| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 38th | Fair |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1826 Esters Rd, Irving, TX, 75061, US |
| Region / Metro | Irving |
| Year of Construction | 1985 |
| Units | 90 |
| Transaction Date | 2007-05-03 |
| Transaction Price | $17,000,000 |
| Buyer | IRIS ASSOCIATES LP |
| Seller | AHF-DP APARTMENTS LP |
1826 Esters Rd Irving Multifamily Investment Thesis
Neighborhood metrics point to resilient renter demand and mid-90s occupancy in the surrounding area, according to WDSuite’s CRE market data. For investors, the nearby renter-occupied concentration and steady leasing environment suggest stable income potential, while acknowledging these are neighborhood indicators rather than property-level performance.
Located in an inner-suburb pocket of Irving within the Dallas–Plano–Irving metro, the property benefits from a renter base that is meaningful both in the immediate neighborhood and within a 3-mile radius. Neighborhood renter-occupied share is competitive versus many metro peers (ranked above the metro median among 1,108 neighborhoods), and within 3 miles, the renter share is the majority, supporting depth of tenant demand for multifamily assets.
Leasing conditions are relatively steady: the neighborhood’s occupancy rate is in the low-to-mid 90s and sits above the national median, which supports income stability and limits downtime during turns. Median contract rents in the neighborhood track around the national middle, helping manage affordability pressure and aiding retention. Homeownership costs are elevated for the area (roughly mid‑60s percentile nationally for home values), which tends to reinforce reliance on rental options and can bolster pricing power during renewals.
Daily-needs access stands out: grocery availability is top quartile nationally (around the 89th percentile), and parks access is similarly strong (around the 90th percentile). Restaurant density is above average (low‑70s percentile), while café and pharmacy presence is limited in the immediate neighborhood. For investors, this mix favors livability for a workforce renter profile, with some amenity gaps that may temper premium positioning but still support consistent leasing.
Vintage context: the property was built in 1985, slightly newer than the neighborhood’s early‑1980s average stock. That positioning generally helps competitiveness versus older assets, though selective system upgrades and common‑area refreshes may be prudent to sustain leasing velocity and push rents.
Demographics aggregated within a 3‑mile radius indicate a stable population base with modest recent growth and projections for a larger household count over the next five years. Household sizes are edging smaller, and incomes are trending higher, which together signal a broader tenant base and support for occupancy stability and incremental rent growth over time.
Safety outcomes in the neighborhood track below the national median, and the area ranks in the lower half among 1,108 Dallas–Plano–Irving neighborhoods for crime. That said, recent trends show improvement: both violent and property offense rates have declined year over year, with the pace of improvement competitive versus many metro peers and above the national median for year‑over‑year progress. Investors should underwrite prudent security measures and leasing practices while recognizing the directional improvement.
- Express Scripts — corporate offices (1.9 miles)
- American Airlines Group — corporate offices (2.4 miles) — HQ
- Kimberly-Clark — corporate offices (4.3 miles) — HQ
- Celanese — corporate offices (4.7 miles) — HQ
- Vistra Energy — corporate offices (5.3 miles) — HQ
Nearby corporate offices provide a broad employment base that supports commute convenience and renter demand, including Express Scripts, American Airlines Group, Kimberly‑Clark, Celanese, and Vistra Energy.
This 90‑unit, 1985‑vintage asset in Irving is positioned for durable renter demand supported by a majority renter share within a 3‑mile radius and neighborhood occupancy in the mid‑90s. Grocery and parks access score in the national top quartile, and median rents near the national middle help manage affordability pressure, aiding retention. According to CRE market data from WDSuite, home values sit above national midpoints, which can sustain reliance on rental housing and support steady leasing.
While safety metrics trail national medians, recent year‑over‑year declines in both violent and property offenses point to improving conditions. Given its mid‑1980s vintage—slightly newer than the neighborhood average—targeted capital plans around building systems and common areas can sharpen competitive positioning and unlock value without relying on outsized rent growth assumptions.
- Renter concentration and stable neighborhood occupancy support income durability
- Daily‑needs amenities (grocery, parks) rank top quartile nationally, bolstering livability
- Ownership costs above national midpoints reinforce demand for rental housing
- 1985 vintage offers value‑add potential via targeted system and common‑area upgrades
- Risk: Safety metrics are below national medians; continue prudent security and underwriting