| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 53rd | Fair |
| Amenities | 71st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 802 Broadway Commons, Garland, TX, 75043, US |
| Region / Metro | Garland |
| Year of Construction | 1983 |
| Units | 120 |
| Transaction Date | 2004-09-01 |
| Transaction Price | $5,365,000 |
| Buyer | Broadway Cimarron Apartments II LP |
| Seller | BRV Broadway LTD |
802 Broadway Commons Garland Multifamily Value‑Add Position
Situated in Garland’s inner-suburban fabric, the asset benefits from steady renter demand and daily-needs access, according to WDSuite’s CRE market data. The investment angle centers on durable occupancy in the surrounding neighborhood and potential to enhance 1980s-vintage competitiveness.
Garland’s Inner Suburb location places the property near strong daily-needs coverage. Neighborhood amenities benchmark above national averages, with groceries and pharmacies especially well represented (nationally high percentiles), while parks are limited. Restaurant and cafe density also scores above average, supporting day-to-day convenience that can help with leasing velocity and retention. School ratings trend below national norms, which investors should factor into tenant mix and marketing.
The neighborhood is rated A- and ranks 247 out of 1,108 Dallas–Plano–Irving neighborhoods, placing it in the top quartile locally. Multifamily dynamics show neighborhood occupancy around the low-90s and slightly softer than five years ago; investors should underwrite to stable but competitive lease-ups rather than outsized rent-led growth. Median contract rents for the neighborhood sit in the low-$1,300s with above-median national positioning, indicating workable pricing power without straying into high-cost territory.
Tenure patterns point to a deep renter base: roughly seven in ten housing units in the neighborhood are renter-occupied, implying a broad pool of prospective residents and support for absorption across product tiers. At the same time, a rent-to-income ratio near one-quarter suggests manageable affordability pressure, a constructive backdrop for renewal strategies and loss-to-lease management.
Within a 3-mile radius, demographics show recent population and household growth with further expansion projected by 2028, supporting a larger tenant base over time. Median home values in the surrounding neighborhood are mid-range for the metro, indicating a high-cost ownership market is not the sole driver of rental demand; rather, rental housing serves a sizable, diversified workforce. Taken together—and based on CRE market data from WDSuite—these local dynamics point to steady renter demand with selective upside for well-executed renovations.
Compared with neighborhoods nationwide, safety indicators for the surrounding area trend below average, and within Dallas–Plano–Irving the neighborhood falls below the metro median (709 out of 1,108). Investors should anticipate standard security measures and proactive on-site management to support resident comfort and retention.
That said, recent data show a meaningful year-over-year decrease in property offenses in the neighborhood, an improving trend that warrants monitoring alongside leasing performance. As always, crime patterns vary by block and over time; underwriting should emphasize operational controls and lighting/camera coverage rather than relying on citywide averages.
Proximity to major employers underpins weekday traffic and supports workforce renter demand. Nearby anchors include D.R. Horton, Texas Instruments (including the South Campus), Thermo Fisher Scientific, and General Dynamics—providing a diversified base across homebuilding, semiconductors, life sciences, and defense.
- D.R. Horton — homebuilding (3.8 miles)
- Texas Instruments South Campus — semiconductors (10.5 miles)
- Thermo Fisher Scientific — life sciences (10.6 miles)
- Texas Instruments — semiconductors (10.8 miles) — HQ
- General Dynamics — defense & aerospace offices (11.2 miles)
Built in 1983, the 120-unit property is slightly older than the neighborhood’s average vintage, creating a straightforward value-add path: address building systems and interiors to close the competitive gap with late-1980s/1990s stock while maintaining attainable rents. According to CRE market data from WDSuite, the surrounding neighborhood carries a top-quartile local rating with amenity coverage that supports daily convenience, while occupancy at the neighborhood level is stable but competitive—guiding conservative lease-up and renewal assumptions.
A high concentration of renter-occupied housing in the immediate neighborhood, coupled with a rent-to-income profile near one-quarter, indicates depth in the tenant base and manageable retention risk. Within a 3-mile radius, recent and projected gains in population and households point to ongoing renter pool expansion, while proximity to diversified employers supports weekday demand and leasing durability. Key risks to underwrite include below-average safety metrics and limited park access, offset by improving property offense trends and strong daily-needs retail.
- 1983 vintage offers clear renovation and systems-upgrade upside versus newer competitive set
- Top-quartile neighborhood rating locally with strong grocery/pharmacy coverage supporting retention
- Deep renter base and rent-to-income near one-quarter support steady occupancy and renewals
- Employer proximity across semiconductors, life sciences, defense, and homebuilding aids weekday demand
- Risks: below-average safety metrics and limited parks; mitigate with security, lighting, and operational focus