| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 94th | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 924 E 40th St, Austin, TX, 78751, US |
| Region / Metro | Austin |
| Year of Construction | 1981 |
| Units | 32 |
| Transaction Date | 1994-12-20 |
| Transaction Price | $437,500 |
| Buyer | GREENLAND EDGAR BRUCE |
| Seller | AUSTIN HANCOCK SQUARE LTD |
924 E 40th St Austin Multifamily Investment Opportunity
Neighborhood occupancy is in the mid-90s and renter concentration is near half of housing units, supporting demand stability for a 32-unit asset, according to WDSuite’s CRE market data. This inner suburb location combines strong amenities and income fundamentals that can underpin consistent leasing while allowing disciplined value-add execution.
The property sits in an Inner Suburb of Austin that ranks 12 out of 527 metro neighborhoods, signaling competitive positioning locally and strong overall quality. Neighborhood occupancy trends near the mid-90s point to stable leasing conditions, and the area’s renter-occupied share indicates a meaningful tenant base without overreliance on transient demand. Based on CRE market data from WDSuite, neighborhood contract rents have risen over the past five years, while rent-to-income levels remain manageable in context, which supports retention and measured pricing power.
Daily-needs access is a strength. Grocery availability is robust (ranked 14 of 527 in the metro), with restaurants, cafes, parks, and childcare all testing above metro medians and in high national percentiles. One practical gap is pharmacies, which index low locally, so residents may rely on a broader trade area for prescriptions. The average neighborhood construction year skews older (1966), making a 1981 asset relatively newer than much of the nearby stock—helpful for competitive positioning, though investors should still underwrite selective system updates and modernization to meet current renter expectations.
Education and demographics reinforce demand depth. Average school ratings are at the top of the metro (ranked 1 of 527) and top tier nationally, an attribute that can aid retention for households prioritizing school access. Neighborhood demographics also rate highly (ranked 7 of 527; high national percentile), reflecting strong household incomes and a well-educated resident base. Elevated home values relative to incomes in the neighborhood context indicate a high-cost ownership market, which tends to sustain multifamily reliance and supports occupancy stability over cycles.
Within a 3-mile radius, population and households have expanded over the past five years, with projections calling for further population growth and a sizable increase in household counts alongside smaller average household sizes. For multifamily investors, that points to a larger tenant base and steady absorption potential, particularly for well-located, professionally managed properties near jobs and amenities.
Safety indicators in this Austin neighborhood are below metro averages, with its crime rank in the lower half among 527 metro neighborhoods and national percentiles indicating comparatively higher crime than many U.S. neighborhoods. Trend data is mixed: property offenses show a notable year-over-year decline, while violent offenses ticked up modestly. Investors commonly address this context through lighting, access control, and resident engagement, and should benchmark operating practices against peer assets in the submarket.
Proximity to major corporate offices supports weekday traffic and broad renter demand, with convenient commutes to Whole Foods Market, Oracle Waterfront, Coca-Cola, Airgas, and New York Life. This employment base can aid leasing velocity and retention for workforce and professional households.
- Whole Foods Market — grocery HQ (2.7 miles) — HQ
- Oracle Waterfront — technology campus (3.8 miles)
- Coca-Cola — beverages (5.7 miles)
- Airgas — industrial gases (6.0 miles)
- New York Life — insurance (6.1 miles)
924 E 40th St offers investors a 1981-vintage, 32-unit asset positioned in a high-performing Austin neighborhood where occupancy trends are solid, amenities are abundant, and incomes are strong. The area’s high ownership costs relative to incomes reinforce renter reliance, while school quality and amenity access bolster retention. According to CRE market data from WDSuite, neighborhood rent levels and occupancy have held competitively versus broader metro benchmarks, suggesting steady demand for well-managed properties.
Relative to older nearby stock, a 1981 asset can compete effectively with targeted upgrades that modernize interiors and common areas. The 3-mile radius shows population growth and a projected increase in households alongside smaller household sizes, which points to a larger renter pool and support for occupancy. Key risks to underwrite include local safety context and potential affordability pressure if rent growth outpaces income gains.
- Strong neighborhood fundamentals (ranked among the top in Austin) support occupancy stability
- High-cost ownership environment sustains renter demand and pricing power
- 1981 vintage offers value-add upside versus older neighborhood stock
- 3-mile demographic growth expands the tenant base and supports leasing
- Risk: below-metro-average safety and potential affordability pressure require disciplined operations