| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 72nd | Best |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3030 Greenridge Dr, Houston, TX, 77057, US |
| Region / Metro | Houston |
| Year of Construction | 1973 |
| Units | 83 |
| Transaction Date | 2011-07-27 |
| Transaction Price | $2,937,500 |
| Buyer | TIFFANY PROPERTIES LLC |
| Seller | YUKEL HOLDINGS LLC |
3030 Greenridge Dr, Houston TX Multifamily Investment
High renter concentration and dense amenities in this Urban Core location point to durable demand, according to WDSuite’s CRE market data, though lease-up may require competitive positioning.
This Urban Core neighborhood scores A+ overall (ranked 60 of 1,491 metro neighborhoods), signaling strong fundamentals for multifamily. Amenity access is a standout: cafes rank 2 of 1,491 in the metro and sit in the 100th percentile nationally, while grocery and restaurant densities are also among the metro’s best (both top 10 of 1,491) and in the 99th percentile nationally. Pharmacy access is similarly strong (rank 16 of 1,491; 99th percentile nationally). Park access, however, is limited locally.
Renter-occupied housing accounts for a large share of units in the neighborhood (ranked 61 of 1,491, top quartile locally; 99th percentile nationally), indicating a deep tenant base that can support leasing velocity and retention. Neighborhood occupancy is below many peers, suggesting operators should emphasize product differentiation and management to capture demand.
Within a 3-mile radius, demographics point to a growing renter pool: the population increased over the last five years and is projected to grow further by 2028, with households up historically and expected to rise materially. Smaller average household sizes and a sizable share of adults aged 18–34 support demand for smaller formats and urban living close to jobs and services.
Ownership costs trend higher relative to incomes (high national percentile for value-to-income ratio), which typically sustains reliance on rental housing and can support pricing power for well-managed assets. At the same time, rent-to-income levels indicate some affordability pressure, so asset strategies should balance rent growth with retention-focused lease management.
Safety conditions warrant attentive operations. The neighborhood ranks 1,172 of 1,491 within the Houston-The Woodlands-Sugar Land metro, indicating crime levels above the metro median and a lower national safety percentile. Recent year-over-year shifts point to increases in both property and violent incidents, per WDSuite. Investors often address this with visible security measures, lighting, access controls, and resident engagement to support leasing and retention.
Nearby corporate offices underpin a sizable professional workforce and commute convenience, supporting renter demand and lease retention for workforce and market-rate units. Key employers include Quanta Services, Apache, Prudential, Occidental, and Wells Fargo Advisors.
- Quanta Services — corporate offices (1.8 miles) — HQ
- Apache — corporate offices (1.8 miles) — HQ
- Prudential — corporate offices (2.7 miles)
- Occidental — corporate offices (3.5 miles)
- Wells Fargo Advisors — corporate offices (4.0 miles)
Built in 1973 with 83 units, the property offers a classic mid-70s vintage that may benefit from targeted modernization and operational upgrades. The submarket’s strength is its deep renter base and top-tier amenity density, while neighborhood occupancy trends suggest underwriting should assume competitive leasing conditions. Based on commercial real estate analysis from WDSuite, nearby corporate employers and a growing 3-mile population and household count support long-run renter demand, particularly for efficient layouts given smaller household sizes.
Higher ownership costs relative to incomes in the area tend to sustain rental reliance, and projected household growth by 2028 indicates a larger tenant base that can support occupancy stability. Operators should balance rent growth ambitions with affordability-aware renewal strategies and invest in security and curb appeal to compete effectively.
- Dense amenities and strong renter concentration support demand and leasing velocity.
- 1973 vintage presents value-add potential through unit and systems modernization.
- Proximity to major corporate offices underpins a stable professional tenant base.
- Elevated ownership costs reinforce rental reliance, with room for disciplined pricing power.
- Risks: below-metro safety ranking and softer neighborhood occupancy require active management.