| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 52nd | Fair |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 885 E Ovilla Rd, Red Oak, TX, 75154, US |
| Region / Metro | Red Oak |
| Year of Construction | 1998 |
| Units | 48 |
| Transaction Date | 2019-06-18 |
| Transaction Price | $4,425,000 |
| Buyer | THE MEADOWS AZMB LLC |
| Seller | BASS JOHN A |
885 E Ovilla Rd Red Oak Multifamily Investment
Neighborhood occupancy is high and stable, supporting leasing durability according to WDSuite’s CRE market data, while rent levels track above national norms in similar suburban settings.
Situated in suburban Red Oak within the Dallas–Plano–Irving metro, the property benefits from a neighborhood rated B- with occupancy near the top quartile among 1,108 metro neighborhoods. For investors, this points to steady renter demand and supports lease retention even through market cycles.
The assets 1998 vintage is older than the local average construction year (2008), which suggests capital planning for systems and interiors could unlock value-add potential and sharpen competitive positioning versus newer stock.
On livability, neighborhood amenities skew limited for parks, cafes, and pharmacies, while grocery and everyday services are present at roughly mid-metro levels. Average school ratings trend around the middle of national peers, which can support broader family-oriented demand but may not be a premium driver on its own. Median contract rents in the neighborhood sit in the 81st percentile nationally, indicating pricing power relative to many U.S. suburbs, while rent-to-income metrics align with prudent lease management rather than overextension.
Demographic statistics aggregated within a 3-mile radius show notable population and household growth over the past five years, with projections pointing to further expansion and a rising share of renter-occupied housing. This trajectory implies a enlarging tenant base that can support occupancy stability and absorption for well-positioned multifamily product.
Safety indicators are mixed depending on the lens. Nationally, property and violent offense measures sit in the upper percentiles (top quartile to top decile compared with neighborhoods nationwide), which is favorable for renter appeal and retention. Within the Dallas metro, the neighborhoods crime rank indicates a less favorable standing relative to suburban peers among 1,108 neighborhoods, warranting routine on-site security and design considerations typical for comparable assets.
The employment base is anchored by major corporate headquarters within commuting distance, supporting renter demand through professional and administrative jobs concentrated in telecom, engineering, building materials, and healthcare.
- AT&T telecommunications (17.4 miles) HQ
- Jacobs Engineering Group engineering & professional services (17.8 miles) HQ
- Builders Firstsource building materials (17.8 miles) HQ
- Tenet Healthcare healthcare services (17.8 miles) HQ
- Hollyfrontier energy & refining (18.5 miles) HQ
This 48-unit propertybuilt in 1998 with compact average unit sizesoffers a value-add angle in a suburban neighborhood where occupancy trends are strong and rents benchmark above national medians. Based on CRE market data from WDSuite, the neighborhoods occupancy performance ranks in the top quartile locally, indicating durable leasing fundamentals, while a moderate rent-to-income profile supports ongoing collections and renewal potential.
Three-mile demographics show past and projected population and household growth alongside a rising renter-occupied share, signaling a larger tenant base over the medium term. Older vintage relative to the areas newer housing stock suggests targeted renovations and operational upgrades could enhance competitiveness and capture demand from nearby employment hubs.
- Neighborhood occupancy trends in the top quartile locally support leasing stability.
- 1998 vintage positions the asset for value-add through selective capex and interior refresh.
- Expanding 3-mile population and households point to a growing renter pool and absorption runway.
- Proximity to major Dallas headquarters underpins year-round renter demand and retention.
- Risks: amenity depth is limited and metro-level safety ranks are less favorable than national signals; prudent security, marketing, and pricing strategy are advisable.