| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 59th | Good |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4031 N Star Dr, Irving, TX, 75038, US |
| Region / Metro | Irving |
| Year of Construction | 1982 |
| Units | 64 |
| Transaction Date | 1997-08-19 |
| Transaction Price | $1,415,000 |
| Buyer | WESTDALE POLARIS PARTNERS LTD |
| Seller | CASA COLINAS ASSOCIATES |
4031 N Star Dr Irving Multifamily Near Major Employers
Neighborhood occupancy trends and a very high renter concentration suggest a deep tenant base supporting cash flow resilience, according to CRE market data from WDSuite.
The property sits in an Inner Suburb of Irving within the Dallas–Plano–Irving metro, where neighborhood occupancy is 94.6% (above the national median by percentile) and contract rents benchmark in the mid-range locally. Restaurants and grocery options index well versus national peers (both in the mid‑70s percentiles), while parks, pharmacies, and cafes are thinner nearby—an operational consideration for resident experience and leasing narratives.
Construction vintage for the asset is 1982, a few years older than the neighborhood average (1986). For investors, that typically points to targeted capital planning for systems and common areas, with potential value‑add or modernization upside to stay competitive against newer stock.
Tenure dynamics favor multifamily demand: the neighborhood shows an exceptionally high share of renter‑occupied units, indicating substantial depth of the tenant pool and potential support for occupancy stability through cycles. Within a 3‑mile radius, households are predominantly renters as well, reinforcing leasing visibility for mid‑scale assets.
Demographics within 3 miles show recent population and household growth with forecasts calling for further expansion by 2028, alongside rising median incomes. This combination typically supports a larger tenant base and sustained absorption, though rising asking rents (also projected to increase) warrant attention to affordability and retention strategies.
Affordability is balanced in context: the neighborhood’s rent‑to‑income ratio sits around a mid‑20s share, which supports pricing power in tighter periods while reminding operators to manage lease renewals thoughtfully as rents trend higher. Overall, the area ranks above the metro median on several housing and demographic indicators while remaining competitive among Dallas–Plano–Irving neighborhoods.
Safety indicators for the neighborhood are around the metro median (ranked near the midpoint among 1,108 Dallas–Plano–Irving neighborhoods) and below the national median for safety by percentile, indicating comparatively higher reported incidents than many U.S. neighborhoods. Investors should underwrite with prudent operating assumptions, emphasizing lighting, access control, and community engagement to support resident experience.
Property offenses show a recent year‑over‑year improvement, while violent‑crime positioning remains weaker nationally (lower percentile indicates less safe). Trend monitoring and partnership with professional management are advisable to maintain leasing momentum and retention.
Proximity to large corporate offices underpins renter demand through commute convenience, particularly in healthcare services, consumer goods, airlines, and energy—key employers that draw a stable workforce to the submarket.
- Express Scripts — pharmacy benefits (3.3 miles)
- Kimberly-Clark — consumer products (3.5 miles) — HQ
- American Airlines Group — airlines (3.5 miles) — HQ
- Vistra Energy — energy (3.6 miles) — HQ
- Michaels Cos. — specialty retail (3.8 miles) — HQ
This 64‑unit, 1982‑vintage asset in Irving offers exposure to a renter‑heavy neighborhood with occupancy positioned above national median percentiles and steady restaurant and grocery coverage. Population and household growth within a 3‑mile radius expand the tenant base, while proximity to multiple corporate headquarters supports leasing durability. According to CRE market data from WDSuite, the area’s rent levels and occupancy suggest balanced pricing power with room for targeted value‑add to enhance competitiveness.
Investor focus should center on capital planning and operational execution: modernizing an early‑1980s property can capture incremental rent while maintaining renewal rates in a submarket with improving income trends. Underwrite conservatively for safety positioning and rising rents relative to incomes, pairing asset upgrades with resident‑facing services to protect retention.
- Renter‑heavy neighborhood and growing 3‑mile population support a larger tenant base and occupancy stability.
- 1982 vintage presents value‑add and modernization opportunities to strengthen competitive positioning.
- Access to nearby corporate headquarters underpins leasing demand and retention potential.
- Balanced rent levels and occupancy, per WDSuite data, with operational levers to support pricing power.
- Risks: below‑median national safety positioning and rising rents vs. incomes warrant conservative underwriting.