$1.2 Million | New Construction MF | 5.3% Pro Forma Cap | Dallas, TX
Sale Price: $1,200,000
Number Of Units: 7
Occupancy %: 100.0%
Year Built: 2018
Building Size: 6,500
Cap Rate: 4.82%
NOI (current) $57,899
NOI (pro forma) $63,647
CAP RATE (current) 4.82%
CAP RATE (pro forma) 5.30%
BUILT 2018
LOT SIZE 0.634 Acres
PROPERTY OVERVIEW
This recently completed 7-unit property is conveniently located in the East Dallas Lake Highlands neighborhood of Dallas. The newly constructed complex features washer/dryer in each unit, individually metered electricity, and central heat and A/C. Tenants pay all bills except water. The property will be delivered at 100% occupancy, free-and-clear allowing buyer to place competitive debt (summarized on pg. 7 of the OM). The property also carries a one-year builder's warranty against all workmanship and material defects, as well as an 8-year warranty on all appliances and mechanicals. Waller Group Property Management will carry over to the new owner at a low rate of 4% EGI.
The property is currently operating at an NOI of $57,899. The average effective rental rate is $1.29/sf, while the average of current move-ins is $1.38/sf. Increasing rents to this market rate will realize an additional $9,000 in annual rent revenue.
Financials and the Offering Memorandum can be found on our website using the link below.
LOCATION OVERVIEW
This property has the distinct advantage of being located in a single-family neighborhood in Dallas. White Rock Hills is a great neighborhood with quality tenants and a strong school district. According to the ManPowerGroup Employment Outlook Survey, Dallas has one of the best outlooks for job growth. It is projected that the Dallas metropolitan area will see a 14% increase in net employment outlook. This property allows easy access to I-30 and a short commute to Downtown Dallas. Tenants can enjoy miles of trails around White Rock Lake or take a five-minute drive to the local Dallas Arboretum and Botanical
Garden..
COMMUNITY FEATURES
? Easy access to I-30
? Minutes from White Rock Lake and the Arboretum
? Nearby many schools, blocks away from Bayles Elementary
? Single-family home neighborhood
? Short commute to Downtown Dallas and many employers
INTERIOR FEATURES
? Brand new solid surface flooring
? High ceilings
? Individual tankless water heaters
? Energy efficient, stainless steel appliances
? Kitchen islands with new countertops
? W/D connections and laundry room in each unit
? 8-year warranty on all appliances and mechanicals
? One-year warranty against workmanship or material defects
Call Logan: 214-736-1500
Full details here: https://wallergrouphomes.com/properties/?propertyId=448785-sale