| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 89th | Best |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 924 E 51st St, Austin, TX, 78751, US |
| Region / Metro | Austin |
| Year of Construction | 1973 |
| Units | 32 |
| Transaction Date | 2006-07-29 |
| Transaction Price | $900,000 |
| Buyer | 924 E 51ST LP |
| Seller | PETERSON DANIEL L |
924 E 51st St, Austin TX — 1973 Multifamily Value-Add
Positioned in an inner-suburb Austin neighborhood with above-median occupancy and a deep renter base, this 32-unit asset offers durable demand with operational upside, according to WDSuite's CRE market data.
The property sits in an Inner Suburb location that ranks in the top quartile among 527 metro neighborhoods (Neighborhood Rating: A), signaling strong fundamentals for retention and leasing velocity. Neighborhood occupancy trends have moved higher over the past five years and remain above national medians, based on WDSuite's CRE market data.
Local amenities skew toward lifestyle convenience: cafe and restaurant density scores land in high national percentiles, and park access also tests strong. School options average around 4 out of 5 and sit above national norms. By contrast, grocery and pharmacy options are limited inside the neighborhood boundary, so residents typically rely on adjacent corridors for daily needs.
Housing tenure supports multifamily depth: roughly two-thirds of housing units in the neighborhood are renter-occupied, indicating a sizable tenant pool and stable leasing base for smaller-unit product. Median contract rents in the neighborhood have risen over the last five years while the rent-to-income ratio remains manageable, framing a balanced outlook for pricing power and renewal capture.
Within a 3-mile radius, demographics show population and household growth over the last five years with further household expansion forecast, reinforcing a larger tenant base. Incomes are trending higher and the area reflects elevated home values (top national percentiles), which tends to sustain reliance on rental housing and can support occupancy stability for well-managed properties.
Vintage context: the average construction year nearby is mid-1970s; at 1973, this asset is slightly older than the neighborhood norm, which points to value-add/renovation potential alongside prudent capital planning for building systems.
Safety conditions rank below the metro median among 527 Austin neighborhoods and sit below national medians. Recent data indicate property crime has been trending down year over year, while violent crime has been comparatively steadier. Investors should underwrite professional management, lighting, access control, and coordination with local safety initiatives to support resident satisfaction and leasing performance.
Nearby employers provide a diverse white-collar employment base that supports renter demand and commute convenience, including Whole Foods Market, Oracle Waterfront, Coca-Cola, Airgas, and New York Life.
- Whole Foods Market — corporate offices (3.7 miles) — HQ
- Oracle Waterfront — corporate offices (4.7 miles)
- Coca-Cola — corporate offices (4.9 miles)
- Airgas — corporate offices (5.0 miles)
- New York Life — corporate offices (6.0 miles)
924 E 51st St is a 32-unit, 1973-vintage property in a highly ranked Inner Suburb where occupancy has strengthened over the past five years and sits above national medians. Renter concentration is high, providing depth to the tenant base, while elevated home values in the neighborhood support sustained reliance on multifamily housing and can aid renewal retention for well-managed assets.
At 1973 vintage, the asset is slightly older than nearby stock, creating a clear value-add path via renovations and system upgrades. Within a 3-mile radius, households have increased and are projected to expand further, pointing to renter pool expansion; according to CRE market data from WDSuite, neighborhood rents and incomes have trended upward, supporting a case for steady occupancy and measured rent optimization.
- Top-quartile neighborhood fundamentals among 527 metro areas support leasing stability
- High renter-occupied share indicates deep tenant base and demand resilience
- 1973 vintage offers value-add/CapEx upside to enhance competitive positioning
- 3-mile household growth and rising incomes reinforce occupancy and pricing power
- Risks: safety ranks below metro median and limited in-neighborhood grocery/pharmacy; underwrite management, lighting, and resident services