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4600 Gaston & 1221 Abrams 2 Multifamily Properties in Dallas, TX
Investment Highlights
- ?Two apartment communities in Old East Dallas — 1221 Abrams (12 units) and 4600 Gaston (8 units), totaling 20 units
- ?Going in cap rate exceeding 8% on a tax-adjusted basis
- Comparing the market rents by floor plan against the average in-place rents reflects a difference of approximately $82 per unit
- ?Unit mix: ten one-bedroom units averaging 642 SF and ten two-bedroom units averaging 894 SF, among the larger floor plans in their class
- ?Stabilized, cash-flowing assets with the ability to step into positive leverage from day one
- ?Proximity to major employment centers including Downtown, Uptown, Baylor University Medical Center, and Southern Methodist University
Executive Summary
THE PORTFOLIO
Two apartment communities in Old East Dallas — 1221 Abrams (12 units) and 4600 Gaston (8 units), totaling 20 units located within a half mile of one another.
Unit mix: ten one-bedroom units averaging 642 SF and ten two-bedroom units averaging 894 SF, among the larger floor plans in their class and submarket.
Interior finishes range from classic to refreshed and premium.
Each unit includes in-unit washer/ dryers, individual water heaters, and individual HVAC systems.
Going in cap rate exceeding 8% on a tax-adjusted basis.
With Old East Dallas fundamentals trending positively, declining new deliveries and increasing absorption, these assets are well positioned for strong long-term performance under new ownership.
THE OPPORTUNITY
Stabilized, cash-flowing assets with the ability to step into positive leverage from day one.
Additional upside through pushing rents to market: across each unit mix, there's a noticeable delta between average in-place rent and the highest executed lease achieved in the last 12 months.
The business plan should focus on bridging that loss-to-lease and achieving rents ownership has already proven attainable, through professional management, aggressive marketing, targeted upgrades, and capitalizing on Old East Dallas's improving absorption trends.
Comparing the market rents by floor plan against the average in-place rents reflects a difference of approximately $82 per unit.
Two apartment communities in Old East Dallas — 1221 Abrams (12 units) and 4600 Gaston (8 units), totaling 20 units located within a half mile of one another.
Unit mix: ten one-bedroom units averaging 642 SF and ten two-bedroom units averaging 894 SF, among the larger floor plans in their class and submarket.
Interior finishes range from classic to refreshed and premium.
Each unit includes in-unit washer/ dryers, individual water heaters, and individual HVAC systems.
Going in cap rate exceeding 8% on a tax-adjusted basis.
With Old East Dallas fundamentals trending positively, declining new deliveries and increasing absorption, these assets are well positioned for strong long-term performance under new ownership.
THE OPPORTUNITY
Stabilized, cash-flowing assets with the ability to step into positive leverage from day one.
Additional upside through pushing rents to market: across each unit mix, there's a noticeable delta between average in-place rent and the highest executed lease achieved in the last 12 months.
The business plan should focus on bridging that loss-to-lease and achieving rents ownership has already proven attainable, through professional management, aggressive marketing, targeted upgrades, and capitalizing on Old East Dallas's improving absorption trends.
Comparing the market rents by floor plan against the average in-place rents reflects a difference of approximately $82 per unit.
Property Facts
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 15,004 SF |
| Number of Properties | 2 | Total Land Area | 0.63 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 15,004 SF |
| Total Land Area | 0.63 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
1221 Abrams Condo apartments
1221 Abrams Rd, Dallas, TX 75214 |
Multifamily | 8,354 SF | 1984 | - |
| 4600 Gaston Ave, Dallas, TX 75246 | Multifamily | 6,650 SF | 1920 | - |
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4600 Gaston & 1221 Abrams
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