Listings / 2211 S VERNON AVE

2211 S VERNON AVE 2211 S Vernon Ave, Dallas, TX 75224

Price $2,700,000

Cap Rate 5.40%

GRM 7.78

Price Per SF $84

Units 40

Price Per Unit $67,500

Gross Sq. Footage 31,864 SF

Year Built 1969

Status available

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DESCRIPTION

2211 S. Vernon Avenue is a 40-unit apartment community built in 1969. The property boasts a mix of 31 onebedroom, one-bathroom and 8 two-bedroom, two-bathroom units. Current ownership recently replaced the roof allowing an investor to continue to add value to the property with additional improvements.

The property is located in Wynnewood North just South of Bishop Arts. The asset is situated adjacent to Wynnewood Village, a 65-acre shopping center, which is currently undergoing a $30 million renovation to match the evolving demographics in the area.

This value-add opportunity is perfect for an investor looking to capitalize on current income and 25% potential upside in rents in one of the nation’s fastest-growing MSA’s.

OPPORTUNITY