4719 Junius St
Dallas, TX 75246
Multifamily Property For Sale · 4 Units

Outstanding Location Surrounded by Multiple Class A Developments: Junius benefits from an exceptional location directly in the path of new development and widespread gentrification. Multifamily, retail and restaurant developers are clamoring to the immediate area where Junius is located as they see the quickly changing neighborhood unfold before their eyes. In fact, there are presently more than 1,700 luxury apartment units in the planning, construction or lease-up phases all within 1.5 miles of Junius. These projects include 365-unit Academic to be built by Leon Capital Group in the former Dallas Independent School District headquarters, 292-unit Alexan Ross underway by Trammell Crow Residential, 340-unit Modera Hall Street constructed by Mill Creek Residential and the second phase of Elan City Lights being built by Greystar. This trendy neighborhood is quickly attracting a large population of high-income young professionals who desire the ability to work, live and play all within a close proximity. More than $500,000 in Recent Capital Improvements Completed: Since 2015, current ownership has spent more than $500,000 or $125,000 per unit at Junius to completely transform the historic 1920s built property. No detail was spared and the current condition rivals nearby new developments in the trendy Old East Dallas neighborhood. Exterior improvements include a complete roof replacement, HVAC system replacement or refurbishment, a gazebo added in the backyard with an outdoor dining area and storage shed, and motion sensing exterior LED lights. The stylishly designed interiors feature hardwood inspired laminate flooring, stainless steel appliances, premium stackable washers and dryers, contemporary lighting and ceiling fans, Silestone quartz countertops, bathtub surround with glass tile accent, modern bowl bathroom sinks, brushed nickel fixtures and hardware and two-inch blinds. Junius has been operated with great pride of ownership and is in excellent condition with minimal deferred maintenance for a new owner. Significant Expense Savings by Introducing Water RUBS Program: Junius residents presently pay for electricity using their own provider but 100 percent of the water expense is paid by the owner. A new investor could implement RUBS or a Ratio Utility Billing System to begin passing through to tenants the majority of the water expense. RUBS allocates the cost of water to tenants using a formula which factors in the number of occupants and square footage of each unit. It also promotes decreased usage by the community as a whole. According to an in-depth study performed for the National Apartment Association, RUBS properties use 6 percent to 27 percent less water than properties which do not assess a fee. By implementing RUBS, the owner’s share of the expense at Junius could be substantially reduced. These expense savings would flow straight to the bottom line to increase Net Operating Income and on a capitalized basis could significantly increase the value of the asset upon exit.