Apartments located in the premier Dallas Multifamily Submarket
The subject property is currently a 41-unit (40 apartments and 1 office) garden style apartment community in the highly sought-after Uptown section of the City of Dallas. It is well located and within walking distance to the live/work/play Uptown community. The property consists of one- and two-bedroom units with an average size of 540 SF. There is adequate onsite parking while street parking is also available. There is 24-hour access to the property and a standalone laundry facility. The entryways are gated with the property having several courtyards for tenants to enjoy privacy within the property. The property was built in 1964 but has been renovated with new flooring being recently put in. There is a small dog park located on the side of the property.
Upside potential for Buyer/Investor
The current owner is offering units with all bills paid allowing for the future owner to bill back for RUBS.
One unit is currently being used as a Property Manager's office. This could be converted to a unit to increase rental income.
The property's leasing could be managed digitally decreasing expenses.
DFW - One of the top multifamily markets in the country
The Uptown/Park Cities Submarket is the epitome of the live/work/play mantra in Dallas-Fort Worth. Despite asking rents of near $800/month above the metro average, the submarket attracts renters with its dynamic energy. Typical tenants may work in one of the many new, high-end office development that has sprouted here over the past decade. In addition, the submarket offers easy access to major job centers in Uptown and Turtle Creek, and some close-in neighborhoods are a short walk to Downtown Dallas via Klyde Warren Park.
It's also a short walk, UBER, DART, or trolley ride to culture (Arts District), shopping (Highland Park Village and West Village), nightlife (Deep Ellum, Uptown, Oak Lawn, West Village, Know-Henderson) and parks (Klyde Warren Park, Reverchon Park, the Katy Trail). Walk scores for properties consistently register above 90 throughout Uptown.
Uptown/Park Cities residents are more likely to rent than own: About 55% of households rent, well above the metro-wide average. The primary driver is that there is a greater proportion of millenials here relative to the metro overall. Many of these renters are new to the metroplex and choose to live in Uptown and Oak Lawn for easy access to Dallas's live/work/play options.
