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    Multifamily Apartment Community Title is generated by Realmo AI

    1516 W 7th Street, Irving, TX 75060

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    For Sale
    $1,900,000

    COMMERCIAL - Irving, TX

    Property size:
    13,500 SF
    Lot size:
    0.88 Acres
    Price / SF:
    $140/SF
    Added:
    Apr 13, 2026
    Days on Market:
    51
    Last Refresh:
    Jun 2 at 8:06 pm

    Property Features for 1516 W 7th Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    APN
    32221500000470100
    Lot size
    0.88 Acres

    Taxes and HOA fees

    Tax Description
    IRVING PARK ACRES LT 47 LESS ROW ACS 0.9469 C
    Tax Annual Amount
    37106

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air, Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1972
    Floors in Building
    1
    Number of units
    10
    Building materials
    Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Diane Carpenter

    Listing agent Diane Carpenter License #0789408

    Listing office 24fifteen Realty Austin, TX

    Listing date Apr 13, 2026

    MLS# 21215883

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Elm Road Apartments includes five one‑story buildings with 10 total rental units and 13,500 combined SF
    • Each unit offers a private yard and dedicated parking with 1 to 3 spaces
    • Recent roof updates: new roofs completed June 2025 on Units 1‑6 along 7th Street; two more roof replacements in planning
    • Brick construction with asphalt shingle roof, central electric HVAC, and ceiling fans
    • Public water and public sewer
    • 1972 year built; maintained under a single tax filing

    Overview

    Elm Road Apartments is a well-established multifamily community featuring five one-story buildings totaling ten rental units. Each unit is set up with its own private yard and dedicated parking, offering one to three spaces per unit. The property is maintained as a cohesive neighborhood under a single tax filing and is listed with the City of Irving as Elm Road Apartments.

    Recent exterior improvements include new roof replacements completed in June 2025 on Units 1-6 along 7th Street, with two additional roof replacements already in the planning phase. The community sits on a 0.884-acre site and is located in Irving within the Dallas County Metroplex.

    For investors and buyers seeking rental stability with a defined asset profile, Elm Road Apartments offers a compact, single-community setup with consistent unit amenities. The property’s reported 13.5 NOI and 4.9% cap rate point to an income-producing asset where continued capital planning, such as the additional roof work, supports long-term maintenance and tenant appeal.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment Apartment Building

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Irving
    County
    Dallas
    State
    Texas
    Longitude
    -96.965339
    Latitude
    32.807237

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    FAQs

    What type of property is this?
    Apartment building - Ten-unit, one-story apartment community with private yards and dedicated parking, plus recent roof updates.
    Where is this apartment building located?
    The property is located at 1516 W 7th Street Irving, TX.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Elm Road Apartments includes five one‑story buildings with 10 total rental units and 13,500 combined SF; Each unit offers a private yard and dedicated parking with 1 to 3 spaces; Recent roof updates: new roofs completed June 2025 on Units 1‑6 along 7th Street; two more roof replacements in planning
    (512) 770-6526
    We can help!
    Listing Contact
    Diane Carpenter
    Real Estate License ID: 0789408
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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