| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 30th | Poor |
| Amenities | 7th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 576 Ellen Powell Dr, Hempstead, TX, 77445, US |
| Region / Metro | Hempstead |
| Year of Construction | 1988 |
| Units | 41 |
| Transaction Date | 2005-05-26 |
| Transaction Price | $1,300,000 |
| Buyer | FDI SHADY OAKS LTD |
| Seller | WALLER COUNTY SHADY OAKS LTD |
576 Ellen Powell Dr Hempstead Multifamily Value-Add Opportunity
Positioned in a renter-leaning pocket of Hempstead, this 41-unit asset offers value-add potential with demand supported by neighborhood fundamentals, according to WDSuite’s CRE market data. The investment thesis centers on a large renter base and relatively high ownership costs locally, which can support leasing durability with the right renovation and management plan.
Livability is defined by small-town convenience rather than dense urban amenities. Local amenity density scores below the Houston metro median (few cafes, restaurants, and parks), while grocery access is present but limited compared to core submarkets. Average school ratings in the area trend below national norms, which may influence family-oriented demand but does not preclude stable workforce housing.
For investors, the neighborhood-level data point to a durable renter base. The share of housing units that are renter-occupied in the neighborhood is high (64.6%), indicating depth of tenant demand for multifamily. Neighborhood occupancy stands at 87.2% (neighborhood statistic, not property-level), which trails many Houston neighborhoods and underscores the importance of hands-on leasing and retention strategies.
Ownership remains relatively costly versus incomes in this area (value-to-income ratio in the top quartile nationally), a backdrop that can sustain reliance on rental housing and support pricing power for well-positioned units. Median contract rents benchmark below many metro peers, which can aid lease-up and renewals if product quality is competitive.
Within a 3-mile radius, WDSuite’s data indicate strong recent growth: population increased by roughly 22.7% over five years, while households expanded about 88.9%, pointing to a larger tenant base. Looking ahead to 2028, households are projected to rise a further ~26.3% with a higher renter-occupied share, reinforcing multifamily demand and supporting occupancy stability.
The property’s 1988 vintage is older than the neighborhood’s average construction year (1999). This typically signals near- to medium-term capital planning needs but also provides renovation and repositioning upside to differentiate versus newer product, especially where supply of updated workforce units is thin.
Safety indicators for the neighborhood rank below many Houston-The Woodlands-Sugar Land neighborhoods and sit in the lower national percentiles, based on WDSuite’s crime benchmarks. Recent year estimates show an uptick in both property and violent offense rates, suggesting investors should plan for proactive security measures and community management.
Framed comparatively: the neighborhood is not among the top quartile for safety either within the metro or nationally. Operators often mitigate these dynamics through lighting, access controls, partnerships with local authorities, and resident engagement to support retention.
Regional employment access is anchored by major energy and technology corporates within commuting range, supporting workforce housing demand and lease retention for renters employed at Hewlett Packard Enterprise, CenterPoint Energy, Enterprise Products, ConocoPhillips, and Emerson Process Management.
- Hewlett Packard Enterprise Customer Engagement Center — technology services (25.7 miles)
- Centerpoint Energy — utilities (29.2 miles)
- Enterprise Products — midstream energy (29.3 miles)
- Conocophillips — energy (30.6 miles) — HQ
- Emerson Process Management — industrial technology (30.8 miles)
This mid-sized, 41-unit property offers a practical value-add path in a renter-heavy neighborhood where ownership costs run high relative to incomes, sustaining multifamily reliance. According to CRE market data from WDSuite, neighborhood occupancy is below many Houston peers, but a sizeable renter-occupied share and expanding household base within a 3-mile radius support the case for stabilized leasing with targeted renovations and active management.
Built in 1988, the asset may require modernization of interiors and systems to compete with post-1999 stock, creating potential to lift effective rents and retention if upgrades are aligned to workforce demand. Household and population growth projections through 2028, alongside a rising renter share locally, point to a larger tenant pool that can underpin long-term fundamentals, while operators should underwrite to amenity-light surroundings and implement security best practices.
- Renter-heavy neighborhood and expanding 3-mile tenant base support demand
- 1988 vintage creates clear value-add and repositioning potential versus newer stock
- Relative ownership costs strengthen reliance on rental housing and pricing power
- Below-metro neighborhood occupancy requires hands-on leasing, renewal, and asset management
- Amenity-light context and safety considerations warrant security and community engagement planning