| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Fair |
| Demographics | 46th | Fair |
| Amenities | 32nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1601 32nd St, Wichita Falls, TX, 76302, US |
| Region / Metro | Wichita Falls |
| Year of Construction | 2003 |
| Units | 104 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1601 32nd St Wichita Falls Multifamily Investment
Neighborhood occupancy has held near the metro middle and renter concentration is strong, pointing to a stable tenant base according to WDSuite’s CRE market data. Newer 2003 construction versus older nearby stock positions this asset competitively for leasing and light value-add.
Neighborhood dynamics
The property sits in an Inner Suburb of Wichita Falls rated B+ among 58 metro neighborhoods, with neighborhood occupancy around 90.8% and ranked 19 of 58—competitive among Wichita Falls neighborhoods. Renter-occupied share is elevated (ranked 3 of 58), indicating depth in the local tenant pool and support for multifamily demand.
Local amenities are mixed: grocery and pharmacy access track around or modestly above national medians (grocery national percentile ~56; pharmacy ~72), while cafes and parks are limited within the immediate neighborhood. Restaurant density is comparatively stronger (national percentile ~66), supporting day-to-day livability without relying on long commutes.
The average neighborhood construction year is 1982, while the subject’s 2003 vintage is newer than much of the surrounding stock—an advantage for curb appeal and leasing competitiveness. Investors should still underwrite routine system updates as the asset approaches mid-life, but the relative vintage supports positioning against older properties.
Within a 3-mile radius, WDSuite data shows recent population and household growth with further increases projected, expanding the renter pool and supporting occupancy stability. Median contract rents in the neighborhood remain relatively accessible compared with many U.S. markets, and a moderate rent-to-income profile suggests manageable affordability pressure—favorable for retention while implying measured pricing power.
Safety context
Compared with 58 Wichita Falls neighborhoods, this area’s overall crime rank sits in the lower half (rank 26 of 58 indicates comparatively higher crime than the metro’s safest areas). Nationally, safety indicators track below the median; however, recent year-over-year trends from WDSuite point to meaningful declines in both violent and property incidents, which is constructive for long-term livability.
Investors should frame safety as a neighborhood-level factor that can influence leasing velocity and on-site operating practices. Continued improvement would support renter retention; conversely, if trends reverse, additional security measures and leasing concessions may be needed to sustain performance.
Proximity to nearby industrial and manufacturing employment provides a steady draw for workforce renters. The employer below reflects accessible commute options that can support leasing stability.
- Owens Corning — building materials manufacturing (4.1 miles)
Investment thesis
Built in 2003, this 104-unit asset is newer than the surrounding neighborhood average (1982), offering a competitive edge over older stock while still warranting capital planning for mid-life systems. Based on commercial real estate analysis using WDSuite’s CRE market data, neighborhood occupancy is competitive within the metro and renter concentration is high, pointing to depth in the tenant base and support for steady leasing.
Local livability is serviceable—grocery and pharmacy access compare reasonably to national medians, while restaurants outpace cafes and parks in the immediate area. Homeownership costs in the neighborhood are comparatively accessible, which can temper pricing power; however, the strong renter-occupied share and projected household growth within a 3-mile radius should continue to underpin demand. Investors should note NOI per-unit performance trends that lag national benchmarks, implying the need for disciplined operations and targeted value-add to drive returns.
- 2003 vintage outperforms older neighborhood stock for leasing competitiveness while nearing mid-life system updates
- Competitive neighborhood occupancy and high renter concentration support a steady tenant base
- Serviceable amenity access (grocery/pharmacy) and stronger restaurant density aid day-to-day livability
- 3-mile radius growth outlook expands the renter pool, reinforcing leasing stability
- Risks: safety metrics below national median and NOI per unit below national benchmarks require disciplined operations