1625 Grigsby Ave
Dallas, TX 75204
Grigsby Place · Multifamily Property For Sale · 20 Units

EXECUTIVE SUMMARY Grigsby Place is a partially renovated value add opportunity in East Dallas which can be delivered as a turnkey investment fully renovated. 15 units have been renovated to include new cabinets, counters, plumbing and appliances within the last 5 years. Rental increases have not been made to keep up with the market and property is currently self managed. UPSIDE POTENTIAL Opportunity exists by using professional area management to property market units and increase rents to comparable rents in the sub-market. Owner will renovate remaining 5 units with acceptable contract. Proposed improvements will add an additional 5 rental units plus storage space and covered parking. POTENTIAL FOR BUILDING MORE UNITS Optimized parking, mail center and waste area allows for 27 parking spaces. Proposed improvement includes 5x 555sf rental units (2,773sf total) featuring 123 linear feet of common balcony space, 25x 50sf of rentable storage units (1,226sf total) and 12 covered parking spaces. Please see Offering Memo linked below for more information ,New townhouses are being built within 4 blocks in each direction of the property. Average prices are $220 per square foot or $300,000+ which will further increase the value of the property and rents for the sub-market. Dallas-Fort Worth-Arlington is the 4th largest metropolitan area in the nation. According to data from US Census Bureau, the DFW metro area gains another person every four minutes and ten seconds. Dallas is the 9th most populated city in the US and 3rd most populated city in the state. Since 2006, Dallas has added households at an annual rate of 2.0%. The growth forecast, according to Reis, is 2.9% for 2016 and 2017. The fast-paced growth is generating a dynamic multifamily market for the city. Average asking rental rates have risen steadily since 2009. Q4 2016 showed delivered units swell to 23% to hit a record of 6,499 completions during the final quarter.