1625 Grigsby AveDallas, TX 75204

Property Details for 1625 Grigsby Ave

Year built

1986

Construction

FRAME

Lot size

0.44 AC

Property size (Sq ft)

11,344 SF

Zone code

Z239

Property type

Apartment buildings

APN

70000010010000

APU

70000010010000

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,671,605

  6.5%

  $2,466,097

  7%

  $2,289,947

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,356,315

  Geo Method

  $5,264,234

• Alternative Use

  Use

  Valuation

  Residential

  $2,466,097

  Hospitality

  $2,258,932

  Educational

  $1,879,405

  Medical

  $1,944,040

  Retail

  $2,923,518

Location Insight

City

Dallas

County

Dallas

State

Texas

Latitude

32.804

Longitude

-96.7771

CBSA code

19100

CBSA name

DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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