| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 39th | Fair |
| Amenities | 51st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4224 King St, Greenville, TX, 75401, US |
| Region / Metro | Greenville |
| Year of Construction | 1975 |
| Units | 116 |
| Transaction Date | 2021-04-20 |
| Transaction Price | $6,372,500 |
| Buyer | I VANSK LLC |
| Seller | KINGRIDGE TX LLC |
4224 King St Greenville Multifamily Value-Add Opportunity
Neighborhood data indicates a sizable renter base and rents that have trended upward, according to WDSuite’s CRE market data. Occupancy is measured for the neighborhood, not the property, and currently sits in the mid-80s.
Located in Greenville within the Dallas–Plano–Irving metro, the asset sits in an Inner Suburb neighborhood rated B- and ranked 587 out of 1,108 metro neighborhoods — competitive among Dallas peers. Daily-needs access is a relative strength with grocery, parks, and pharmacies ranking above national norms, while cafes and childcare are thinner, aligning more with workforce-oriented living than boutique amenities.
Neighborhood occupancy is approximately 86%, down from five years ago, while renter-occupied housing represents about 60% of units — a high renter concentration that supports multifamily demand depth. Median contract rents have risen materially over the past five years, underscoring steady renter interest; operators should focus on resident retention and leasing execution given softer occupancy.
Within a 3-mile radius, recent data shows a stable household count alongside smaller average household sizes, and forecasts point to population growth with a notable increase in households by 2028. That expansion suggests a larger tenant base and support for occupancy stability and rent performance for well-positioned properties.
The average neighborhood construction year trends newer (1990s), while the property’s 1975 vintage implies potential value-add through targeted renovations, systems updates, and amenity improvements to remain competitive versus newer stock.
Safety indicators are mixed. Within the Dallas–Plano–Irving metro, the neighborhood’s crime rank (147 of 1,108) places it below the metro average for safety, while nationally it sits modestly above the midpoint overall. Year over year, both violent and property offense rates have improved materially, a constructive trend for long-term risk management. Conditions vary by block and time of day, so on-site diligence remains essential.
Commutable employment nodes in homebuilding, telecom/data infrastructure, electronics distribution, and defense/aerospace help underpin renter demand and lease retention for workforce housing.
- D.R. Horton, America's Builder — homebuilding corporate offices (30.5 miles)
- Raytheon Company — defense & aerospace offices (31.8 miles)
- AT&T Datacenter — telecom & data center (33.2 miles)
- Avnet Electronics — electronics distribution (33.4 miles)
- General Dynamics — defense offices (35.9 miles)
With 116 units and a 1975 vintage, 4224 King St presents scale for operational efficiency and clear value-add potential through targeted renovations. The neighborhood shows a high share of renter-occupied housing and median rents that have increased over five years. According to CRE market data from WDSuite, neighborhood occupancy is in the mid-80s and has softened, emphasizing the importance of asset quality, leasing strategy, and resident experience to drive stability.
Within a 3-mile radius, forecasts point to population growth and a strong increase in households by 2028, expanding the renter pool and supporting demand for updated units. Daily-needs amenities (grocery, parks, pharmacies) are strengths, though the submarket’s newer comparative stock means thoughtful upgrades can enhance competitiveness and retention. Ownership costs are relatively accessible locally, so well-executed finishes and service will help mitigate competition from entry-level ownership.
- 116 units enable operating scale with renovation upside on a 1975 asset
- High renter concentration supports depth of tenant demand and leasing
- Forecast household growth within 3 miles expands the renter pool
- Daily-needs amenities nearby (grocery, parks, pharmacies) align with workforce demand
- Risks: softer neighborhood occupancy, below-metro safety ranking, and competition from entry-level ownership