| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 41st | Fair |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1407 15th Pl, Plano, TX, 75074, US |
| Region / Metro | Plano |
| Year of Construction | 1972 |
| Units | 21 |
| Transaction Date | 2013-12-11 |
| Transaction Price | $1,612,500 |
| Buyer | BELLEVIEW PLACE LLC |
| Seller | STADIA LLC |
1407 15th Pl Plano Multifamily Investment
Renter demand is supported by high neighborhood occupancy and proximity to established employers, according to WDSuite’s CRE market data. For investors, the area’s stability points to steady leasing with room to create value through targeted upgrades.
Located in Plano’s inner suburbs of the Dallas–Plano–Irving metro, the neighborhood posts strong utilization of existing stock with occupancy in the top quartile nationally and competitive among 1,108 metro neighborhoods (ranked 217). Median contract rents in the area sit above national medians, while rent-to-income around 0.21 suggests manageable affordability pressure that can support retention and pricing discipline.
The 1972 vintage positions this 21-unit asset as older than the neighborhood’s average construction year (1980), creating a clear value‑add pathway through interior updates and system modernization. That positioning can help it compete effectively against newer stock while enabling disciplined capital planning.
Livability drivers are solid for workforce households: grocery, restaurant, parks, and pharmacy access benchmark in the 86th–92nd national percentiles. Average school ratings trail broader benchmarks (about 2.0/5), so the tenant mix may skew more toward adult and young professional renters than school‑driven households. The neighborhood’s renter-occupied share is elevated within the metro (55.6%), indicating a deep base of multifamily demand rather than single‑family ownership reliance.
Within a 3‑mile radius, population and households have expanded in recent years, with households growing faster than population, indicating smaller households and a larger tenant base. Forward projections show continued population growth and a meaningful increase in households, which supports occupancy stability and lease-up velocity. These dynamics, paired with elevated ownership costs relative to incomes (value‑to‑income ratio near 4.0), sustain reliance on rental options—an insight consistent with multifamily property research and CRE market data from WDSuite.
Safety indicators present a mixed but improving picture. Overall, the neighborhood trends slightly above the national median for safety (56th percentile), yet property offenses compare weaker nationally (around the 19th percentile). Violent incidents benchmark below the national median (32nd percentile), and both violent and property offense rates have shown notable year‑over‑year declines, with improvement metrics in the top decile nationally. Within the Dallas–Plano–Irving metro, the neighborhood’s crime rank is 239 out of 1,108, indicating safety levels below the metro median but with positive momentum.
Nearby corporate offices support a diversified employment base and convenient commutes for renters, led by defense, electronics distribution, government contracting, and life sciences. The following employers anchor day‑to‑day demand within a short drive:
- Raytheon — defense & aerospace offices (1.4 miles)
- Avnet Electronics — electronics distribution (2.5 miles)
- Raytheon Company — defense & aerospace offices (3.0 miles)
- General Dynamics — defense & government contracting (3.3 miles)
- Thermo Fisher Scientific — life sciences (3.9 miles)
The investment case centers on durable renter demand and operational stability. Neighborhood occupancy is high and renter concentration is strong, supporting a consistent tenant base. Built in 1972, the asset offers clear value‑add potential via renovations and building system updates to enhance competitive positioning versus newer comparables. According to CRE market data from WDSuite, area amenities score well nationally and nearby employers deepen the leasing pool, while rent-to-income levels indicate room for disciplined revenue management.
Demographic trends aggregated within a 3‑mile radius point to continued population growth and a faster rise in households, expanding the renter pool and supporting lease retention. Elevated ownership costs relative to local incomes further reinforce reliance on multifamily housing rather than ownership alternatives.
- High neighborhood occupancy and elevated renter concentration support demand stability
- 1972 vintage enables value‑add through unit upgrades and system modernization
- Strong amenity access and proximity to major employers bolster leasing
- Rent-to-income dynamics provide room for disciplined pricing and retention management
- Risks: below-metro safety levels and older physical plant require active asset management and targeted capex