6003 Ridgecrest RdDallas, TX 75231

Property Details for 6003 Ridgecrest Rd

Year built

1983

Construction

FRAME

Lot size

0.74 AC

Property size (Sq ft)

25,318 SF

Zone code

Z164

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

368203000000

APU

368203000000

Description

This exceptional 32-unit apartment building presents a compelling value-add investment opportunity in a highly desirable Dallas, Texas location. Situated on a 0.74-acre lot at 6003 Ridgecrest Rd, Dallas, TX 75231, this two-story property boasts 23,632 square feet of net rentable space. The property includes one parking space per unit. Recently completed renovations encompass a full exterior repainting, roof replacement, complete window replacement, and brand new mechanical systems. All 32 units feature updated interiors with stainless steel appliances, new Formica countertops, custom cabinetry, brushed nickel fixtures, vinyl flooring, and stackable washer/dryer sets. The property benefits from its proximity to major retail destinations including Northpark Center, The Shops at Park Lane, Preston Hollow Village, and The Hill, as well as prestigious medical facilities like North Central Medical Plaza and Presbyterian Hospital-Dallas. The surrounding area exhibits strong demographics, with a median household income within a three-mile radius exceeding $72,400 and home values above $650,000. The Northeast Dallas submarket has demonstrated robust performance, recording a five-year rent growth of 4.9% and a five-year average occupancy rate of 93.5% (MPF Q4 2023). This newly repositioned asset offers investors significant potential for strong returns in a prime Dallas submarket. The property's convenient location, coupled with its recent renovations and the strength of the surrounding market, makes this a truly unique investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $6,081,814

  6.5%

  $5,613,982

  7%

  $5,212,983

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,300,454

  Geo Method

  $10,286,851

• Alternative Use

  Use

  Valuation

  Residential

  $5,613,982

  Hospitality

  $5,142,377

  Educational

  $4,278,398

  Medical

  $4,425,538

  Retail

  $6,655,285

Location Insight

City

Dallas

County

Dallas

State

Texas

Latitude

32.8703

Longitude

-96.7586

CBSA code

19100

CBSA name

DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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