| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 25th | Poor |
| Amenities | 34th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3121 E Park Row Dr, Arlington, TX, 76010, US |
| Region / Metro | Arlington |
| Year of Construction | 1975 |
| Units | 24 |
| Transaction Date | 2007-04-26 |
| Transaction Price | $4,060,000 |
| Buyer | HERON BRETT |
| Seller | PHILIP & CAROLYN GRAY LIVING TRUST |
3121 E Park Row Dr Arlington Multifamily Investment
High renter concentration and steady neighborhood occupancy point to durable tenant demand, according to WDSuite’s CRE market data, with ownership costs that support sustained reliance on rentals in this inner-suburban Arlington location.
Situated in Arlington’s inner suburbs within the Fort Worth–Arlington–Grapevine metro, the property benefits from everyday conveniences rather than destination amenities. Neighborhood pharmacy access tests strong (top-third nationally), and grocery density compares favorably to U.S. norms, while parks, cafes, and childcare options are sparse—an operational consideration for resident appeal and marketing.
Neighborhood occupancy sits around the national middle of the pack (roughly the 53rd percentile), supporting baseline stability for lease-up and renewals. More notably, the renter-occupied share ranks 26th among 561 metro neighborhoods—top quartile locally and 98th percentile nationally—signaling a deep tenant base for multifamily. Median contract rents benchmark near the 60th percentile nationally, and the rent-to-income ratio trends at the low end nationwide, which can aid retention and reduce turnover pressure for operators.
Within a 3-mile radius, recent data show a slight population dip alongside growth in total households, indicating smaller household sizes and a gradual expansion of the renter pool. Forecasts continue that pattern, with households expected to expand further, a tailwind for occupancy and leasing velocity even if population remains flat to modestly lower. This dynamic typically supports workforce housing and value-oriented product positioning.
The asset’s 1975 vintage is older than the neighborhood’s average construction year (1986). For investors, this often translates to capital planning for systems and common areas, with potential value-add upside through targeted renovations to stay competitive against newer stock. School ratings in the area trail national benchmarks, which may affect family renter appeal; however, proximity to employment and core services can offset some of that drag for working-age households.
Safety indicators are mixed relative to broader benchmarks. The neighborhood ranks in the lower tier for safety within the Fort Worth–Arlington–Grapevine metro (crime rank 432 out of 561), and national comparisons place violent offense measures in a low percentile. At the same time, property offense estimates have improved year over year, indicating some near‑term easing. Investors should underwrite with conservative assumptions and consider operational measures (lighting, access control, partnerships with local resources) consistent with submarkets that screen below metro averages.
Nearby corporate offices provide a broad employment base that supports renter demand and commute convenience, led by Express Scripts, American Airlines Group, Kimberly-Clark, Celanese, and GameStop.
- Express Scripts — pharmacy benefit management (6.9 miles)
- American Airlines Group — airline (7.1 miles) — HQ
- Kimberly-Clark — consumer products (11.8 miles) — HQ
- Celanese — chemicals (12.1 miles) — HQ
- GameStop — video game retail (12.6 miles) — HQ
This 24‑unit, 1975-vintage asset sits in a neighborhood with steady occupancy and a notably high renter concentration, supporting depth of demand for multifamily. Within a 3-mile radius, household counts have been rising and are projected to expand further even as population trends flatten, indicating smaller household sizes and a larger tenant base over time. Elevated value-to-income ratios for ownership reinforce reliance on rentals, while neighborhood rents price near national mid-range and rent-to-income ratios skew favorable for retention, according to CRE market data from WDSuite.
The older vintage suggests near-term capital planning for building systems and interiors, but also creates clear value‑add levers to improve competitive positioning against newer product. Amenity access is practical (grocery and pharmacy) but not lifestyle-driven (limited parks/cafes), and safety benchmarks screen below metro averages—considerations that should be reflected in underwriting, operating focus, and resident experience strategies.
- Deep renter-occupied base (top quartile among 561 metro neighborhoods) supports leasing stability
- Household growth within 3 miles and smaller household sizes expand the renter pool over time
- Ownership costs relative to incomes sustain demand for rentals; rents benchmark near national mid-range
- 1975 vintage offers value‑add potential through targeted renovations and systems upgrades
- Risks: sub-metro safety rankings and limited lifestyle amenities require prudent operations and underwriting