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    1415 Airport Fwy Irving, TX 75062

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    111-Unit Multifamily Investment Opportunity

    Property size:
    86,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 111-unit apartment building, known as Embassy Apartments, presents a compelling investment opportunity in the thriving city of Irving, Texas. Situated on a 2.96-acre lot at 1415 W Airport Fwy, 75062, this Class C multifamily property boasts 86,600 square feet of living space. Originally constructed in 1964 and extensively renovated in 2005, the property comprises eight buildings and offers a diverse mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments. Currently enjoying a 95.5% occupancy rate, this two-story complex benefits from its strategic location, providing convenient access to local amenities, schools, shopping centers, and major transportation arteries within Dallas County. The property's strong occupancy and desirable location make it an attractive investment prospect with significant potential for future growth and returns. The Embassy Apartments offer a solid foundation for a stable and profitable investment portfolio. This well-maintained property presents a rare opportunity to acquire a substantial multifamily asset in a high-demand market. The extensive renovation completed in 2005 ensures the property is well-maintained and ready for immediate income generation. Its location in Irving, Texas, offers easy access to major employment centers and transportation networks, further enhancing its appeal to potential tenants.

    Property Features for 1415 Airport Fwy

    General Information

    Property type
    Multifamily properties
    Square Feet
    86,600 SF
    Class
    C
    Lot Size
    128,938 SF

    Building Details

    Year Built/Renovated
    1964/2005
    Stories
    2
    Units
    111

    HighLights

    • 111‑unit apartment building in Irving, TX.
    • Located on a 2.96‑acre lot at 1415 W Airport Fwy, 75062.
    • 86,600 square feet of living space; Class C multifamily property.
    • Built in 1964, extensively renovated in 2005.
    • Mix of studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom units; 95.5% occupancy.
    • Excellent location with access to amenities, schools, and transportation.
    Property Profile Location Intelligence

    Current Use by Public Records

    Embassy Apartments Apartment Building

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Irving
    County
    Dallas
    State
    Texas
    Longitude
    -96.9639635
    Latitude
    32.8379048

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    FAQs

    What type of property is this?
    Multifamily property - 111-Unit Multifamily Investment Opportunity
    Where is this multifamily property located?
    The property is located at 1415 Airport Fwy Irving, TX.
    What are key features of this property?
    This property features: 111-unit apartment building in Irving, TX.; Located on a 2.96-acre lot at 1415 W Airport Fwy, 75062.; 86,600 square feet of living space; Class C multifamily property.
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    Irving, TX 75062
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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.

    More about this property
    1415 Airport Fwy Irving, TX 75062
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