| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 30th | Poor |
| Amenities | 7th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 24444 Richards Rd, Hempstead, TX, 77445, US |
| Region / Metro | Hempstead |
| Year of Construction | 2000 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
24444 Richards Rd Hempstead TX Multifamily Investment
Strong renter concentration supports a durable tenant base even as neighborhood occupancy trends run below national medians, according to WDSuite’s CRE market data. Focused operations and value-oriented positioning can capture demand from nearby employment corridors while maintaining pricing discipline.
This Inner Suburb pocket of Hempstead shows a high share of renter-occupied housing at the neighborhood level, indicating a deep tenant pool and steady leasing prospects for multifamily. Neighborhood occupancy sits below national percentiles, so underwriting should emphasize resident retention and operational execution to stabilize cash flow.
Everyday amenities are limited within the immediate area, and the neighborhood ranks toward the lower end for retail, cafes, parks, and services among 1,491 Houston-The Woodlands-Sugar Land neighborhoods. Investors should expect a more car-oriented living pattern with residents relying on regional corridors for shopping and services. Average school ratings near 2.0 out of five may require positioning toward renters prioritizing value, commute access, or workforce proximity over school-driven decisions.
Within a 3-mile radius, demographics signal renter pool expansion: the population is projected to grow roughly 45% by 2028, with households up about 44%, supporting occupancy stability and broader demand for rental units. Projections also indicate a higher renter share ahead, which can deepen the leasing funnel for value-driven product types.
Homeownership remains a higher-cost path relative to local incomes (value-to-income sits in a high national percentile), which reinforces reliance on multifamily housing and supports lease retention. At the same time, rent-to-income ratios suggest affordability pressure for some households, so revenue management should balance occupancy and rent growth to sustain performance.
Neighborhood safety indicators trend below national percentiles and sit toward the lower end among 1,491 Houston-The Woodlands-Sugar Land neighborhoods. Recent year-over-year estimates point to elevated property and violent offense rates at the neighborhood level, so investors should plan for security-forward operations (lighting, access control, resident engagement) and evaluate how these measures support retention and marketing.
For underwriting, compare recent trends to submarket and city patterns rather than block-level assumptions, and monitor whether crime trajectories are stabilizing or improving as area investment and management practices take hold. This context helps calibrate expectations for leasing velocity and operating expenses.
Regional employment is anchored by large corporate offices within commuting range, supporting workforce housing demand and weekday occupancy. Notable nearby employers include technology and energy corporates as well as food distribution and industrial services.
- Hewlett Packard Enterprise Customer Engagement Center — technology services (26.1 miles)
- Centerpoint Energy — utilities (29.7 miles)
- Enterprise Products — midstream energy (29.9 miles)
- Conocophillips — energy (31.4 miles) — HQ
- Emerson Process Management — industrial automation (31.5 miles)
The investment case centers on a deep renter base and projected household growth within 3 miles that expands the tenant funnel over the next five years. While neighborhood occupancy runs below national medians, the high renter concentration and value positioning can sustain leasing, particularly for efficiently sized units and pragmatic amenities. Based on CRE market data from WDSuite, local ownership costs are relatively high versus incomes, which reinforces reliance on rental housing and can support lease retention.
Amenity scarcity in the immediate neighborhood and below-average school ratings point to a workforce-oriented strategy focused on commute access and consistent operations. Underwriting should assume conservative rent growth with an emphasis on resident experience, security measures, and expense control to drive stable NOI.
- Deep renter-occupied share supports a durable tenant base and leasing resilience.
- 3-mile population and household growth expand the renter pool, supporting occupancy stability.
- Ownership costs relative to incomes reinforce multifamily demand and potential lease retention.
- Operations-focused strategy can capture demand despite limited nearby amenities.
- Risks: below-median neighborhood occupancy and safety metrics require security-forward management and prudent rent growth assumptions.