2916 Ruidosa Ave
Dallas, TX 75228
Shiloh Ridge Apartments · Multifamily Property For Sale · 16 Units

Shiloh Ridge Apartments is a tremendous value-add opportunity to purchase a well performing property for considerably less than replacement value. With a Proforma evaluation increased NOI to $67,093 this bring the overall Valuation to $1,118,233 which can be managed by current PM Waller Group providing a seamless value add component for a passive investor. Waller Group Property management has managed 9 upgrades for the current owner over the past year. This leaves Seven units still needing renovations/upgrades providing ample opportunity for the next owner to complete the upgrade schedule at a cost of apx $6500 per unit with a Grand Total of $45,500. Seller will consider providing a 3% concession to allow for completion of capital improvement scheduled upgrades. Capital improvements also include all roofs replaced in 2017. Seller's Motivation to sell is due to replacement property already being identified. LOCATION OVERVIEW Shiloh Ridge Apartments are located in one of the most desirable sub markets of east Dallas. East Dallas is one of the primary and most desired sub markets for workforce housing, single family homes have appreciated an average of 7.5% over the last 12 months in the immediate sub market of casa view. Land Costs in East Dallas have also increased, providing another competitive advantage to Shiloh Ridge Apartments, replacement costs for a similar town-home style product would be well over $180 per square foot. Strong average household income over $55,000 per household and average occupancy over 95% for the sub-market. COMMUNITY FEATURES • Easy Access resident access with surface parking • Only 4 units per building providing no noise from neighbors below or above with all ground level units. • Tucked in a quiet single family residential neighborhood providing residents greater sense of community • All Roofs replaced in 2017 INTERIOR FEATURES • Town-home style 2 story living with living, open kitchen downstairs and bathroom, bedroom upstairs. • Open floor-plans and breakfast bar with washer and dryer connections in each unit. • Central heat and air with individual units for every unit-individually metered for electric. • Water, Sewer and Trash included • Tile Flooring downstairs, Engineered wood flooring upstairs • 2 tone paint, White Doors, Trim & Ceiling, Grey Frost Walls & Formica Typhoon Ice Counter tops • Brush Nickel fixtures & Black Appliances. VALUE-ADD OPPORTUNITIES • Opportunity to upgrade existing remaining units with Tile Flooring downstairs, Engineered wood flooring upstairs, 2 tone paint, White doors, Trim & Ceiling, Grey Frost Walls and brush nickel fixtures and Black Appliances with Formica Typhoon Ice Counter tops • Take advantage of strong east Dallas workforce housing rental market with strong upside for continued rent increases. • As leases renew RUBS may be implemented for water bill backs • 7 Units needing upgrade/renovation - Apx price of $6,500 per unit with a grand total of $45,500