| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 25th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2901 Thurman St, Laredo, TX, 78046, US |
| Region / Metro | Laredo |
| Year of Construction | 1993 |
| Units | 29 |
| Transaction Date | 2019-04-01 |
| Transaction Price | $1,250,000 |
| Buyer | THURMAN APARTMENTS LLC |
| Seller | RC KAHN DEVELOPMENT LTD |
2901 Thurman St Laredo Multifamily Value‑Add Opportunity
Positioned in an inner-suburb of Laredo, this 29‑unit asset benefits from steady renter demand and household growth within a 3‑mile radius, according to WDSuite’s CRE market data. Livability is supported by strong access to groceries and dining, offering a practical base for workforce tenants.
The property sits in a B‑rated neighborhood that ranks 29 out of 63 in the Laredo metro—above the metro median—offering practical positioning for workforce housing. Amenity access is competitive among Laredo neighborhoods, with strong grocery and restaurant density supporting daily needs, while cafes and parks are more limited. Average school ratings trend above many peer areas (around the 73rd percentile nationally), which can support family retention.
Within a 3‑mile radius, demographics point to a larger tenant base over time: population and households have grown in recent years, with further household expansion projected. Household sizes are trending smaller, which can support demand for compact floor plans and efficient units. These shifts translate into a broader renter pool and potential support for occupancy stability.
Tenure data indicates roughly one‑third of housing units are renter‑occupied, suggesting a meaningful, but not saturated, renter base. Neighborhood occupancy is below the metro median, so leasing may require active management; however, the combination of growing households and solid everyday amenities provides a foundation for demand.
Ownership costs remain a consideration: the value‑to‑income relationship trends higher than many areas nationally, reinforcing reliance on rental options and helping sustain multifamily demand. At the same time, rent levels and rent‑to‑income ratios indicate manageable affordability pressure for tenants, which can aid lease retention and reduce turnover risk.
Vintage also matters: with a 1993 construction year in an area where average stock is late‑1990s, investors should plan for targeted capital improvements. Thoughtful renovations and systems updates can enhance competitive positioning against slightly newer comparables while keeping operating expenses in check.
Safety trends are mixed and should be underwritten conservatively. The neighborhood’s crime profile sits around the metro midpoint to slightly elevated (ranked 33 out of 63 Laredo neighborhoods), and comparative national positioning is below average. That said, recent data shows year‑over‑year declines in both violent and property offenses, indicating directional improvement.
For investors, this suggests monitoring local trendlines and emphasizing lighting, access control, and community standards to support resident satisfaction and leasing stability. Benchmarking against nearby Laredo submarkets can further clarify risk relative to achievable rents and marketing spend.
Nearby employment is anchored by regional manufacturing and corporate operations that help support workforce housing demand and practical commute times. Notable employer access includes:
- BorgWarner — automotive components (10.1 miles)
This 1993, 29‑unit asset presents a value‑add path in an inner‑suburb location with everyday amenities that underpin renter demand. Based on CRE market data from WDSuite, neighborhood occupancy trends run below the metro median, but a growing 3‑mile household base and strong grocery/restaurant density support leasing fundamentals with the right operations and unit positioning. The area’s higher value‑to‑income relationship reinforces reliance on rentals, while rent levels and rent‑to‑income dynamics suggest manageable affordability pressure that can aid retention.
Relative to late‑1990s comparables nearby, targeted renovations and systems updates can improve competitiveness and support rent objectives without overextending capex. Maintaining a pragmatic focus on unit efficiency, security, and curb appeal should align with a workforce renter profile and help stabilize performance through cycles.
- Household growth within 3 miles expands the renter pool, supporting occupancy with effective leasing.
- Strong grocery and dining access bolsters day‑to‑day livability and leasing velocity.
- 1993 vintage offers clear value‑add via unit refreshes and systems upgrades versus late‑1990s stock.
- Ownership costs relative to income reinforce multifamily reliance, aiding demand durability.
- Risks: below‑median neighborhood occupancy and perceived safety require active management and targeted capex to sustain leasing.