78-Units MF | E. Dallas Portfolio | New Construction | Dallas, TX | $13,000,000
Price: $13,000,000
Units: 78
Buildings#: 3
BuildingSF: 48,110 SF
Property Type: Multifamily
Lot Size: 70,584 SF
Year Built: 1956-1958
Renovated: 2018-2020
Cap Rate: 4.06%
NOI: $528,004
Cap (Proforma): 5.56%
NOI (Proforma): $722,385
Laundry Fac.: Washer & Dryer in each unit
Median Household Income: $52,345
Occupancy: 83%
Description
Waller Group Properties is proud to present this 78-unit multifamily portfolio located in the up-and-coming submarket of East Dallas and Lower Greenville. The portfolio consists of 3 neighboring properties built between 1956-1958 but was fully renovated from the studs for $4,030,000 between 2018-2020 and is now indicative of new construction. The subject improvements are of wood-frame construction with masonry exterior walls, a pier & beam foundation, and a pitched, composite roof system. Community amenities feature gated parking lots, landscaped courtyards with outdoor seating. Unit amenities feature stainless-steel appliances, faux-wood vinyl plank flooring, tile backsplash, undermounted sinks with commercial-grade faucets, and walk-in closets. Each unit features individual washer and dryer units. This portfolio is comparable to Class A new construction with a lower operating cost due to less capex resources for amenities and management, compounded with the benefits of being priced almost $200/month below competing Class A fully amenitized complexes. The portfolio is currently operating at an annual NOI of $528,004 at a 4.06% cap rate. The current average of effective rents is $1.82/sf while the average of proven new move-ins and comparable units in the market is $2.10/sf. Increasing rents to this market rate will realize an additional $159,000 in annual revenue. The median household income within 1 mile of the property is $52,345. This submarket offers an attractive alternative for renters priced out of the Uptown/Park Cities and Downtown submarkets where effective rents for 1-bedroom units on new construction average over $3.00/sf. The submarket of East Dallas is a completely gentrified area and has become one of the most attractive neighborhoods in the DFW metroplex. The submarket also consistently ranks among the top locations for investment in DFW and continues to attract young renters looking for a live/work/play atmosphere in a premier location.
Location
With a population of over 7.57 million residents, the Dallas-Fort Worth Metropolitan area is currently the 4th largest MSA in the United States and has been the fastest growing Metropolitan over the last decade. DFW led the nation in employment growth in 2019, adding over 81,000 jobs with about 31,000 being considered office jobs. Annualized growth in recent years was near 3%. These high-paying jobs have increased the median household income by about 3% annually, currently sitting just above $70,000/year. Employment growth is expected to continue to outperform the national average over the next half decade. The low cost of living and doing business in DFW is one of the main attractions for corporate expansion and relocation. Dallas is home to the 3rd largest concentration of Fortune 500 companies in the country. Among these is Uber, which announced that it will open a new office, currently under construction in Deep Ellum, with over 3,000 employees. Uber has shared plans of turning Dallas into their largest hub outside of San Francisco. East Dallas has become one of the hottest neighborhoods in the DFW metroplex due to its up-and-coming neighborhoods, cultural attractions, and proximity to major employment centers. This submarket offers an attractive alternative for renters priced out of the Uptown/Park Cities and Downtown submarkets and consistently ranks among the top locations for investment in DFW. The median household income within 1 mile of the portfolio is $52,200
Call Logan: 214-736-1500
Full details here: https://wallergrouphomes.com/properties/?propertyId=847221-sale