| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Poor |
| Demographics | 17th | Poor |
| Amenities | 40th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 951 French St, Irving, TX, 75061, US |
| Region / Metro | Irving |
| Year of Construction | 1984 |
| Units | 40 |
| Transaction Date | 2014-06-11 |
| Transaction Price | $1,604,500 |
| Buyer | FRENCH ST LLC |
| Seller | 951 FRENCH STREET PARTNERS LLC |
951 French St Irving Multifamily Value-Add Opportunity
Positioned in Irving’s inner suburbs with a deep renter base, the neighborhood shows stable occupancy and a majority of renter-occupied units at the neighborhood level, according to WDSuite’s CRE market data. This mix supports consistent leasing while leaving room for operational upside through selective renovations.
Livability favors everyday convenience: neighborhood grocery access sits in a high national percentile while restaurants are similarly strong, and park access ranks competitively. By contrast, cafes and pharmacies are sparse. For investors, this points to practical amenities that support resident retention even if certain lifestyle options are limited.
The neighborhood’s renter concentration is high (over half of housing units are renter-occupied), indicating a broad tenant base and steady multifamily demand. Neighborhood occupancy is around the metro middle, suggesting generally stable leasing conditions without overheating—useful for underwriting renewal assumptions rather than aggressive lease-up timelines.
Property vintage context matters: the local housing stock averages late-1970s construction, and this asset’s 1984 vintage is somewhat newer than the neighborhood norm. That positioning can be competitive versus older buildings, though investors should still plan for system updates and modernization to support rent trade-outs and curb-side appeal.
Within a 3-mile radius, demographics show modest population growth recently and an increase in total households, with forecasts indicating continued population gains and a notable rise in households alongside smaller average household sizes. This trajectory typically widens the renter pool and supports occupancy stability. Median contract rents in the 3-mile area have risen over the past five years and are projected to continue increasing, while rent-to-income levels at the neighborhood scale indicate relatively manageable affordability pressure—helpful for renewal rates and lease management. These trends are based on CRE market data from WDSuite.
Safety outcomes in the neighborhood are mixed compared with the metro and nation. On a metro ranking basis among 1,108 Dallas–Plano–Irving neighborhoods, the area sits in a less favorable tier, while national comparisons place it below the midpoint for overall safety. For investors, that suggests a need for prudent security measures and community standards to support resident experience and retention.
Recent momentum is constructive: estimated property and violent offense rates have both declined year over year, indicating improving conditions. National percentile positioning still trails stronger submarkets, but the downward trend can complement value-add plans that include lighting, access control, and visibility enhancements.
Nearby corporate employers create a broad commuter base that supports multifamily demand and renewal stability, including chemicals, consumer goods, technology services, energy, and airlines. The following anchors are within a short drive of the property.
- Celanese — chemicals (3.3 miles) — HQ
- Kimberly-Clark — consumer goods (3.3 miles) — HQ
- Xerox — technology services (4.5 miles)
- Exxon Mobil — energy (4.6 miles) — HQ
- Southwest Airlines — airlines (4.7 miles) — HQ
This 40-unit asset offers a straightforward workforce housing thesis supported by a renter-heavy neighborhood and mid-pack occupancy levels that point to steady, defensible cash flow. The 1984 construction is newer than the local average late-1970s stock, providing a relative competitive edge against older assets while still leaving room for targeted capital projects to modernize interiors, common areas, and building systems. According to CRE market data from WDSuite, household counts within a 3-mile radius have been rising and are forecast to continue growing as average household size trends lower—conditions that typically expand the tenant base and support leasing durability.
Performance levers appear balanced: neighborhood rent-to-income suggests manageable affordability pressure that can aid renewal retention, while moderate ownership costs in the broader area may introduce some competition from entry-level buyers. Proximity to multiple corporate employers supports day-to-day demand and can help backfill turnover. Key risks include below-average school ratings and safety metrics relative to stronger Dallas submarkets, which argues for disciplined capex, security enhancements, and conservative underwriting assumptions.
- Renter-heavy neighborhood supports a deeper tenant base and steadier renewals
- 1984 vintage is newer than local average, with value-add potential through modernization
- Household growth within 3 miles and employer proximity underpin leasing stability
- Affordability profile favors retention, though pricing power should be managed carefully
- Risks: below-average safety and school ratings versus stronger submarkets; plan security and conservative underwriting