| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Fair |
| Demographics | 26th | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 806 N Cummings Dr, Alvarado, TX, 76009, US |
| Region / Metro | Alvarado |
| Year of Construction | 1974 |
| Units | 24 |
| Transaction Date | 2006-09-29 |
| Transaction Price | $725,000 |
| Buyer | EKE CLIFFORD C |
| Seller | KING GALELYN RUSSELL |
806 N Cummings Dr, Alvarado TX — 24-Unit Value-Add Opportunity
Positioned in a suburban pocket with renter demand that trends above national norms but neighborhood occupancy below the metro median, this 24-unit asset offers a pragmatic leasing and operations play, according to WDSuite’s CRE market data.
The property sits in a suburban neighborhood within the Fort Worth–Arlington–Grapevine metro, rated C and ranked 447 out of 561 neighborhoods. That places it below the metro median, yet rent levels benchmark near the middle of national distributions, suggesting achievable pricing without overextending tenants. Neighborhood occupancy is below the metro median, so investors should underwrite to active leasing and renewals rather than automatic full stabilization.
Livability is mixed: parks access trends above national averages, while daily conveniences like cafes, groceries, and pharmacies are sparse within the immediate area. Average school ratings lean lower relative to national comparisons, which can influence family-driven demand segments, but also keeps expectations for top-tier school premiums in check for underwriting.
Housing stock in the neighborhood skews newer than the subject’s vintage, with the average construction year around 1993. By contrast, the asset’s 1974 vintage points to potential value-add through unit and systems modernization to stay competitive against younger comparables. The renter-occupied share in the neighborhood ranks high nationally, indicating a meaningful tenant base for multifamily leasing and renewal activity.
Demographic statistics aggregated within a 3-mile radius indicate a recent population dip but a projected increase in households over the next five years, pointing to a larger tenant base ahead. Incomes sit near national mid-range levels and rent-to-income metrics read as manageable, which can support retention and reduce turnover-driven friction when paired with disciplined rent growth. Home values in the area are moderate relative to national patterns, which may introduce some competition from ownership, but the overall context still supports steady renter reliance on multifamily housing.
Comparable crime metrics for this neighborhood are not available in WDSuite’s dataset at this time. Investors commonly supplement market diligence with local public safety data, property-level incident history, and insurer feedback to gauge risk and align security measures with underwriting.
Regional employment breadth supports renter demand, with major employers within commuting distance across airlines, homebuilding, industrial components, and healthcare. The following nearby corporate offices anchor the broader labor market accessible from Alvarado.
- Ball Metal Beverage Packaging — manufacturing (17.1 miles)
- D.R. Horton — homebuilding (24.5 miles) — HQ
- Parker Hannifin Corporation — industrial components (26.2 miles)
- American Airlines Group — airlines (29.8 miles) — HQ
- Express Scripts — pharmacy benefit management (29.8 miles)
This 24-unit, 1974-vintage asset positions as a straightforward value-add in a suburban submarket where neighborhood occupancy sits below the metro median but renter concentration is comparatively strong. According to CRE market data from WDSuite, local rent levels trend near national mid-range benchmarks and rent-to-income measures appear manageable, supporting renewal strategies when paired with measured upgrades.
Demographic statistics aggregated within a 3-mile radius show a recent soft patch in population but a projected increase in households, implying a gradually larger tenant base. The asset’s older vintage suggests practical upside through interior and building systems modernization to compete with newer stock, while moderate home values and incomes indicate stable demand drivers with some competition from ownership to monitor.
- 1974 vintage supports value-add through targeted unit and systems upgrades
- Renter-occupied share in the neighborhood is high nationally, reinforcing depth of tenant demand
- Rents near national mid-range with manageable rent-to-income support renewal and pricing power
- Projected 3-mile household growth points to a larger leasing pool over the planning horizon
- Risk: below-median neighborhood occupancy may require active leasing, concessions, and marketing