1625 Grigsby AveDallas, TX 75204

This stabilized Class C multifamily investment property, located at 1625 Grigsby Ave, Dallas, TX 75204, presents a compelling opportunity. The 11,140 square foot building, constructed in 1986, features 20 one-bedroom units spread across two stories, situated on a 19,374 square foot lot. Each unit boasts recent renovations including updated appliances, faux wood flooring, fresh paint, and in-unit washer/dryers. Outdoor patios/balconies and fireplaces are additional amenities. Utilities are separately metered for electricity and master-metered for gas and water. Currently, the property benefits from Section 8 Housing, providing above-market rents and guaranteed payments. Significant value-add potential exists by increasing rents to the maximum allowable Section 8 rates. The property's pro-forma NOI is $314,797. The permitted zoning, PD 595 MF2A, allows for the potential construction of six additional units, further enhancing the long-term investment potential of this cash-flowing asset in the desirable Old East Dallas submarket. This is a rare opportunity to acquire a well-maintained, income-producing property with substantial upside.