Lewis Apartment
8 Unit Apartment Building | $1,500,000 ($187,500/Unit) | 5.64% Cap Rate | Dallas, TX 75206
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,500,000
- Property Type
-
Multifamily
- Square Feet
- 5,010 SF
Listing Contacts
Keith Auten
Verified Profile
- Property Info
Property Overview
The offering is a well maintained, performing eight-unit apartment complex in the Lower Greenville area. It is 100% occupied and has a walk score of 79.
The Class-B property was built in 1986. Per DCAD, the building square footage is approximately 5,010. The lot is approximately 7,248 sq ft. The roof is pitched with composition shingles. The foundation is slab. The HVAC is provided by individual central HVAC and mini split systems. All
units have W/D connections. All unit utilities are individually metered and are paid for by the tenants. Parking is off street and gated.
The owners had been operating 6 of the 8 units as Short-Term Rental (STR) units until March of 2024. The management company they employed did an excellent job of keeping the STR units occupied until it was sold. The owners decided to convert the STR units to standard leased units and sell the property. Financial data is not available as it is mostly based on STR income and expenses not standard lease income and expenses.
Recent CapEx improvements include:
• New Roof - 2020
• HVAC Replaced - 6 of 8 HVAC (in 4 years), other two replaced by previous owner
• Exterior Painted fence & stucco, install new wood decks, new wood ceilings
• Exterior contemporary porch & door lighting
• Updated contemporary interior, painted cabinets, etc.
• New landscaping, low maintenance
• Washer & Dryers 7 of 8 units
According to the Realtors Property Resource Trade Area report for Dallas, TX 76206:
• The Average Household Income is $125,736
• The Average Disposable Income is $92,160
• The Median Household Income is $78,537
• The median age is 33.7 years
• The average household size is 1.71
• The ZIP code has a Median Estimated Home Value of $647,990, which has increased 7.8% over the last twelve months
Lower Greenville is a quaint neighborhood and entertainment district in east Dallas. There are many popular bars, noteworthy restaurants, boutique stores and live music venues. The streets are always buzzing with activity, especially at night with its exciting nightlife scene.
The area is an excellent rental market due to its proximity to employment centers and the central business district of Dallas. It is home to new upscale or remodeled historic homes, White Rock Lake, the Dallas Arboretum, eclectic restaurants, entertainment, shopping and has easy access to major thoroughfares.
The Class-B property was built in 1986. Per DCAD, the building square footage is approximately 5,010. The lot is approximately 7,248 sq ft. The roof is pitched with composition shingles. The foundation is slab. The HVAC is provided by individual central HVAC and mini split systems. All
units have W/D connections. All unit utilities are individually metered and are paid for by the tenants. Parking is off street and gated.
The owners had been operating 6 of the 8 units as Short-Term Rental (STR) units until March of 2024. The management company they employed did an excellent job of keeping the STR units occupied until it was sold. The owners decided to convert the STR units to standard leased units and sell the property. Financial data is not available as it is mostly based on STR income and expenses not standard lease income and expenses.
Recent CapEx improvements include:
• New Roof - 2020
• HVAC Replaced - 6 of 8 HVAC (in 4 years), other two replaced by previous owner
• Exterior Painted fence & stucco, install new wood decks, new wood ceilings
• Exterior contemporary porch & door lighting
• Updated contemporary interior, painted cabinets, etc.
• New landscaping, low maintenance
• Washer & Dryers 7 of 8 units
According to the Realtors Property Resource Trade Area report for Dallas, TX 76206:
• The Average Household Income is $125,736
• The Average Disposable Income is $92,160
• The Median Household Income is $78,537
• The median age is 33.7 years
• The average household size is 1.71
• The ZIP code has a Median Estimated Home Value of $647,990, which has increased 7.8% over the last twelve months
Lower Greenville is a quaint neighborhood and entertainment district in east Dallas. There are many popular bars, noteworthy restaurants, boutique stores and live music venues. The streets are always buzzing with activity, especially at night with its exciting nightlife scene.
The area is an excellent rental market due to its proximity to employment centers and the central business district of Dallas. It is home to new upscale or remodeled historic homes, White Rock Lake, the Dallas Arboretum, eclectic restaurants, entertainment, shopping and has easy access to major thoroughfares.
Property Details
- Class
- C
- Year Built
- 1986
- Stories
- 3
- Lot Size (sq. ft)
- 7,405 SF
- Units
- 8
Highlights
- 100% occupied
- Well maintained, performing class B asset
- Highly desirable Lower Greenville location
- Easy property to self-manage
- Very Walkable- walk score of 79
- Pride of ownership
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].