| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 76th | Best |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 421 E Worth St, Grapevine, TX, 76051, US |
| Region / Metro | Grapevine |
| Year of Construction | 1972 |
| Units | 32 |
| Transaction Date | 2024-12-05 |
| Transaction Price | $3,351,600 |
| Buyer | ONE HOME REALTY I LLC |
| Seller | KAIHARA PROPERTIES INC |
421 E Worth St Grapevine Multifamily Investment
Neighborhood renter-occupied housing is high, supporting a deeper tenant base, while households within 3 miles have expanded and are projected to keep growing—factors that can aid leasing stability, according to WDSuite’s CRE market data. The location’s established suburban setting in Grapevine offers steady demand drivers without relying on a single catalyst.
Grapevine’s inner-suburb location delivers strong lifestyle fundamentals for renters: dining density is high and everyday needs are close at hand (grocery and pharmacy access rank competitively in the metro), and average school ratings are solid. The neighborhood’s amenity score ranks 13th out of 561 Fort Worth–Arlington–Grapevine neighborhoods, placing it in the top quartile nationally for amenity access.
Neighborhood-level rent and income patterns point to durable demand. Median contract rents benchmark above many U.S. neighborhoods, yet the neighborhood rent-to-income ratio sits near 0.19, indicating manageable rent burdens that can support retention and reduce turnover risk for owners. Home values are elevated versus many areas nationwide, which tends to sustain reliance on multifamily rentals and underpins pricing power when properties are well-positioned.
Tenure data shows a high share of renter-occupied housing units (top decile nationally), signaling a broad renter pool and depth of demand for multifamily. While neighborhood occupancy is below the metro median, per-unit NOI performance in the area is competitive among Fort Worth–Arlington–Grapevine neighborhoods, based on CRE market data from WDSuite, suggesting professionally managed assets can still capture solid operating results.
Within a 3-mile radius, population has grown, households have increased by roughly 13% over five years, and forecasts point to further household gains through 2028 alongside smaller average household sizes. For investors, that translates to a larger tenant base and ongoing demand for 1–2 bedroom product.
The property’s 1972 vintage is older than the neighborhood’s average construction year, which implies potential value-add through interior modernization and systems upgrades, along with the need for thoughtful capital planning to maintain competitiveness against newer stock.
Relative to the Fort Worth–Arlington–Grapevine metro, the neighborhood’s safety indicators rank in the lower tiers (457th out of 561), and national comparisons place it below average on safety percentiles. Recent trends show a slight year-over-year decline in estimated property offenses, which investors can monitor as part of ongoing risk assessment and underwriting.
For risk management, owners often emphasize lighting, access controls, and community engagement while aligning leasing strategies with area norms. Comparative safety positioning should be weighed alongside proximity to jobs, renter demand depth, and asset-specific improvements.
Proximity to major corporate offices supports a diverse employment base and commute convenience, contributing to multifamily renter demand and retention. Notable nearby employers include Gamestop, Stryker, Michaels, Vistra, and Fluor.
- Gamestop — corporate offices (2.6 miles) — HQ
- Stryker — corporate offices (4.0 miles)
- Michaels Cos. — corporate offices (5.2 miles) — HQ
- Vistra Energy — corporate offices (6.9 miles) — HQ
- Fluor — corporate offices (7.6 miles) — HQ
This 32-unit, 1972-vintage asset sits in a high-amenity Grapevine neighborhood with strong renter fundamentals, elevated home values, and a sizable renter-occupied housing share that broadens the tenant base. Household growth within 3 miles and proximity to major employers support steady leasing, while the vintage creates room for value-add upgrades to enhance rent positioning and retention. According to CRE market data from WDSuite, neighborhood-level rents benchmark above many U.S. areas and per-unit NOI is competitive within the metro, providing a constructive backdrop for disciplined operators.
Key considerations include below-metro-median neighborhood occupancy and safety metrics that trail national averages—factors that place a premium on execution, security improvements, and differentiated product. With targeted renovations and attentive management, the property can compete effectively against newer stock and capture demand from the expanding household base.
- High renter concentration and growing 3-mile household base support demand and occupancy stability
- Amenity-rich inner suburb with solid school ratings and strong dining/retail access
- Value-add potential from 1972 vintage via interior modernization and system upgrades
- Competitive neighborhood NOI and rent backdrop, per WDSuite, supports disciplined revenue management
- Risks: below-metro-median occupancy and below-average safety metrics require strong execution and targeted security investments