ENCLAVE AT MIRA LAGOS II
2633 S GRAND PENINSULA DR, GRAND PRAIRIE (DALLAS CO), TX, 750547227
$22,056,110
2025 Appraised Value
↓ 4.1% from prior year
📍 This parcel is part of the THE ENCLAVE AT MIRA LAGOS community — scraped data shown is for the full community.
EXECUTIVE SUMMARY
Enclave at Mira Lagos II presents a structural demand mismatch that likely explains the 4.1% YoY valuation decline: the property sits in an affluent but severely renter-averse suburb (5.5% renter occupancy within 1 mile, 70.9% of households earning $100K+) with zero walkability (Walk Score 9) and complete car dependency, limiting addressable tenant pool to a thin transient affluent segment. The 2.88% FHA 221(d)(4) mortgage (68.4% LTV, 33+ years remaining) locks in institutional ownership with minimal refinance urgency, signaling a long-term hold strategy rather than active capital deployment opportunity. While the submarket offers zero new supply and the property maintains 2017-vintage condition, the combination of demand-constrained demographics, automotive-dependent location friction, and conservative leverage reduces acquisition appeal—comparable car-dependent suburban assets underperform walkable comps by 8–12% in rent growth, and the property's current appraisal decline likely reflects market recognition of this positioning. Watch-list status pending interior inspection and current rent roll analysis, but pass unless seller pricing reflects the demographic/locational headwinds and debt assumption opportunity significantly undervalues stabilized income.
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Limited Dataset Constraint: Analysis based on single aerial photo only—interior finish quality, unit consistency, and amenity standards cannot be assessed. The 2017 construction date with estimated 2020 renovation aligns with post-delivery cosmetic refresh typical of stabilized garden-style properties, but unit-level finishes and condition variance remain unknown. Recommend interior walk-throughs across 8–10 units to determine whether finishes support Class B positioning or warrant value-add renovation strategy. Current aerial view confirms structural integrity and site layout but provides insufficient data for acquisition underwriting.
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AI Analysis
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Location severely constrains tenant appeal and pricing power. Walk Score of 9 and absent transit access place this Grand Prairie asset in deep car-dependent territory with minimal pedestrian infrastructure—a material headwind for millennial/Gen Z renters increasingly valuing walkability. The Bike Score of 28 offers marginal utility, and without published transit options or proximity data to employment centers, the property relies entirely on automotive access, likely limiting the addressable renter pool to car-dependent households and raising tenant acquisition costs. Without average rent data, we cannot assess whether pricing reflects this locational friction, but comparable car-dependent suburban multifamily typically underperforms mixed-use or transit-adjacent comps by 8–12% in rent growth and retention.
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No material supply threat. The property faces zero nearby construction (0.0% pipeline concentration) and operates in a submarket with improving vacancy trends, creating a favorable backdrop for rent growth. The absence of competing deliveries in the immediate area reduces lease-up risk and supports pricing power in the near term.
No multifamily construction permits found within 3 miles
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Financial Estimates
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Sale & Valuation
- Est. Sale Price ⓘ
- $18,168,193
- Sale $/Unit
- $162,216
- Value YoY
- -4.1%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- —
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $4,923/yr
- Est. DSCR ⓘ
- —
Based on most recent loan: $15,079,600 (Feb 2017, hud_fha) @ 2.88%
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
Enclave at Mira Lagos II is a 112-unit, 2-story garden-style apartment community built in 2017 in Grand Prairie with brick exterior and wood-frame construction; 151.3K SF gross building area yields 106.6K SF net leasable. The property carries excellent quality and condition ratings, though the walk score of 9 reflects suburban Dallas location isolation. Parking type and amenity details are not available in current data.
Property Details
- Account #
- 281467000A0020000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Garden
- Construction
- D-WOOD FRAME
- Quality
- EXCELLENT
- Condition
- EXCELLENT
- Stories
- 2
- Gross Building Area
- 151,310 SF
- Net Leasable Area
- 106,606 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- September 07, 2016
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- MIRA LAGOS APARTMENTS II LTD
- Mailing Address
-
DALLAS, TEXAS 752302087
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Demographics
Mira Lagos II operates in an affluent suburban enclave with severely constrained renter demand. The 1-mile radius shows just 5.5% renter occupancy against a $147.2K median household income—a wealth/ownership dynamic that leaves minimal addressable market for a 112-unit rental property. While the 3-mile radius widens renter concentration to 21.1%, the income profile remains skewed toward ownership: 70.9% of households earn $100K+, with nearly half exceeding $150K. The affordability ratio of 19.1% at 3-miles (assuming market-rate rent near $2.2K) indicates rents are sustainably supported, but demand is driven by transient affluent renters, not workforce density. Beyond 3 miles, renter % plateaus at 21.4% while median income drops to $123.1K, suggesting the property's primary tenant pool is geographically concentrated and thinning quickly—a risk for lease-up and retention in a supply-constrained but demand-shallow market.
1-Mile Radius
- Population
- 6,009
- Households
- 1,881
- Avg Household Size
- 3.19
- Median HH Income
- $147,203
- Median Home Value
- $446,000
- Median Rent
- $3,094
- % Renter Occupied
- 5.5%
- Affordability
- 25.2% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 53,611
- Households
- 16,612
- Avg Household Size
- 3.27
- Median HH Income
- $138,880
- Median Home Value
- $422,739
- Median Rent
- $2,214
- % Renter Occupied
- 21.1%
- Affordability
- 19.1% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 129,024
- Households
- 40,651
- Avg Household Size
- 3.21
- Median HH Income
- $123,069
- Median Home Value
- $361,746
- Median Rent
- $2,011
- % Renter Occupied
- 21.4%
- Affordability
- 19.6% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 1 tracts (1mi)
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Appraisal History
Current appraised value of $22.1M translates to $196.9K per unit—a 4.1% year-over-year decline that signals either market softening or lender-driven conservative repricing in the current rate environment. Land represents just 3.1% of total value ($686.4K), typical for a 2017 stabilized asset with minimal redevelopment upside; the improvement-heavy structure ($21.4M) reflects a newer vintage with limited value creation through capital deployment. Without prior-year comparison points, the 2025 decline's severity relative to Dallas multifamily fundamentals cannot be assessed, but the magnitude warrants investigation into occupancy trends, rent trajectory, and comparable cap rates to determine if this reflects portfolio-wide market correction or property-specific deterioration.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $22,056,110 | -4.1% |
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