| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 31st | Poor |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 829 Park Plz, Austin, TX, 78753, US |
| Region / Metro | Austin |
| Year of Construction | 1982 |
| Units | 62 |
| Transaction Date | 1994-08-18 |
| Transaction Price | $1,287,500 |
| Buyer | GRAMERCY PACIFIC LLC |
| Seller | AUSTIN PARK PLAZA LLC |
829 Park Plz Austin Multifamily Value-Add Opportunity
Neighborhood occupancy is stable and renter-occupied housing is high, supporting a durable tenant base near North Austin, according to WDSuite’s CRE market data. This asset’s positioning benefits from steady renter demand while allowing room for operational and physical upgrades.
The property sits in an Inner Suburb setting of Austin where neighborhood occupancy trends are above the metro median and the renter-occupied share is in the top quartile among 527 metro neighborhoods. For investors, that combination signals depth of the tenant pool and supports leasing stability at the neighborhood level rather than at the building level.
Local convenience is a strength: grocery and cafe density rank in the top quartile nationally, indicating everyday amenities within short drives and supporting resident retention. Broader amenity access is also competitive within the Austin metro, with the neighborhood ranking in the top quartile among 527 neighborhoods. Park access is limited, which may slightly reduce appeal for residents who prioritize green space, but proximity to daily needs helps offset this for many renters.
Ownership costs in the area are elevated relative to incomes (home values and value-to-income metrics trend above national benchmarks), which generally reinforces reliance on multifamily rentals and can support pricing power and lease-up consistency for well-managed properties. Median asking rents in the neighborhood track near the national middle, providing a balanced affordability profile that can aid retention.
Within a 3-mile radius, households and families have grown over the last five years while average household size has edged down, pointing to more, smaller households and a broader renter pool. Forward-looking projections indicate continued household growth and rising incomes, which, if realized, should expand the local tenant base and support occupancy and rent durability over time. These dynamics are based on commercial real estate analysis from WDSuite and reflect neighborhood and 3-mile radius data, not property-level performance.
Safety indicators at the neighborhood level trail national benchmarks, with crime measures placing the area below the national median. Within the Austin metro, the neighborhood ranks in the lower half among 527 neighborhoods, signaling that investors should underwrite prudent security and operational practices.
Recent trend data shows a year-over-year decline in property offenses, an encouraging directional improvement even as violent offense metrics remain elevated relative to national percentiles. A practical approach is to budget for lighting, access controls, and resident engagement, and to compare vendor costs against peers in similar Austin submarkets.
Nearby employers span industrial gases, beverages, software, insurance, and grocery headquarters, supporting a broad workforce renter base and commute convenience for residents. Specifically, Airgas, Coca-Cola, Adobe, New York Life, and Whole Foods Market appear within a short drive.
- Airgas — industrial gases (2.1 miles)
- Coca-Cola — beverages (3.1 miles)
- Adobe — software (4.0 miles)
- New York Life — insurance (6.5 miles)
- Whole Foods Market — grocery & corporate offices (6.6 miles) — HQ
Built in 1982, this 62-unit asset is older than the neighborhood’s average vintage, creating clear value-add potential through targeted renovations and system upgrades. At the neighborhood level, occupancy is resilient and renter concentration is high, indicating depth of demand and support for leasing stability. Elevated ownership costs relative to incomes strengthen the case for multifamily rentals, while amenity access (groceries, cafes, and daily needs) supports retention. These conditions are grounded in CRE market data from WDSuite and reflect neighborhood dynamics, not property-specific performance.
Within a 3-mile radius, recent growth in households—paired with smaller average household size—suggests a larger renter pool. Forecasts point to continued household and income gains, which, if realized, should underpin occupancy and measured rent growth over the medium term. Key underwriting considerations include security planning given below-average safety metrics and capex for aging building systems.
- Older 1982 vintage offers value-add and repositioning potential versus newer neighborhood stock
- Neighborhood occupancy and high renter-occupied share support leasing stability
- Elevated ownership costs reinforce multifamily demand and pricing power
- 3-mile household growth and rising incomes expand the tenant base
- Risks: below-national safety metrics and capex for aging systems