1705 N GREENVILLE AVE, RICHARDSON, TX, 750811802
$56,500,000
2025 Appraised Value
↑ 4.0% from prior year
📍 This parcel is part of the EASTSIDE II NORTH community — scraped data shown is for the full community.
The $15.9M valuation gap between appraisal ($56.5M) and estimated market value ($40.6M) signals either material deterioration risk or appraisal overstatement—this disconnect, combined with negative Google sentiment trends and operational inconsistency, warrants caution despite the property's recent $67M+ capital refresh. Financial fundamentals appear sound on paper (5.7% FHA debt, $185.4K monthly coverage, 35-year runway to 2059), but the 3.9-star rating with 19.3% one-star complaints concentrated on maintenance, pest control, and collections suggest management execution issues that could suppress renewal rates and inflate turnover costs. Demographics present a structural challenge: the property targets $5.2K+ renters in a 1-mile radius ($128.8K median HHI) yet sits in a car-dependent suburban location (37 walk score) inconsistent with premium positioning, while the broader 5-mile submarket ($85.7K median HHI) signals secondary demand is rent-sensitive and likely priced below asking. The 2020–2023 capex cycle has captured most unit-level repositioning upside; near-zero pipeline supply offers temporary occupancy protection but masks submarket-wide softness that may reflect delayed supply starts rather than genuine absorption strength. Watch-list pending clarification on the appraised-to-market-value spread, DSCR validation, and unit-level leasing data; operational risk profile and demographic misalignment currently argue for pass or deep restructuring scenarios.
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Mallory Eastside is a 2015-built, 281-unit Class B+ asset with strong recent capital investment positioning it toward Class A finishes. 79 of 112 photos (70.5%) show excellent condition, with 56 units (50%) upgraded and 27 (24%) premium-finished. Renovation activity clusters heavily in 2020–2023 (67 units, 59.8%), indicating a systematic upgrade program rather than piecemeal work. Kitchens consistently feature quartz countertops (22 of 28 sampled), modern slab/shaker cabinetry in white and two-tone schemes, and mid-to-premium stainless steel appliances (21 of 25), with subway tile backsplashes and pendant lighting—firmly 2020s aesthetic. Only 6 units show builder-grade finishes, suggesting minimal deferred maintenance. Amenities—resort-style pool with zero-entry, modern pergolas, lounge seating, and contemporary podium/mid-rise architecture with mixed materials—align with current market expectations for this vintage. Value-add potential is limited; property has already captured most repositioning gains through recent capex. Acquirer focus should shift to operational leverage and rent growth rather than unit-level renovation upside.
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Location Profile Misaligned with Market Positioning
The 37 walk score and 44 transit score indicate a car-dependent suburban corridor with limited pedestrian infrastructure—inconsistent with commanding premium rents typical of Richardson's better-positioned assets. The 69 bike score is an outlier that likely reflects isolated corridor connectivity rather than comprehensive neighborhood bikability. Without average monthly rent data, the underperformance on walkability metrics suggests either below-market positioning, limited amenity density within a 0.5-mile radius, or distance from Richardson's job centers (likely near the Telecom Corridor on the north side). This location works for workforce/value-add strategies but would struggle to justify A-class rent.
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Supply Pipeline Analysis:
Zero pipeline exposure presents a tactical advantage in a deteriorating vacancy environment. With 0.0% of inventory represented by nearby construction and no active projects within competitive radius, MALLORY EASTSIDE faces no near-term supply headwinds to occupancy or pricing. However, the deteriorating vacancy trend suggests submarket-wide softness is likely driven by older supply cycle dynamics rather than new delivery risk—management should monitor whether the lack of new construction reflects genuine absorption strength or delayed project starts that could compress rents in 12–24 months.
No multifamily construction permits found within 3 miles
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Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Based on most recent loan: $33,705,200 (Jan 2024, hud_fha) @ 5.7%
Computed from nearby properties within 3 miles of similar vintage
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Mallory Eastside is a 281-unit, four-story mid-rise apartment community built in 2015 with brick exterior and wood-frame construction. The 337.8K SF property achieves a net leasable area of 250.9K SF and carries an excellent condition rating. Located in Richardson with a walk score of 37, the asset sits in a car-dependent suburban market northeast of Dallas. Parking type, amenity specifics, utilities, and pet policies are not documented in available records.
