124 Unit Apartments - 3425 S. Polk Street, Dallas, TX 75224 - No Longer Available
Updated: Apr 27
Multifamily Investment Opportunity
Acquisition Price:
$8,300,000
6 Buildings - 3.43 acres - 71,201 SF
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%
"Invest Wisely"
PROMISE LAND REALTY, LLC
Work: 313-307-6616
sarter@promiselandrealtyllc.com
All Off Market Properties are Sold As-Is. Buyer must do their due diligence. Sold on Warranty deed. We are selling our assignable interest. Proof Of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*