Property
This 8-unit multifamily property located in the heart of Oak Lawn is a stabilized investment in a strong Dallas submarket. Built in 1973, the property is currently operating at an NOI of $101,332 at an actual cap of 7.24%. 7 units are fully furnished Airbnb rentals ranging from $1,600/month - $2,500/month, while the other unit is a non-furnished, yearly rental currently rented at $1,100/month (643 sf). Average asking rents in the submarket are around $2,030/month. Z Property Management currently manages the property at a 5% fee and are willing to stay on the property for up to 6 months after sale at the same rate. The current owner completed full renovations in the last two years for approximately $300,000. Exterior renovations included: Replacing shingles on the roof (10 years old), resurfacing asphalt and cement in parking lot, new foundation, installing wood fences around patios, repainted exterior, replaced wood siding and stairs, installed sprinkler system, and outdoor solar-powered lighting. Interior renovations included: New flooring, new sheetrock, replaced light fixtures, wall-to-wall tile in bathrooms, new paint, appliance and A/C upgrades as needed, granite counter tops, fireplaces, and full furniture for Airbnb units. The property is within a 15-minute walk to numerous shops and attractions including: Turtle Creek Village Retail Center, Kroger Fresh Fare, Starbucks, Eatzi's Market & Bakery, Turtle Creek Park, Sushi Axiom, and many more. Convenient proximity to major roads and highways offers quick and easy access to the heart of downtown Dallas, just 2.3 miles away. **Furniture and Personal Property are excluded from the sale, aside from the appliances.
Location
Nestled between the two neighborhoods of Highland Park and Uptown Dallas, Oak Lawn offers residents quick and easy access to some of Dallas' finest shops, restaurants, and nightlife attractions. The growing population of over 42,000 boasts a median household income of $80,350, making it one of the wealthier areas in the Dallas metro. According to Niche, 77% of Oak Lawn residents are renters, with the median age in the neighborhood being 36. The submarket continues to generate developer attention and is one of the most construction-heavy areas in the metro. Office, retail, and multifamily development have thrived throughout the current expansion. Uptown/Park cities is the most expensive area in the Dallas metro, with average asking rents of about $2,030/month. Rent growth in the submarket has hovered around 2% and has been increasing in recent quarters.
Call Logan: 214.736.1500
Complete details here: https://wallergrouphomes.com/properties/?propertyId=559070-sale
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