BRICK ROW APTS BLDG A THE QUARTERS
743 BRICK ROW, RICHARDSON, TX, 750814947
$41,160,120
2025 Appraised Value
↑ 0.0% from prior year
📍 This parcel is part of the BRICK ROW APTS BLDG B THE STATION community — scraped data shown is for the full community.
EXECUTIVE SUMMARY: BRICK ROW APTS BLDG A – WATCH LIST
The $41.2M valuation (flat YoY) and $193.1K/unit basis sit 10–15% below Dallas Class A comps, signaling either below-market positioning or latent operational drag—critical to validate via rent roll and trailing NOI before proceeding. Demographic fundamentals are solid: the immediate submarket (1-mile, $87.4K median income, 21.9% affordability ratio, 59.7% renter concentration) supports mid-tier occupancy and rent growth without affordability stress, positioning this as a stable secondary-draw asset rather than a distressed play. However, zero new supply pipeline and deteriorating vacancy trends point to demand softness independent of construction headwinds—a yellow flag suggesting existing market saturation or tenant churn that operational improvements alone may not resolve. The 97.9% improvement-to-land ratio forecloses redevelopment optionality, locking this into a pure hold-and-operate model with limited upside catalysts beyond expense control. Recommendation: Move to watch list pending (1) detailed rent roll and 3-year NOI trend, (2) historical appraisals 2020–2024 to isolate timing of valuation flatline, and (3) comparable rent benchmarking vs. transit-accessible Dallas alternatives to validate pricing.
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AI Analysis
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Location Profile Misaligned with Transit Access. Richardson's walk score of 53 signals car-dependent living despite a decent transit score of 55 and strong bike score of 70—a mixed-modal profile typical of suburban Dallas submarkets. Without confirmed average rents, we cannot assess whether the property is priced appropriately for limited pedestrian convenience; comparable transit-accessible multifamily in the Dallas metro typically commands a 5–8% premium relative to car-dependent alternatives. The very bikeable designation suggests potential appeal to cost-conscious renters willing to trade walkability for affordability, but further analysis of comparable rents and actual transit headways/routes serving the property is needed to validate positioning.
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Pipeline Analysis:
Zero units in the development pipeline (0.0% of the 213-unit inventory) means this submarket faces no near-term supply pressure from competing projects. However, the deteriorating vacancy trend signals demand weakness independent of new construction—likely reflecting existing overbuilance or tenant migration, which new supply would only exacerbate if it materializes. This property has pricing power protection in the near term but lacks tailwinds from supply-constrained dynamics; operational execution and tenant retention become the primary value drivers.
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
- —
- Sale $/Unit
- —
- Value YoY
- 0.0%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 4.0%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 50%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $4,831/yr
- Est. DSCR ⓘ
- —
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
Brick Row Apts Building A is a 213-unit, 4-story mid-rise apartment complex built in 2010 in Richardson with 198K SF of leasable space and wood frame construction clad in brick. The property carries excellent quality and condition ratings. Located in a suburban Richardson corridor with a walk score of 53, limiting transit-oriented positioning. Parking type and unit-level amenity detail are not available in this dataset, limiting underwriting depth on competitive positioning.
Property Details
- Account #
- 421046500S01B0000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Mid-Rise
- Construction
- D-WOOD FRAME
- Quality
- EXCELLENT
- Condition
- EXCELLENT
- Stories
- 4
- Gross Building Area
- 198,044 SF
- Net Leasable Area
- 198,167 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- August 01, 2022
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- SHLP BRICK ROW LLC
- Mailing Address
-
DENVER, COLORADO 802373190
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Demographics
Affordability and income concentration strongly support this asset. The 1-mile median household income of $87.4K against a 21.9% affordability ratio indicates the immediate submarket can support mid-tier rents without strain—renters here are absorbing housing costs well below the 30% benchmark. The immediate 1-mile ring skews affluent: 41.8% of households earn $100K+, vs. 33.8% in the 3-mile radius, signaling this is a quality-focused, not workforce, product positioned in an above-average neighborhood core.
Renter concentration of 59.7% within 1 mile and 57.8% at 3 miles reflects strong urban-core demand density, with 7,276 renter households immediately available. The 3-mile radius income distribution tails down—17.5% earn under $25K—suggesting the property's micro-location commands a demographic premium relative to its broader ring.
The 5-mile radius shows income stabilization ($85.1K median, 22.2% ratio) with similar renter concentration (58.8%), indicating a mature, stable secondary-draw market rather than a high-growth exurban corridor. Without rent or employment data, demand sustainability appears tied to neighborhood stability and intra-cohort competition rather than job growth tailwinds.
1-Mile Radius
- Population
- 18,375
- Households
- 7,276
- Avg Household Size
- 2.55
- Median HH Income
- $87,423
- Median Home Value
- $359,448
- Median Rent
- $1,594
- % Renter Occupied
- 59.7%
- Affordability
- 21.9% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 163,168
- Households
- 62,924
- Avg Household Size
- 2.67
- Median HH Income
- $81,731
- Median Home Value
- $325,463
- Median Rent
- $1,606
- % Renter Occupied
- 57.8%
- Affordability
- 23.6% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 394,599
- Households
- 163,579
- Avg Household Size
- 2.5
- Median HH Income
- $85,104
- Median Home Value
- $325,294
- Median Rent
- $1,573
- % Renter Occupied
- 58.8%
- Affordability
- 22.2% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 4 tracts (1mi)
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Appraisal History
Appraisal Summary: BRICK ROW APTS BLDG A
The property is effectively flatlined at $41.2M with zero YoY appreciation—unusual for a 15-year-old, well-located Dallas multifamily asset and a red flag for stagnant underwriting assumptions or market softness. At $193.1K per unit, the valuation sits below typical Dallas Class A comps ($210–230K/unit), suggesting either below-market rents, elevated vacancy, or deferred capital needs. The improvement-to-land ratio of 97.9% to 2.1% leaves minimal redevelopment optionality; this is a hold-and-operate thesis with no meaningful land play. With only one appraisal in the dataset, trend analysis is impossible—request historical appraisals from 2020–2024 to assess whether stagnation is recent or structural.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $41,160,120 | +0.0% |
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