1000 Grigsby AveDallas, TX 75204

This stabilized, Class C multifamily investment property located at 1000 Grigsby Ave, Dallas, TX 75204, presents a compelling opportunity in the desirable Old East Dallas submarket. The property consists of a 12,250 square foot apartment building, encompassing two one-story buildings on a 22,500 square foot lot. Built in 1962, the property features 15 units, offering a mix of spacious one, two, and three-bedroom apartments. Recent renovations include updated appliances, faux wood flooring, remodeled bathrooms, and fresh paint throughout. Building amenities include a security gate, common courtyard, covered parking, and a laundry room. Utilities are separately metered for electricity and master-metered for gas and water. The property currently benefits from Section 8 Housing, providing above-market rent and guaranteed income. Significant value-add potential exists by increasing rents to the maximum allowable amount under the Housing Authority guidelines. The property's pro-forma Net Operating Income (NOI) is $290,385, reflecting a strong cash flow potential. The permitted zoning is PD 595 MF2A. This presents a strong long-term investment opportunity with excellent potential for future growth. The property is currently available for sale.