This stabilized 12 unit property in the Lake Cliff neighborhood of Dallas has a current NOI of $73,802, an actual cap of 6.25%. Average rent is $1.96sf while average of comparable efficiencies in the area is $2.10sf. Increasing rent to these rates will realize NOI of $77,962. $2,800 of other income is assumed in Pro Forma based on laundry income, $30month for two covered parking spaces, and $25month for four storage units. The up-and-coming Bishop Arts District is less than a mile away and just a 20 minute walk from the property. The revitalization of this area is attracting many new residents. All units have been renovated since September of 2017 at a total cost of $292,450 ($24,370 unit).
Original Town Oak Cliff
*Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer.
The information contained herein is furnished by the owner to the best of his/her knowledge, but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.
**Assumes 4.25% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.
Listing Agent:Logan Waller
Broker:Waller Group LLC