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124 Unit Apartments - 3425 S. Polk Street, Dallas, TX 75224 - AVAILABLE!!!

Updated: Jan 12

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

www.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*

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