This is a total rehab. It's basically
a shell. Needs Everything.
Located at the corner of Elsbeth and Davis, two blocks from the center of the Bishop Arts District.
Possible Uses Dependent upon City Approval (Buyer must check to verify)
- office conversion
- bar/restaurant
- retail
- museum
- multi-family
Dallas has a long history, but there's not a lot that's actually historical about it. There is one piece of history that Dallas lays claim to, and for almost 50 years, Dallas has been trying to live down the event. Of course, I'm talking about the events of November 22, 1963, the assassination of President John Kennedy.
This property has a tangible link to that event. Prior to the assassination, Lee Harvey and his wife Marina Oswald lived in one of the downstairs units of this property. This property is mentioned five times in the Warren Commission Report.
So, what do you do with a building with a history like this? While it's an interesting prospect for a re-do, it also makes a lot of sense as a land deal. The property is priced just slightly above land value. In December 2012, we closed two adjacent properties less than a half-block away from this property at a land value of almost $35/square foot. The existing buildings are to be demolished and replaced by a parking lot. Bishop Arts District has a dire need for more parking, and, at the worst, 600 Elsbeth could be very profitably used as a valet parking lot. That use alone would provide a CAP rate in the 15% range for your investment. But we think there's opportunities to be found in the rehab. The Bishop Arts District is one of the hottest areas of Dallas. Of the Dallas Morning News' top 100 restaurants five are within several blocks of the Bishop Arts District.
