| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Poor |
| Demographics | 35th | Fair |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 603 S Parkway Dr, Alvarado, TX, 76009, US |
| Region / Metro | Alvarado |
| Year of Construction | 1986 |
| Units | 50 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
603 S Parkway Dr Alvarado Multifamily Value-Add Opportunity
Investor positioning centers on rent-driven retention and operational upside: according to WDSuite’s CRE market data, neighborhood rent-to-income levels are favorable versus national norms, supporting lease stability while the asset’s 1986 vintage offers clear renovation potential.
Located in a rural pocket of the Fort Worth–Arlington–Grapevine metro, the neighborhood scores C- overall and sits below the metro median on amenities, with limited cafes, parks, and childcare options, but with pharmacy access performing above many areas nationally (around the 60th percentile). For investors, this tends to skew demand toward practical, workforce housing rather than lifestyle-driven leasing.
Neighborhood occupancy is weaker than many peer areas (ranked in the lower tier within the metro), which suggests competitive leasing conditions today. However, affordability indicators are comparatively strong: the neighborhood s rent-to-income stands in a high national percentile, implying lower affordability pressure and potential support for retention and collections, based on CRE market data from WDSuite.
Within a 3-mile radius, demographics point to a mixed near-term/long-term setup: recent population was essentially flat to slightly lower, yet forecasts call for notable population growth and a sizable increase in households by 2028. This points to a larger tenant base ahead, even as the projected tilt toward owner-occupied housing may temper the renter share and require sharper product positioning for multifamily.
Home values in the neighborhood are mid-range for the region, which can create some competition from ownership alternatives. For multifamily operators, that typically means focusing on value, convenience, and renovated finishes to sustain pricing power and reduce turnover. Given the property s 1986 construction, investors should plan for capital improvements that can unlock value-add rent premiums versus older, unrenovated stock nearby.
Safety signals are comparatively favorable in a national context: aggregate crime metrics are around the top quartile nationally, with both property and violent offense measures tracking in similarly strong percentiles versus neighborhoods nationwide, according to WDSuite. Recent year-over-year readings also show meaningful declines in estimated offense rates, which helps the area s risk profile.
As always, safety can vary by block and over time; investors should validate current conditions during site visits and through third-party diligence to align underwriting assumptions with on-the-ground realities.
Commuter access to regional employers underpins workforce renter demand, including Ball Metal Beverage Packaging, D.R. Horton, Parker Hannifin, Express Scripts, and American Airlines Group. Proximity supports leasing durability for residents working across industrial, construction, healthcare, and corporate services.
- Ball Metal Beverage Packaging D manufacturing (18.2 miles)
- D.R. Horton D homebuilding (25.5 miles) D HQ
- Parker Hannifin Corporation D industrial & engineering (27.3 miles)
- Express Scripts D pharmacy benefits (30.9 miles)
- American Airlines Group D aviation & corporate (30.9 miles) D HQ
This 50-unit asset built in 1986 lines up as a pragmatic value-add play in a cost-conscious submarket. According to CRE market data from WDSuite, the surrounding neighborhood exhibits favorable rent-to-income dynamics, which can reinforce retention even when overall occupancy across nearby rentals runs softer. The property s vintage suggests targeted renovations and systems upgrades could lift effective rents and improve competitiveness against both older stock and accessible ownership options.
Looking ahead, 3-mile demographic projections indicate meaningful population growth and a substantial increase in households by 2028, pointing to a larger renter pool over time. At the same time, the local mix leans more owner-occupied than many urban submarkets, and amenity density is thinner, so underwriting should emphasize value, commute convenience, and operational execution to capture demand from regional employment hubs.
- Favorable rent-to-income supports retention and collections versus national norms
- 1986 vintage offers clear renovation and capital improvement upside
- Growing 3-mile household base expands the prospective tenant pool
- Commutable reach to major employers supports workforce demand
- Risk: Softer neighborhood occupancy and competing ownership options require disciplined leasing and pricing