Presenting the recently-rehabbed Townview Apartments in the Lake Cliff historical area of North Oak Cliff. Townview is a 16-unit property currently owned by one of my salesmen (a licensed real estate salesperson) and it's offered for sale for $540K. This property has had 13 out of 16 units compeletely rehabbed. This includes new hardwood floors (3/4" hardwood, not cheap laminates), marble and/or quarry tile baths and kitchens, new appliances, ceiling fans, and paint. It includes a fantastic landscaped courtyard with stone walkways and stone park benches and a great view of downtown Dallas.
The property is located just across the Trinity River from downtown Dallas and is less than a half mile from downtown. Talk about ease of commuting for downtown workers with $5 gas!
Property shows a CAP rate of 10% and a cash-on-cash return of almost 16%. With only 16 units it's a perfect situation for an owner to manage himself with help from his onsite manager, who gets a free apartment as compensation.
The North Oak Cliff area is one of the most active and dynamic areas of Dallas. Much of this is driven by a $2 billion bond project currently in the works, known as the Trinity River Corridor Project. This project will convert hundreds of acres of former floodplain into a string of lakes, amusement areas, wildlife sanctuaries and parklands. When completed, this project will provide Dallas with a downtown park larger than Central Park in New York and less than a mile from downtown Dallas.
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| Locator map for North Oak Cliff |
The Trinity River Corridor Project is just a quarter mile from the Townview Apartments. So, why does this affect Townview? Part of the overall land use plan that's associated with the Project calls for higher-density townhouse, entertainment, and retail development along the banks of the Trinity. That's us. There is already a new Class A+ apartment community that has been developed in anticipation of this project, and it's less than a quarter mile away. New $450K townhouses are located less than three-quarter miles away overlooking the Trinity Levee. The Bishop Arts District is located about two miles away and is currently Dallas' most prolific incubator of new eating, entertainment, and retail business. New urban developments are coming out of the ground all over North Oak Cliff. The area is becoming as trendy as Oak Lawn and Updown. Much of the development is done by the same players as Oak Lawn and Uptown, so it doesn't take much imagination and vision to see that this is one of the really hot and upcoming areas for investment in Dallas.