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| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| Apt 371 | 1BR | 1 | 810 | $1,271 | Inactive | Jul 1 | 402 |
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Affordability risk exists at the immediate submarket level despite affluent demographics. The 1-mile radius shows a $128.8K median household income but an affordability ratio of 20.9—implying monthly rent near $5.2K, which is misaligned with the 50.9% renter concentration and the income distribution's heavy skew toward $150K+ earners (30.2%). This suggests MALLORY EASTSIDE is positioned for high-income renters in a gentrifying core, not workforce housing. The 5-mile ring reveals material demand softness: median income drops to $85.7K while renter concentration rises to 53.0% and affordability ratio climbs to 22.4%, signaling the broader market is lower-income and rent-sensitive—a gap that pressures lease-up and renewal at premium positioning. The narrowing income gradient from 1-mile ($128.8K) to 5-mile ($85.7K) underscores a concentrated affluent footprint; leasing success depends on capturing the $100K+ cohort (48.9% in the 1-mile radius) before competing for secondary renters.
Source: US Census ACS 5-Year Estimates (2023) · 4 tracts (1mi)
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Data Quality Issue: Unit mix data is incomplete and unreliable. Only 1 of 281 units is categorized (0.4%), with zero studios, two-bedrooms, and three-bedrooms recorded despite the property operating at scale since 2015. Without accurate bedroom distribution and rental rate ladders, meaningful analysis of concentration risk, demographic alignment, or market positioning is impossible. Recommend obtaining verified unit schedule from property management before proceeding with underwriting.
Estimated from 1 listed units (0.4% of 281 total)
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Mallory Eastside appraisal shows modest 4.0% YoY appreciation to $56.5M, translating to $201.1K per unit—reasonable for a 2015-vintage asset in current market. The improvement-heavy stack (97.3% of total value vs. 2.7% land) reflects Class A construction and leaves minimal redevelopment optionality; the $1.5M land value (~$5.5K/unit) constrains any future repositioning upside. Single-year data limits trend analysis, but 4.0% growth sits below broader multifamily appreciation and suggests either below-market leasing, deferred capital needs, or conservative appraiser calibration relative to comps.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $56,500,000 | +4.0% |
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Rating deterioration and operational inconsistency undermine investment confidence. The 3.9 overall rating masks a widening gap: 62.5% of reviews are 5-star (largely praising specific staff members like Austin, Darrius, and Stevie), while 19.3% are 1-star complaints concentrated on systemic failures—false fire alarms, pest infestation, maintenance non-responsiveness, and collections abuse. The 6-month trend is negative (3.5 recent vs. 3.4 prior), indicating the property cannot sustain positive momentum despite staff quality. Recurring themes (unresolved maintenance tickets requiring multiple visits, pest issues, noise enforcement gaps, and lease-end disputes) suggest management inconsistency and potential deferred capital maintenance, signaling higher turnover costs and liability exposure than the unit count and asking price would justify.
251 reviews total
This place has really gone down hill in the few years I’ve been here. The fire alarm goes off all the time. The hallways have become very stained and gross. There are MANY restricted dog breeds on the property. They need cameras in the hallways and the stairwells. Residents put their trash bags in the stairwell. There’s been vomit in the stairwell, broken glass, animal waste, etc. A couple of weeks ago, someone (or their pet) urinated in the hallway right in front of the door to the garage (which many people come in and out of). You could see where people entering the hallways stepped right in it and tracked it down the hallway. I called the leasing office and told staff where it was and asked that it be cleaned up by custodial staff. The young lady says “Ok I know exactly where that’s at. We’ll take care of it”. Days later, the puddle is still there (and it stinks). I call and leave a message to follow up; the next day it’s still not cleaned up. A few days later, I run into the custodial staff in the hallway and tell her myself where it is and ask the it be cleaned. A few days later i come home after work and see that they had mopped in front of my door but not where I previously told them 3x where the puddle actually was. It’s funny because I never gave my name or my unit number. So that tells me the office staff just looked at my name on the caller ID, shrugged off my concern without actually listening to the problem and told the custodial staff to just mop up near my door. I go to the leasing office in person and request AGAIN, that it be cleaned up and the same young lady says “There must have been a miscommunication. I’ll let them know right now”. Days later, the dried up urine and yellow stain on the concrete is still there. This is the brand new management company, that JUST took over, by the way.
