For Sale

Listed by Logan Waller from Waller Group LLC

Source: North Texas Real Estate Information Systems, Inc. #14750627

6315 Richmond Avenue, Dallas, TX, 75214

$1,300,000

8
0.29 ac.

MultiFam

30+ days on the market

What's around 6315 Richmond Avenue

About this property

Waller Group is proud to present the 87.5% occupied, 8-unit value-add property in Dallas, TX. The owner has recently upgraded the appliances in the units. Each unit has stackable washer & dryers available and their own HVAC unit. The owner is responsible for water & sewer expenses, but management currently bills back $50 per unit per month. Based upon area rent comps, rents can be raised up to $464 per unit, which is a $0.66 per sqft bump. With this bump and leasing up the vacant unit, new ownership can achieve an annual NOI of $81,239. There is the opportunity to implement additional income fees through late fees, MTM fees, and parking fees. Current mgmt is willing to stay on for new ownership at 6.0% of EGI.

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