| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 92nd | Best |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 901 Red River St, Austin, TX, 78701, US |
| Region / Metro | Austin |
| Year of Construction | 2008 |
| Units | 120 |
| Transaction Date | 2015-02-09 |
| Transaction Price | $28,250,000 |
| Buyer | 901 Red River LLC |
| Seller | --- |
901 Red River St Austin Multifamily Investment
High-amenity urban location with a large renter base supports durable demand, according to WDSuite’s CRE market data.
Positioned in an Inner Suburb pocket ranked 13 of 527 Austin neighborhoods, the location is competitive among Austin-Round Rock-Georgetown, TX neighborhoods and offers strong daily convenience. Amenity access stands out: restaurant density ranks 2/527, grocery access 3/527, and park access 1/527 — translating to top quartile nationally for lifestyle and walkable services that can aid leasing velocity and renewals.
Renter concentration is elevated, with 70.8% of housing units renter-occupied, indicating depth in the tenant base for multifamily assets. Neighborhood rent-to-income around 0.16 sits near the national middle, while a high-cost ownership backdrop (median home values in the upper-$400Ks; value-to-income in an upper percentile) tends to reinforce reliance on rental housing — supportive of pricing power and resident retention in well-managed properties.
Demographic statistics aggregated within a 3-mile radius show population growth (+5.5%) and faster household growth (+22.2%) versus the former period, expanding the renter pool and supporting occupancy stability. Forecasts to 2028 indicate continued increases in households (+60.8%) alongside higher incomes, with median contract rent projected to rise from $1,651 to about $2,255, according to WDSuite’s multifamily property research.
The property’s 2008 vintage is newer than much of the neighborhood’s older building stock (average 1957). This positioning typically improves competitiveness versus legacy assets and can moderate near-term structural capex needs, while leaving room for value-add via unit updates and common-area enhancements to meet current renter preferences.
Neighborhood occupancy ranks 440 of 527 (below metro median), so performance will depend on asset quality, operations, and pricing discipline. Even so, the combination of high renter concentration, amenity strength, and income growth trends provides a supportive demand backdrop.
Relative safety indicators are below national norms (national percentile in the lower range), and the area ranks 401 of 527 within the metro. Investors should underwrite proactive on-site management and security practices. Notably, estimated property offenses declined by about 29.9% year over year, suggesting recent directional improvement even as safety remains a monitoring item.
Nearby corporate employers provide a stable commuter tenant base, including Whole Foods Market, Oracle, New York Life, Coca-Cola, and Airgas, supporting leasing and retention for workforce and professional renters.
- Whole Foods Market — grocery retail offices (1.0 miles) — HQ
- Oracle Waterfront — technology offices (2.0 miles)
- New York Life — insurance (7.0 miles)
- Coca-Cola — beverage offices (7.7 miles)
- Airgas — industrial gases (8.2 miles)
901 Red River St is a 2008-vintage, 120-unit community in a high-amenity Austin location where restaurants, groceries, and parks rank among the metro’s best. The neighborhood skews renter-heavy (about 71% renter-occupied), reinforcing a deep tenant base. Elevated ownership costs and mid-range rent-to-income levels support ongoing reliance on multifamily housing, while demographic trends within 3 miles point to population growth, a faster increase in households, and income gains that can underpin occupancy and rent performance. According to CRE market data from WDSuite, neighborhood occupancy trends sit below the metro median, making operations, positioning, and value-add execution central to outperformance.
With average unit sizes around 953 sq. ft., the property is competitive against older local stock and offers potential for targeted renovations to capture demand from professionals drawn to nearby employers and amenities. Forecast rent growth in the surrounding area and the location’s top-tier amenity access present opportunities for disciplined revenue management, provided underwriting accounts for safety monitoring and submarket competition.
- Top-tier amenity access (parks, restaurants, groceries) supports leasing and renewals
- Large renter base (high renter-occupied share) deepens tenant demand
- 2008 vintage and 953 sq. ft. average unit size position well versus older stock with value-add potential
- 3-mile household growth and income gains support occupancy stability and pricing power
- Risks: neighborhood safety metrics below national norms and below-median occupancy require strong operations