| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 39th | Fair |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1500 N Bluegrove Rd, Lancaster, TX, 75134, US |
| Region / Metro | Lancaster |
| Year of Construction | 1981 |
| Units | 120 |
| Transaction Date | 2021-03-17 |
| Transaction Price | $685,385 |
| Buyer | FFLP MEADOWS LLC |
| Seller | PERIS MEADOWS LLC |
1500 N Bluegrove Rd Lancaster Multifamily Investment Opportunity
Neighborhood occupancy is exceptionally tight, supporting stable renter demand according to WDSuite’s CRE market data; note that this occupancy figure reflects the surrounding neighborhood rather than the property itself.
Neighborhood
Lancaster’s inner-suburban setting offers workforce access within the Dallas–Plano–Irving metro while maintaining a more residential feel. Neighborhood-level occupancy ranks 1st among 1,108 metro neighborhoods and is top quartile nationally, indicating resilient demand for rentals in this pocket—not the property itself, but the surrounding neighborhood trend.
Renter-occupied housing accounts for a higher-than-average share in the neighborhood (above the national median, 77th percentile), which typically supports a deeper tenant base and steadier leasing velocity for multifamily assets. Median contract rents in the neighborhood sit above national norms (around the 75th percentile), while the rent-to-income ratio trends lower than many U.S. areas (around the 10th percentile), a combination that can aid retention and reduce near-term affordability pressure.
Amenities are mixed: childcare and pharmacies index well above national norms (roughly mid‑80s percentiles), but cafes, restaurants, grocery stores, and parks are sparse by density-based measures (bottom end of national distributions). For investors, this points to a more car-dependent location, but one that still provides essential services and family-oriented infrastructure.
Within a 3‑mile radius, households have expanded even with modest population gains, and forward-looking data indicates additional household growth alongside smaller average household sizes. For multifamily, this implies a larger renter pool over time, supporting occupancy stability and sustained demand. The property’s 1981 vintage is slightly older than the neighborhood’s average vintage, suggesting potential value-add and capital planning opportunities to improve competitive positioning versus newer stock.
Safety
Relative to U.S. neighborhoods, this area rates below average on safety (around the 33rd percentile nationally) and sits below the metro median (crime rank in the higher half among 1,108 Dallas–Plano–Irving neighborhoods). Investors should underwrite prudent security measures and loss assumptions accordingly.
Recent trend signals are mixed: estimated property offenses have declined over the past year, while violent offense estimates have increased. As always, safety conditions can vary by block and over time; a site visit and current comparables review remain important components of risk assessment.
Employers
Nearby headquarters and corporate offices provide employment depth that supports renter demand and commute convenience, specifically in telecom, engineering, healthcare services, building materials, and energy—mirrored by the employers listed below.
- AT&T — telecom (11.8 miles) — HQ
- Jacobs Engineering Group — engineering (12.2 miles) — HQ
- Tenet Healthcare — healthcare services (12.2 miles) — HQ
- Builders FirstSource — building materials (12.2 miles) — HQ
- HollyFrontier — energy refining (12.9 miles) — HQ
Why Invest
This 120‑unit asset benefits from a neighborhood with exceptionally tight occupancy, a renter-occupied share above national norms, and directionally supportive household growth within a 3‑mile radius. Median contract rents trend above national levels, while rent-to-income ratios are comparatively modest—factors that can aid retention and limit near-term pricing friction. According to CRE market data from WDSuite, the surrounding neighborhood’s performance is competitive within the Dallas metro, underscoring durable renter demand rather than property-specific claims.
The 1981 vintage points to value‑add potential through targeted renovations and systems upgrades, helping the property compete against newer stock. Investors should also consider amenity dispersion and safety variability in underwriting, balancing capital plans with the location’s access to major employment centers.
- Neighborhood occupancy ranks 1st of 1,108 metro neighborhoods, supporting sustained leasing momentum (neighborhood metric, not property-specific).
- Above-median renter concentration and household growth within 3 miles expand the tenant base over time.
- Rents sit above national norms while rent-to-income trends comparatively modest, aiding retention and revenue durability.
- 1981 vintage offers value‑add and capital planning levers to enhance competitive positioning.
- Risks: below‑average safety rankings and car‑dependent amenities warrant conservative underwriting and asset‑level security plans.