| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Poor |
| Demographics | 27th | Poor |
| Amenities | 27th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9010 Galewood Dr, Austin, TX, 78758, US |
| Region / Metro | Austin |
| Year of Construction | 1972 |
| Units | 95 |
| Transaction Date | 2022-05-02 |
| Transaction Price | $12,369,000 |
| Buyer | CIELO AT DOMAIN LLC |
| Seller | RAP GALEWOOD LLC |
9010 Galewood Dr Austin Multifamily Value-Add Opportunity
Investor thesis centers on deep renter demand in a high renter-occupied neighborhood and value-add potential from a 1972 vintage, according to WDSuite s CRE market data.
The property sits in Austin s Urban Core with a renter-occupied share that ranks 36th out of 527 metro neighborhoods (top quartile nationally), indicating a sizable tenant base and consistent leasing funnel for multifamily assets. Neighborhood occupancy trends trail the metro median, so underwriting should prioritize retention programs and pragmatic renewal strategies rather than assuming rapid lease-up.
Everyday convenience is a relative strength: grocery access ranks 72nd of 527 in the metro and sits in the 87th percentile nationally, and restaurant density ranks 126th of 527 (top quartile among Austin neighborhoods). By contrast, parks, pharmacies, and cafes are comparatively limited within the immediate neighborhood, so on-site amenities and walk-to-grocery positioning may be more impactful to leasing than green space or caf -driven traffic.
Within a 3-mile radius, households have grown and are projected to expand further through 2028, supporting renter pool expansion and occupancy stability. Household incomes in the 3-mile area have risen meaningfully alongside rent levels, which supports achievable rent growth, though operators should calibrate positioning to local affordability. School ratings in the neighborhood trend below national averages, so family demand may hinge more on unit mix, price point, and commute convenience than on school-driven decisions.
Home values in the neighborhood sit above national norms (72nd percentile), creating a high-cost ownership market that can sustain multifamily demand. At the same time, neighborhood rent-to-income metrics are tight (low national percentile), implying potential affordability pressure a factor for renewal management and concessions strategy. These dynamics collectively point to durable demand with a need for disciplined lease management, supported by Austin s regional growth and the area s strong renter concentration based on commercial real estate analysis from WDSuite.
The asset s 1972 construction is older than the neighborhood s average vintage (1977 rank context places the area around the metro midpoint), which suggests capital planning for systems and interiors can unlock competitive positioning against newer stock while targeting value-add yield.
Safety metrics for the neighborhood are mixed relative to the Austin metro. The area s crime rank places it below the metro median (ranked 323 out of 527 neighborhoods), and national percentiles indicate it performs below average on safety compared with neighborhoods nationwide. That said, both violent and property offense rates have declined over the past year, signaling incremental improvement that investors can monitor alongside operating practices and security measures.
In short, safety is not a distinguishing strength at present, but recent year-over-year declines are constructive. Operators should incorporate prudent on-site controls and resident engagement while tracking whether these downtrends persist in step with broader metro patterns.
Proximity to corporate offices supports weekday traffic and workforce housing demand, with near-term commute access to Coca-Cola, Airgas, Adobe, New York Life, and Arconic. These employers help underpin leasing fundamentals through diversified white-collar employment within a short drive.
- Coca-Cola corporate offices (1.24 miles)
- Airgas corporate offices (1.89 miles)
- Adobe corporate offices (2.36 miles)
- New York Life corporate offices (5.14 miles)
- Arconic corporate offices (6.35 miles) HQ
This 95-unit, 1972-vintage asset offers a clear value-add path in an Urban Core neighborhood with a top-quartile renter concentration (36th of 527 metro neighborhoods). While neighborhood occupancy sits below the metro median, depth of renter-occupied housing and projected household growth within a 3-mile radius support a larger tenant base and leasing durability. Elevated neighborhood home values versus national norms reinforce reliance on rentals, though rent-to-income readings suggest affordability pressure that warrants disciplined renewal and concessions strategies.
Older vintage implies targeted capital planning across interiors and building systems to enhance competitiveness against newer stock. According to CRE market data from WDSuite, nearby amenities skew toward grocery and dining access rather than parks or cafes, so on-site convenience and unit-level upgrades can be effective levers. With diversified employment nodes within an 8-mile radius, the property is positioned to serve workforce demand, provided operators balance pricing power with retention management and monitor neighborhood safety trends that have recently improved year over year.
- High renter concentration in the neighborhood supports a deep tenant base
- 1972 vintage offers value-add upside via system upgrades and interior renovations
- Grocery and dining access nearby; focus on on-site amenities to offset limited parks/cafes
- Regional employers within short drives underpin leasing demand and retention
- Risks: below-metro occupancy, affordability pressure, and safety metrics that warrant active management