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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1551 Airport Fwy Irving, TX 75062-6129

    • Apartment buildings
    • 133,976 SF
    • 6.12 lot acres
    OFF-MARKET
    Value Estimations
    $820,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-0764678
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Spanish Haven Apartments / Apartment Building / Apartment Complex

    Property Details for 1551 Airport Fwy

    Year built
    1968
    Construction
    FRAME
    Lot size
    6.12 lot acres
    Property size
    133,976 SF
    Zone code
    Z176
    Property type
    Apartment buildings
    APN
    65014108610230000
    APU
    65014108610230000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $695,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $944,000
      Market price range: $490k - $2.15M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,185,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Irving
    County
    Dallas
    State
    Texas
    Longitude
    -96.9658
    Latitude
    32.8382
    CBSA code
    19100
    CBSA name
    DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $281,118
    $1,598,900
    $11,401,100
    $13,000,000
    -
    $1,598,900
    $11,401,100
    $13,000,000

    Comparable in this City

    • Value Estimation
      $925,000
      104,094 SF

      306 Rochelle Rd

      APARTMENT HOUSE (5+ UNITS) • 104,094 SF
      306 Rochelle Rd, Irving, TX 75062-5764
      View Details
    • Value Estimation
      $550,000
      33,882 SF

      3201 Coker St

      APARTMENT HOUSE (5+ UNITS) • 33,882 SF
      3201 Coker St, Irving, TX 75062-4331
      View Details
    • Value Estimation
      $710,000
      56,832 SF

      707 Metker St

      APARTMENT HOUSE (5+ UNITS) • 56,832 SF
      707 Metker St, Irving, TX 75062-7961
      View Details
    • Value Estimation
      $1,175,000
      127,192 SF

      1700 Northgate Dr

      APARTMENT HOUSE (5+ UNITS) • 127,192 SF
      1700 Northgate Dr, Irving, TX 75062-4778
      View Details
    • Value Estimation
      $620,000
      32,516 SF

      1611 Northgate Dr

      APARTMENT HOUSE (5+ UNITS) • 32,516 SF
      1611 Northgate Dr, Irving, TX 75062
      View Details
    • Value Estimation
      $1,650,000
      226,888 SF

      4200 Northgate Dr

      APARTMENT HOUSE (5+ UNITS) • 226,888 SF
      4200 Northgate Dr, Irving, TX 75062-2433
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      86,600 SF

      Embassy Apartments: Irving, TX

      111-Unit Multifamily Investment Opportunity
      1415 Airport Fwy, Irving, TX 75062
      View Details
    • $199,000

      Condominium with Attached Two-Car Garage

      Condominium near Las Colinas with attached two-car garage.
      4505 N O Connor Rd, Irving, TX 75062
      View Details
    • $900,000

      Land with Utilities in Irving

      Land available with all utilities in Irving, Texas.
      3461 Country Club Rd N, Irving, TX 75062
      View Details
    • $900,000

      Retail Development Site in Irving

      North Irving retail development site divisible into three lots.
      3451 Country Club Rd N, Irving, TX 75062
      View Details
    • $425,000
      0.21 Acres

      Residential Lot in Established Irving

      Vacant lot for custom home in desirable Irving location.
      9 Alcazar Ct, Irving, TX 75062
      View Details
    • $1,250,000

      Irving Land Near DFW Airport

      High-traffic land near DFW Airport suitable for various commercial uses.
      4995 W Rochelle Rd, Irving, TX 75062
      View Details

    Similar Nearby for Lease

    • $3,000 /Mo
      1,910 SF

      Updated Townhouse in Gated Community

      Updated townhouse near Las Colinas nightlife, dining, and business district.
      4649 N O Connor Rd, Irving, TX 75062
      View Details
    • $26 SF/Yr
      262,962 SF

      Crestview Tower Office Space

      Prime Las Colinas office building, 14 suites available.
      105 Decker Ct, Irving, TX 75062
      View Details
    • $19 SF/Yr
      73,363 SF

      300 Decker Dr

      Office space • 73,363 SF
      300 Decker Dr, Irving, TX 75062
      View Details
    • $14 SF/Yr
      60,204 SF

      Plaza Tower Executive Suites

      Irving Office Space for Lease
      2121 Airport Fwy, Irving, TX 75062
      View Details
    • Contact for pricing
      342,737 SF

      Las Colinas Office Space Available

      Flexible Office Suites in Prime Location
      511 John W Carpenter Fwy, Irving, TX 75062
      View Details
    • $3,040,000
      376 SF

      Adaptable Office Space in Denton

      Modern office space for lease with customizable floor plans.
      2925 Country Club Rd, Irving, TX 75062
      View Details
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    1551 Airport Fwy
    Irving, TX 75062-6129
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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
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