$475,000
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6,054 Sqft Lot
SOLD DATE : 12/16/2022
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Subdivision Colonial Anx Add
MLS Listing ID 20098246
Sold Date 12/16/22
HOA Y/N None
Total Fin. Sqft 1720
Year Built 1925
Annual Tax Amount $7,386
Lot Size 6,054 Sqft
Acres 0.139
Property Description
Presenting the 83.3% occupied, 6-unit value-add property in Dallas, TX. The property is available because current ownership is looking to reinvest proceeds. The subject property has been completely renovated with new plumbing, electrical, roof, windows, flooring, cabinets, fixtures, and more. Current ownership has invested over $164,000 in capital improvements over the last 5 years into the property with over $34,000 of capital improvements made over the last 6 months. New ownership, based upon area rent comps, can raise rents up to $72 per unit, which is a $0.11 per sqft bump. With this bump, new ownership can achieve an annual NOI of $35,178. Additionally, there is the opportunity to implement additional income through lease violation fees and parking fees. Proforma financials were underwritten with a 5% management fee.
Location
State TX
County Dallas
Direction On US-75 S, take the ramp on the right for Julius Schepps Fwy. Keep left to get onto Botham Jean Blvd. Turn left onto Pear St. Arrive at 1724 Pear St.
Interior
Interior Features Cable TV Available, High Speed Internet Available
Heating Electric
Cooling Electric
Appliance Electric Range, Refrigerator
Heat Source Electric
Exterior
Utilities Available City Sewer, City Water
Roof Type Composition
Total Parking Spaces 6
Garage No
Building
Story Two
Foundation Other
Structure Type Other
Schools
School District Dallas Isd
Others
Ownership Owner of Record
Financing Other
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Bought with Travis Johnson • Rose Home Real Estate
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