| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Poor |
| Demographics | 27th | Poor |
| Amenities | 27th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9008 Galewood Dr, Austin, TX, 78758, US |
| Region / Metro | Austin |
| Year of Construction | 1973 |
| Units | 64 |
| Transaction Date | 2006-12-08 |
| Transaction Price | $2,043,000 |
| Buyer | CIELO AT NORTH DOMAIN LLC |
| Seller | MANAHAN FAMILY LLC |
9008 Galewood Dr Austin Multifamily Investment Opportunity
Strong renter concentration in the neighborhood supports a deep tenant base and steady leasing, according to WDSuite’s CRE market data, with positioning that favors pragmatic value-add execution on a 1973-vintage asset.
Located in Austin’s Urban Core, the area surrounding 9008 Galewood Dr skews renter-occupied, providing a wide pool of prospective tenants for a 64-unit community. Neighborhood occupancy is around the high‑80s and sits below the metro median among 527 Austin neighborhoods, signaling room for operational improvement at the property level through leasing focus and targeted upgrades.
Amenity access is mixed: grocery availability is competitive versus most neighborhoods nationally, while cafes, parks, and pharmacies are thinner locally. Average school ratings trail metro norms, which tends to position assets here toward workforce housing rather than family-driven premium demand.
Construction patterns skew to the late 1970s in the neighborhood. With a 1973 construction year, this property is slightly older than the local average (1977), suggesting capital planning for systems, interiors, and common areas could unlock rent and retention gains relative to older comparable stock.
Within a 3‑mile radius, population has inched higher in recent years while household counts have risen more noticeably and are projected to continue expanding, pointing to smaller household sizes and a larger renter pool over time. A high share of renter‑occupied housing supports demand depth for studios and smaller formats, while elevated ownership costs in the broader area reinforce reliance on rental options and can aid lease retention.
Safety indicators here are weaker than national norms but show recent improvement. The neighborhood ranks below the metro median for safety among 527 Austin neighborhoods, and national percentiles indicate higher crime incidence than many U.S. neighborhoods. That said, both violent and property offense rates have posted double‑digit year‑over‑year declines, according to WDSuite’s CRE market data, which is a constructive directional trend investors should monitor.
From a risk‑management perspective, underwriting should account for added security measures and community engagement. Comparative performance versus nearby Austin submarkets will depend on continued offense rate moderation and property‑level operations (lighting, access control, and visibility) to support resident retention.
Nearby employers provide a diversified white‑collar and industrial services base that supports renter demand via commute convenience and steady headcount, including Coca‑Cola, Airgas, Adobe, New York Life, and Arconic.
- Coca-Cola — beverage corporate offices (1.3 miles)
- Airgas — industrial gases (1.9 miles)
- Adobe — software (2.4 miles)
- New York Life — insurance (5.1 miles)
- Arconic — metals manufacturing (6.4 miles) — HQ
The investment case centers on durable renter demand, operational upside, and targeted renovations. Neighborhood occupancy sits below the metro median, and the submarket shows a high share of renter‑occupied units, which together point to lease‑up and retention potential for a well‑managed asset. According to CRE market data from WDSuite, ownership costs in the broader area are elevated relative to incomes, reinforcing reliance on multifamily and supporting pricing power when paired with smart unit and amenity updates.
The 1973 vintage implies value‑add potential through systems modernization and interior refreshes, especially for smaller floor plans. Nearby employers help stabilize day‑to‑day demand, while household growth within a 3‑mile radius suggests a gradually expanding tenant base. Key watch items include localized safety metrics and rent‑to‑income affordability pressure, which warrant conservative underwriting and proactive resident services.
- Renter‑heavy neighborhood supports a broad tenant base and steady leasing
- 1973 vintage offers value‑add upside via targeted interior and systems upgrades
- Proximity to diversified employers underpins demand and retention
- Elevated ownership costs sustain reliance on rentals and aid pricing power
- Risks: below‑metro safety metrics and rent‑to‑income pressure require disciplined underwriting