Property Detail
FOR SALE
North Oak Lawn Apartments

$1,165,000

4202 & 4227 Bowser
Dallas, Texas 75219

20 Units (Package of 2 Apartment Buildings)

Neighborhood Description

For many years, the Oaklawn area has represented the closest thing to urban living offered in Dallas attracting upscale buyers and tenants from all over. Situated just west of beautiful Turtle Creek and just South of Highland Park, these two properties are in the heart of it all.

The area is experiencing rapid growth with new and remodeled single family homes, condominiums, retail, office, restaurants, etc. Many existing homes are being torn down to build houses and town homes; older apartment complexes are being extensively renovate or converted to condominiums.

Property Description

4202 & 4227 Bowser These two ten unit apartment buildings are well maintained, secured, electricity is separately metered, located on the same block for easy management and easy to rent; must be purchased as a package.

Property Detail
CONDO/APARTMENT DEVELOPMENT SITE

$5,400,000 ($165/SF)

2701 Hood + 2709 Hood + 3612 Brown
Dallas, TX 75219

Near The Mansion at Turtle Creek

Land Area:
32,700SF

Max. Building Size:
130,000SF

Zoning:
MF-3

Location:
Turtle Creek area has one of the best urban lifestyles in Dallas with splendid views, manicured parks, walking paths, unique shopping, dining and theatre nearby. Just south of Highland Park, it boasts spectacular homes and a sense of luxury and prestige.

Property Detail
Future Retail Site

Avon Apartments
26 Units

$1,795,000 ($115/SF Land)

3812 Lemmon Avenue
Dallas, TX 75219

Total Square Footage:
Building: 14,184SF
Land: 15,500SF

Zoning:
Retail (PD)

Financial Summary:
Scheduled Rent – $181,200
Expenses – $88,860
CAP (Current) – 4.0%
CAP (Pro Forma) – 5.7%
Master Metered

Description:
Prime retail site near the corner of Lemmon and Oak Lawn. The area is experiencing rapid growth with new condominiums, retail, office, restaurants, etc.

Property Detail:

FOR SALE
$890,000
4400 Gaston Avenue
Dallas, Texas 75246

16 Units

A beautiful example the Mission Revival style of architecture, 4400 Gaston Avenue is one of the most recognizable historic properties in lower East Dallas. The Apartment building has 16 units and is very sound and well maintained with no deferred maintenance.
• New double paned windows are discreetly installed to preserve the integrity of the original wood framing.
• Mansard shingled part of the roof is four years old and in great shape. The flat part has no history of leaks with its polyester fiber construction.
• A structural engineer recently examined the building and found it to be in excellent condition.

The flooring is all “red heart pine” hardwood; no longer sold. Top of line wool carpet runners cover these hardwoods in the halls giving the building an upscale feel. Across the front are period stained glass windows adding a subtitle architectural detail. The eight corner units have views in three directions because of the building configuration.

Baylor Medical Center and the close proximity to downtown is the main source of the stability of the tenants. They are mostly students from Baylor and young professionals. Comcast cable provides access for high speed internet access as will as HDTV in all units is critical to low turnover. The first floor laundry room is popular with the tenants as well. The building is secure with locked front and back doors. Lighted parking in the rear has room for sixteen cars.

Note: One of the efficiencies was configured into three usable spaces: a laundry room, maintenance and supply room, and an efficiency unit.

Location Description

Between Peak and Carroll, 4400 Gaston is situated in a rapidly developing area near the heart of Dallas known as Peak’s Suburban Addition Historic District. Adjacent to, and generally North to Carroll, are properties designated for commercial development. The architectural style required for new commercial development complements the historic structures in the district including 4400 Gaston.

4400 Gaston is in the first neighborhood east of Dallas’ CBD to be developed. It started with single family Victorian and Prairie homes followed by apartment complexes mostly along the old street car routes. Thus, 4400 Gaston was commonly referred to as a “street car apartment”. The street car lines were very important in the lives of East Dallas citizens until the automobile became more common years to follow. The apartment’s Mission Revival style was adopted by both the Southern Pacific and Santa Fe Railways for train stations, resort hotels, and other rail corridor buildings.

Property Detail:

FRANCISCA APARTMENTS
Oak Lawn Area (Dallas)

4214 Rawlins Street
Dallas, Texas 75219

24 Units + Office

$2,290,000 (reduced)
CAP 6.2% / 8.5%

Property Description

This 24 unit apartment building is well maintained with stacked washers/dryers, security system, gates and lighting. The building has a stable tenant base and a strong history of occupancy. A utility cost recovery service called RUBS is used to bill the tenants monthly for common area utility costs. The electric service is separately metered. One can expect further financial improvement as the area continues to attract young professionals, retirees, etc.

Neighborhood Description

Situated just west of beautiful Turtle Creek and just South of Highland Park, the Oak Lawn area represents the closest thing to urban living in Dallas attracting upscale buyers and tenants from all over. It is adjacent to one of Dallas’ most charming historic neighborhoods, Perry Heights, which offers an urban pedestrian lifestyle that includes amenities such as Starbucks, Whole Foods, Eatzi’s and Bob’s Steak & Chop House, and many others.

The area is experiencing rapid growth with many of the older homes and apartments replace with new houses and townhomes; in addition older apartment complexes are being extensively renovate and converted to Condominiums.

Townhouse Development - Directly Across the Street

Boulevard Builders is nearing completion of their townhouse development on Rawlins directly across from the Francisca Apartments. Approximately 70% of the townhomes sold within 60 days of opening. They are priced from the $250s for the 1,337 SF units to the $350s for the 2,082 SF units.