Promise Land Realty
Jan 11, 20211 min
Updated: Jan 21
Multifamily Investment Opportunity
Acquisition Price:
Grow your portfolio and take advantage of a C-Class value-add investment opportunity. This property is located in the revitalizing Oak Cliff area of Dallas, Texas where continued rent growth has out-performed the metro average for lower and mid-tier assets. The property is primed for a new owner take an already high performing property with a healthy cash flow, and continue to add value in multiple ways, 1) interior updates to 100% of the units, 2) exterior cosmetic updates, 3) landscaping updates, 4) water saving devices, 5) implementing utility bill back from the residents. The resulting rent increases can be as much as $75/unit. Built in 1973 & Renovated in 2015. Master metered gas, electric, and sewer. Hot Water from gas fired boilers in good working condition. HVAC in good condition.
AMENITIES:
Large courtyard common areas
Children’s playground in common areas
Security patrol
On-site laundry facilities
All electric appliances
Central property office and mailboxes
Ample parking
Average unit size of approximately 574 sq ft
Large walk-in closets
Separate dining area
Two-tone paint finish
Vinyl tile flooring throughout for ease of maintenance
Frost-free refrigerators
Mini-blinds
Metal front doors (new)
TOTAL RENTAL INCOME: $1,106,937.00
OPERATING EXPENSES: $548,296.00
NET OPERATING INCOME: $591,015.00
CAP RATE: 7.1%