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.
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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."
Why are Real Estate Incentives Important and to Whom?
"Incentives" are vital today and in the future because:
U.S. Public: Many incentives focus on job creation and Affordable Housing
Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.