I was in between giving 3 or 4 stars. I lived here for over 2 years and I am in the process of moving out. The apartments are nice and a bit newer, but unfortunately, the walls aren't build to withstand noise. If your neighbor likes to play loud music/ or their TV is loud, depending on your layout, you will hear it. I think it comes with the newer and perhaps cheaper materials used by construction companies. If you are not on the top floor, you will more than likely hear your upstairs neighbor. We did switch units and found roach issues in one of them, again this is the luck of the draw and it is extremely annoying and unfortunate. Pest control tried, but they kept coming back in the summer. It wasn't a terribly horrible experience, but if you value quiet, it really just all depends on the neighbor. It was nice in the beginning, but slowly loses it's charm. 3.5/5
Owner response · Jan 2026
Thank you for sharing your experience over the past two years, and we’re sorry to hear about neighbor noise and recurring pest concerns. Please stop by the office so we can review prior service efforts and talk through options that may help. Thank you, The Mallory Eastside
I would run and stay far away from this place. I have been here for about a 1 year and my package has been stolen already. There is roaches in this apartment Complex. No matter how many time the exterminator comes out. The surrounding neighbors I don’t think care to have their apartment sprayed by the exterminator. My neighbor down the hall has a few dead roaches outside his door and refuses to have his apartment sprayed. The noise level, in this part of my complex is atrocious. The walls are so super thin and the doors slams so loudly Behind you. I know when everyone’s entering and leaving their apartment in the morning and at night. I can hear my neighbors washers and dryers from downstairs. The weed smell is atrocious and the pool is always loud and noisy. I feel as through these new apartments that are being built they do not care about the noise level and making the walls thinner. The building is located right behind the loud noisy highway and I hear all noise of the highway cars going by at night right into my bedroom. So if you have insomnia, this is not the apartment for you. This place only got two stars for me because it’s so close to my job and there’s a lot of restaurants, grocery store, and shops that are nearby. People leave trash outside their door, even when valet trash is not coming that day. I swear The people upstairs on the fourth floor or at the worst. My neighbor above me are the worst when it comes to Noise and even walking the halls to go to the garage I can hear loud footsteps upstairs that’s out in the walls. I will be breaking my lease soon
Owner response · Dec 2025
We’re sorry to hear about your experience, especially with pest concerns and ongoing noise. Please stop by the office so we can review prior service requests together and discuss options to improve your experience. Thank you, The Mallory Eastside
I want to give a huge thank-you to the entire team here for their outstanding service. Austin, the head of maintenance, and his team have done an incredible job with all of my maintenance tickets. They fixed everything quickly and professionally, and my apartment truly feels brand new because of their work. Their attention to detail and willingness to go above and beyond really stood out. I also want to recognize Brittney for being extremely accommodating with every request I’ve had. Since she’s been here, I’ve noticed a real improvement in how smoothly things run at the property. Her communication, professionalism, and follow-through have made a big difference. Additionally, Mackinsie and Yomaris have both been extremely helpful anytime I’ve needed assistance. The entire staff here has consistently shown great customer service, and I genuinely appreciate everything they do. Thank you all for making this a great place to live.
Owner response · Nov 2025
Thank you very much for taking the time to leave your feedback! We appreciate your support!
Love the place and the way it looks! Austin does a great job of keeping everything up and running and is one of the friendliest! The property looks amazing!
Owner response · Oct 2025
Thank you, Dustin, for your fantastic review! We're thrilled to hear that you love the property and appreciate Austin's hard work and friendly demeanor. Our team is dedicated to maintaining a beautiful community for all residents. If there's anything else we can do to enhance your experience, please let us know. We truly value your feedback!
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