadens the tenant base and supports leasing durability.
Constructed in 1972, the asset is older than the area’s average vintage, pointing to a clear value-add and capital planning angle: modernize interiors and building systems to enhance competitiveness against newer product and capture renovation-driven rent lift. While safety metrics trend weaker than many Austin submarkets and local schools are average, the combination of amenities, renter concentration, and employment access provides a balanced, longer-term thesis.
- Top-quartile neighborhood in Austin metro with strong amenity access and renter depth
- Occupancy in the low-90s supports income stability and leasing consistency
- 1972 vintage offers value-add and capex-driven upside versus newer competitive set
- Elevated home values sustain rental demand and can support disciplined pricing power
- Risks: below-median safety in metro and average school ratings; underwrite security and retention accordingly