| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 23rd | Poor |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1601 Wynn Joyce Rd, Garland, TX, 75043, US |
| Region / Metro | Garland |
| Year of Construction | 1983 |
| Units | 45 |
| Transaction Date | 2006-06-14 |
| Transaction Price | $2,750,000 |
| Buyer | DHOND MULTIFAMILY LLC |
| Seller | JOYCE TOWNHOMES LP |
1601 Wynn Joyce Rd, Garland TX Multifamily Opportunity
High neighborhood occupancy and steady renter demand point to durable leasing, based on WDSuite’s CRE market data for the surrounding submarket.
This inner-suburban Garland location benefits from strong daily-life amenities and solid occupancy fundamentals at the neighborhood level. Amenities rank 85th out of 1,108 Dallas–Plano–Irving neighborhoods, which is competitive locally and above the national median, with dense access to groceries, restaurants, and pharmacies supporting resident convenience. Neighborhood occupancy is elevated and has edged higher in recent years, reinforcing leasing stability for nearby multifamily assets.
Renter-occupied housing accounts for roughly two-fifths of neighborhood units, indicating a meaningful tenant base while still sharing the market with owners—conditions that typically support steady absorption without excessive turnover risk. Median contract rents in the neighborhood sit above national medians, reflecting healthy demand; at the same time, rent-to-income metrics suggest manageable affordability pressure relative to many large metros, a backdrop that can aid retention and pricing discipline for operators.
Within a 3-mile radius, demographics show modest population growth and a larger increase in households, pointing to a gradually expanding renter pool and smaller average household sizes over time. Forward-looking projections in WDSuite’s data indicate continued growth in households and income, which tends to bolster demand for well-managed workforce units and supports occupancy stability through cycles.
The property’s 1983 vintage is slightly older than the neighborhood’s average construction year (1988), suggesting potential value-add through targeted renovations and systems updates to remain competitive against newer stock. While average school ratings in the neighborhood are below national medians, the strong amenity access and proximity to employment centers can help sustain renter demand among working households.
Neighborhood safety indicators track close to the national midpoint overall, according to WDSuite’s benchmarks, with recent data showing year-over-year declines in estimated violent offenses—a constructive directional trend for investors monitoring stability. Property-related incident estimates have also improved modestly. In the Dallas–Plano–Irving context, the neighborhood’s crime rank sits in the more competitive third (367 out of 1,108), indicating performance better than many peers but not in the top quartile.
For underwriting, this suggests conditions that are broadly comparable to regional norms with improving momentum rather than outlier risk. Operators typically focus on lighting, access control, and resident engagement to support retention and maintain the neighborhood’s recent positive trajectory.
Nearby corporate offices provide a diverse employment base that supports renter demand and commute convenience, particularly for roles tied to homebuilding, life sciences, semiconductors, and defense-oriented operations reflected below.
- D.R. Horton, America's Builder — corporate offices (3.4 miles)
- Thermo Fisher Scientific — corporate offices (8.9 miles)
- Texas Instruments South Campus — corporate offices (9.1 miles)
- Texas Instruments — corporate offices (9.3 miles) — HQ
- General Dynamics — corporate offices (9.4 miles)
This 45-unit, 1983-vintage asset sits in a neighborhood with elevated occupancy and above-median amenity access, supporting durable leasing and day-to-day convenience for residents. The renter-occupied share near two-fifths indicates depth in the tenant base without relying solely on transient demand. Homeownership costs in the area are moderate by large-metro standards, which helps sustain reliance on multifamily and supports retention as operators calibrate rents against income trends.
According to CRE market data from WDSuite, neighborhood rents track above national medians while rent-to-income signals remain manageable—favorable for cash flow stability if operators maintain quality and service. Given the property’s slightly older vintage relative to local stock, a focused value-add plan (exteriors, unit finishes, common-area upgrades, and selective systems modernization) can sharpen competitive positioning against newer deliveries without overextending capex.
- Elevated neighborhood occupancy supports leasing stability and consistent collections
- Above-median amenity access (groceries, dining, pharmacies) enhances resident convenience and retention
- Renter base depth with manageable rent-to-income signals underpins pricing discipline
- 1983 vintage offers clear value-add and systems-upgrade pathways to compete with newer stock
- Risks: school ratings below national medians and safety near the national midpoint warrant active management