| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 40th | Fair |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 550 E Bethany Dr, Allen, TX, 75002, US |
| Region / Metro | Allen |
| Year of Construction | 1983 |
| Units | 24 |
| Transaction Date | 2023-12-14 |
| Transaction Price | $8,645,000 |
| Buyer | BETH OAK LLC |
| Seller | LEDERLE INVESTORS LTD |
550 E Bethany Dr, Allen TX Multifamily Value-Add
Positioned in an inner-suburb location with solid neighborhood amenities and a sizable renter base, this 1983 asset offers value-add potential supported by steady household growth. According to WDSuite’s CRE market data, area occupancy trends and renter concentration at the neighborhood level point to durable demand for well-managed multifamily units.
The property sits in Allen within the Dallas–Plano–Irving metro, in a neighborhood rated B and competitive among Dallas–Plano–Irving neighborhoods (ranked 439 out of 1,108). Investors will find everyday conveniences nearby: neighborhood metrics indicate strong access to grocery stores and restaurants (both above national norms), while cafes and parks are thinner. Childcare density also scores well, supporting working-household stability.
Neighborhood housing dynamics are mixed and should be framed at the neighborhood, not property, level. Occupancy in the neighborhood is moderate, and the share of renter-occupied housing units is elevated versus many areas nationwide, signaling a deeper tenant base and potential leasing resilience. Median school ratings in the area are below national averages, which can affect family-driven demand but may also keep workforce-oriented rentals competitive.
Vintage matters: with construction in 1983 versus a neighborhood average vintage closer to the late 1990s, this asset is older than much of the surrounding stock—supporting a practical value-add or capital planning thesis (exteriors, interiors, systems) to sharpen competitive positioning against newer comparables.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts calling for continued expansion and a gradual shift toward smaller household sizes. This points to an expanding renter pool over the next several years, supporting occupancy stability and absorption for renovated or well-operated units. In context of ownership, neighborhood home values are mid-range by national comparisons, and rent-to-income levels indicate manageable affordability pressure—factors that can aid tenant retention and disciplined pricing.
Neighborhood-level crime benchmarks are limited in the available dataset for this location. Investors typically compare local trends with Dallas–Plano–Irving metro references and monitor municipal reports and property-level incident logs during diligence to gauge risk and inform security budgeting. As with any submarket, periodic review of updated data from WDSuite and local sources can help track directional changes over time.
Proximity to established employers supports commuter convenience and a broad renter pool. Nearby employment nodes include AT&T Datacenter, Raytheon, Avnet Electronics, and St Jude Medical—providing a mix of technology, defense, and medical device roles that can underpin leasing demand.
- AT&T Datacenter — data infrastructure (1.0 miles)
- Raytheon Company — defense & aerospace offices (1.9 miles)
- Raytheon — defense & aerospace offices (5.9 miles)
- Avnet Electronics — electronics distribution (6.4 miles)
- St Jude Medical — medical devices (7.5 miles)
This 24-unit, 1983-vintage property aligns with a pragmatic value-add strategy in an inner-suburb neighborhood that is competitive within the Dallas–Plano–Irving metro. Neighborhood renter concentration is elevated, and 3-mile demographics point to ongoing population and household growth—indicators of depth for the tenant base and potential occupancy stability. According to CRE market data from WDSuite, local amenities skew strong for daily needs (groceries, restaurants) while parks and cafes are thinner, positioning renovated workforce housing to compete on convenience and price.
The asset’s older vintage versus the surrounding late-1990s average underscores the case for targeted renovations to improve rentability relative to newer stock. Neighborhood-level occupancy is moderate (at the neighborhood scale, not the property), and mid-range ownership costs with manageable rent-to-income levels suggest room for disciplined rent management while maintaining retention. Execution hinges on capex planning, unit modernization, and attentive lease management.
- 1983 vintage supports value-add and systems modernization to outperform newer comps on a cost-adjusted basis
- Elevated renter-occupied share and 3-mile household growth expand the tenant base and support leasing
- Strong access to groceries and restaurants enhances day-to-day livability for workforce renters
- Risk: neighborhood school ratings trail national averages; marketing and amenity upgrades may be needed for family renters
- Risk: older asset profile requires focused capex and proactive maintenance to sustain occupancy and rents