| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 16th | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1550 E Miller Rd, Garland, TX, 75041, US |
| Region / Metro | Garland |
| Year of Construction | 1983 |
| Units | 24 |
| Transaction Date | 2007-02-05 |
| Transaction Price | $750,000 |
| Buyer | CHAIDEZ DANIEL |
| Seller | SCOTT GARDEN APTS LLC |
1550 E Miller Rd Garland Multifamily Value-Add Potential
Positioned in an inner-suburb of Dallas, the property benefits from steady renter demand and strong everyday retail access, according to WDSuites CRE market data, while its 1983 vintage points to practical renovation and operational upside.
Located in Garland within the DallasPlanoIrving metro, the immediate neighborhood functions as an inner-suburban rental hub with everyday necessities close by. Grocery options are strong relative to national norms (high national percentile for grocery access), which supports daily convenience and lease retention, while restaurants are present at moderate density. By contrast, parks, pharmacies, and cafes are limited nearby, which investors should consider when positioning amenities and marketing.
Neighborhood livability and renter dynamics are mixed but serviceable for workforce housing. The share of housing units that are renter-occupied is elevated locally, indicating a deeper tenant base and support for leasing velocity. At the metro-comparison level, neighborhood occupancy trends sit roughly around the national mid-range, suggesting stable but competitive leasing conditions rather than outsized pricing power.
Vintage matters for competitiveness. With an average neighborhood construction year around 1991, this 1983 asset is older than much of the nearby stock, which points to potential capital expenditure needs but also value-add potential through targeted interior updates, system upgrades, or curb appeal improvements. Thoughtful improvements can help the asset compete against slightly newer comparables.
Demographic statistics aggregated within a 3-mile radius show a broadly stable population with a modest increase in households and rising incomes, implying a gradually expanding renter pool over time. Median home values in the area reflect a middle-market ownership landscape; this supports rental demand while leaving some competition from ownership alternatives. Rent-to-income levels appear manageable, which favors resident retention but may moderate near-term rent growth expectations.
Safety indicators compare favorably overall. The neighborhoods crime rank places it among safer segments of the DallasPlanoIrving metro (ranked 61 out of 1,108 metro neighborhoods), and its national safety standing is above the median, according to WDSuites CRE market data. Recent year-over-year declines in both violent and property offense rates suggest improving conditions, a supportive backdrop for resident retention and leasing.
- D.R. Horton, America's Builder corporate offices (3.0 miles)
- Thermo Fisher Scientific corporate offices (7.2 miles)
- Avnet Electronics corporate offices (7.6 miles)
- General Dynamics corporate offices (7.8 miles)
- Texas Instruments South Campus corporate offices (8.4 miles)
- Texas Instruments corporate offices (8.7 miles) HQ
- Raytheon corporate offices (8.8 miles)
- Energy Transfer Equity corporate offices (11.7 miles) HQ
- Dean Foods corporate offices (12.2 miles) HQ
- Energy Transfer corporate offices (12.5 miles)
This 24-unit 1983 asset in Garland offers a straightforward value-add path in an inner-suburban location with dependable grocery access and a renter base that supports consistent leasing. Neighborhood occupancy sits near the national middle, implying durable absorption with measured pricing power. Based on commercial real estate analysis from WDSuite, the surrounding 3-mile area shows gradual population stability, an increase in households, and higher incomes, all of which support a larger tenant base and reinforce occupancy stability over the medium term.
The propertys older vintage versus the neighborhoods early-1990s average suggests scope for targeted renovations and system upgrades to enhance competitiveness. Ownership remains relatively accessible in this submarket, which can introduce some competition for renters; however, moderate rent-to-income levels favor retention and manageable turnover. Limited nearby parks and specialty amenities may require on-site features or targeted marketing to maintain appeal.
- Inner-suburban location with strong grocery access supporting daily convenience and retention
- Elevated renter-occupied share locally provides depth to the tenant base
- 1983 vintage offers value-add and capex-driven upside versus slightly newer comparables
- 3-mile trends show stable population, rising incomes, and more households, supporting occupancy
- Risks: amenity gaps (parks/cafes), measured pricing power, and potential competition from ownership options