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PROPERTY OVERVIEW
This recently completed 7 unit property is conveniently located in the East Dallas Lake Highlands neighborhood of Dallas. The newly constructed complex features washer/dryer in each unit, individually metered electricity, and central heat and A/C. Tenants pay all bills except water. The property will be delivered at 100% occupancy, free-and-clear allowing buyer to place competitive debt (summarized on pg. 7). The property also carries a one-year builder's warranty against all workmanship and material defects, as well as an 8-year warranty on all appliances and mechanicals. Waller Group Property Management will carry over to the new owner at a low rate of 4% EGI.
The property is currently operating at an NOI of $59,519. The average effective rental rate is $1.30/sf, while the average Pro Forma rate is $1.39/sf. Increasing rents to this market rate will realize an additional $6,600 in annual rent revenue, while implementing a RUBS system to recover water expense will realize an additional $1,680 in annual revenue.
LOCATION OVERVIEW
With a population of over 6.3 million, the Dallas/Fort Worth metroplex has become the largest metropolitan area in Texas, and the 4th largest in the United States. The Perryman Group is forecasting the wage and salary employment to grow by 2.23% from 2016 to 2021, while the Real Gross Product for the area is expected to increase by 4.37% through 2021. The low cost of living and doing business has attracted many major corporations to either relocate or expand in the DFW market. The East Dallas submarket is quickly growing into one of Dallas' most attractive neighborhoods for young professionals due to its low rent and vibrant lifestyle compared to the more expensive Uptown submarket. The property offers quick and easy access to Downtown, Uptown, and the rest of the major employment nodes in the MSA.
***** VIEW www.loganwaller.com for off market properties and exclusive listings NOT ON LOOPNET! *****
Call Logan: 214-736-1500
Full details here: https://wallergrouphomes.com/properties/?propertyId=448785-sale
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