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Lamar Lofts 1403 Corinth Rd 36 Unit Apartment Building For Sale Dallas, TX 75215
Executive Summary
Lamar Lofts is underperforming its competitive set on a rent basis, with in-place effective rents averaging $1,311 per unit against market rents of $1,612 per unit, a $300 per unit gap representing $84,831 of annual loss-to-lease that new ownership can capture through renewal and turnover pricing
Occupancy also presents room for improvement, with the property currently at 88.89% against a stabilized target near 95%, offering upside through improved leasing execution and marketing
Pro forma underwriting layers in a 5% economic vacancy factor, a 5% management fee, and a 25% increase to real estate taxes, and still supports NOI growth to $405,111, more than doubling current income
Additional upside exists in the approximately 37,000 SF of undeveloped land included in the offering, which new ownership could explore for future unit additions or ancillary development, subject to feasibility and market study
Occupancy also presents room for improvement, with the property currently at 88.89% against a stabilized target near 95%, offering upside through improved leasing execution and marketing
Pro forma underwriting layers in a 5% economic vacancy factor, a 5% management fee, and a 25% increase to real estate taxes, and still supports NOI growth to $405,111, more than doubling current income
Additional upside exists in the approximately 37,000 SF of undeveloped land included in the offering, which new ownership could explore for future unit additions or ancillary development, subject to feasibility and market study
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Sale Type | Investment | Lot Size | 1.38 AC |
| No. Units | 36 | Building Size | 28,000 SF |
| Property Type | Multifamily | Average Occupancy | 89% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built/Renovated | 2020/2021 |
| Building Class | B | Opportunity Zone |
Yes
|
| Zoning | Z239 | ||
| Sale Type | Investment |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.38 AC |
| Building Size | 28,000 SF |
| Average Occupancy | 89% |
| No. Stories | 3 |
| Year Built/Renovated | 2020/2021 |
| Opportunity Zone |
Yes |
| Zoning | Z239 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 25 | - | 568 - 613 |
| 1+1 | 11 | - | 750 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 000900000F0010000 | Improvements Assessment | $2,273,880 |
| Land Assessment | $2,156,220 | Total Assessment | $4,430,100 |
Property Taxes
Parcel Number
000900000F0010000
Land Assessment
$2,156,220
Improvements Assessment
$2,273,880
Total Assessment
$4,430,100
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