| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 23rd | Poor |
| Demographics | 34th | Poor |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1001 Redwood Ave, Wichita Falls, TX, 76301, US |
| Region / Metro | Wichita Falls |
| Year of Construction | 2008 |
| Units | 108 |
| Transaction Date | 2024-03-25 |
| Transaction Price | $4,980,850 |
| Buyer | WV WICHITA HOLDINGS LP |
| Seller | WASHINGTON VILLAGE LTD |
1001 Redwood Ave Wichita Falls Multifamily Investment
2008-vintage, 108-unit asset positioned for durable renter demand in a neighborhood where occupancy has trended upward, according to WDSuite’s CRE market data. The location serves workforce renters seeking value, with pricing power likely governed by local income trends.
Located in Wichita Falls, the property sits in a neighborhood characterized by older housing stock (average vintage mid-20th century) and limited retail/dining density, while the asset itself, built in 2008, is newer than most nearby inventory—an advantage for leasing competitiveness and near-term capital planning. Neighborhood occupancy has improved over the past five years but remains below the metro median among the 58 Wichita Falls neighborhoods, suggesting prudent underwriting on lease-up velocity and renewal assumptions.
Within a 3-mile radius, demographics show a broad renter base with renter-occupied housing around half of units, supporting a steady tenant pipeline for multifamily. Recent history shows a modest population dip and flat household counts, but forecasts point to meaningful population and household growth by 2028, indicating a larger tenant base and support for occupancy stability as new households form in the area.
Neighborhood-level rent signals reflect a value-oriented market; median contract rents and rent-to-income ratios indicate relatively lower affordability pressure compared with higher-cost metros. For investors, this mix can support retention and reduce turnover risk, though it may temper outsized pricing power. According to commercial real estate analysis from WDSuite, the area’s low home values mean ownership is more accessible than in major metros, which can create competition with entry-level ownership; however, multifamily remains relevant for households prioritizing flexibility, credit constraints, or proximity to employment.
Amenity access within the immediate neighborhood ranks below many Wichita Falls peers, with few cafes, groceries, and parks mapped locally. Investors should consider that on-site features and property management quality will play an outsized role in leasing performance relative to amenity-rich urban submarkets. The 2008 construction offers a practical edge versus older product, while selective updates can further differentiate the asset against mid-century stock nearby.
Safety indicators place the neighborhood near the middle of the pack within Wichita Falls (among 58 neighborhoods) and below the national median. While both property and violent offense rates benchmark weaker than many U.S. neighborhoods, recent year-over-year declines point to improving trends. For underwriting, this suggests cautious assumptions on security and operating costs, with potential for stability if the downtrend persists.
Nearby employment is anchored by industrial and manufacturing operations that support workforce housing demand and commute convenience for residents. The list below reflects proximate employers relevant to tenant retention and leasing stability.
- Owens Corning — building materials manufacturing (2.1 miles)
The property’s 2008 vintage and 108-unit scale position it competitively against older neighborhood stock, offering a useful balance of operating efficiency and value-add optionality through targeted upgrades. Based on CRE market data from WDSuite, neighborhood occupancy has improved but trails metro medians, suggesting conservative rent and absorption assumptions are prudent; however, 3-mile forecasts indicate notable growth in population and households by 2028, which supports a larger renter pool and long-run occupancy stability. The value-oriented rent profile favors retention and steady cash flows, while on-site amenities and management execution will be key differentiators given lower nearby amenity density.
Investor takeaway: lean on the asset’s relative youth and scale to compete on finishes and service, underwrite carefully to local incomes, and look to demographic growth and workforce proximity to sustain leasing.
- 2008 construction competes well against older neighborhood stock, with selective upgrades offering value-add upside.
- Forecast growth in 3-mile population and households expands the renter pool and supports occupancy over the medium term.
- Value-oriented rents and moderate rent-to-income dynamics support retention and reduce turnover risk.
- Proximity to industrial employment (e.g., Owens Corning) underpins workforce demand and leasing stability.
- Risks: neighborhood occupancy below metro median, limited amenity density, and below-national safety benchmarks warrant conservative underwriting.