Dallas 24 unit Complex with a Strong Value-Add Opportunity

316 N Carroll Ave Dallas, TX 75246

316 N Carroll Ave, Dallas, TX, 75246
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FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$3,000,000
Last Verified:
Nov 23, 2022

The Carroll Ann Apartments are a 24-unit complex located in the Old East Dallas submarket of Dallas, Texas. Twelve units have been renovated. The asset offers a strong value-add opportunity with the renovation of the remaining twelve classic units and raising rents to market. Per the county appraisal district, the complex was constructed in 1962 with 14,798 sq ft of improvements on a lot with 28,450 sq ft. The building sits on a concrete slab and has wood framing and a brick exterior with a composite shingle roofing. The entire complex is master metered for electricity, water and gas. The complex contains 24 one-bedroom, one bath units (avg. 615 sq ft). The property manager lives in one of the units. The owners bought the asset in 2007 and have managed from out of state. Currently there is an on-sight manager and a part-time on-sight maintenance person. Both receive rent credits as compensation. The property has been well maintained. Some of the big ticket or recent improvements include: New HVAC chiller in 2021 Security cameras Building painted in 2020-2021 24-bedroom windows replaced 2020 Foundation leveled in 2021 Interior HVAC air handler replacement began in 2018 (16 of 24 replaced) New roof in 2012 The Old East Dallas neighborhood (AKA as the Lake and Garden District) is an area with historic architecture, mature trees, and walkable neighborhoods. White Rock Lake and the Dallas Arboretum and Botanical Gardens are mainstay attractions in the area. There is great dining, shopping, and entertainment options all within a few blocks. Lower Greenville and Deep Ellum are a short distance from the asset. The walk score is 78 and the bike score is 80. The Crockett Dog Park is across the street from the property. The Buckner (Samuel) Park is a block away. The park offers an outdoor basketball court, parking, picnic tables, playgrounds, a soccer field, a softball field, and a tennis court.

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Map of 316 N Carroll Ave, Dallas, TX, 75246

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What are Real Estate Incentives?

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.