PRICE REDUCED!
HOT BISHOP ARTS DISTRICT
Two Brick Fourplexes
Bishop Arts District
North Oak Cliff, Dallas TX |
438 and 625 West Tenth Street
Dallas, Texas, 75208
$369,900
8% CAP Rate (Actuals)
9.5% Cash on Cash Return
1.58 Debt Coverage Ratio
Sloped composition roofs
Separate Meters--Tenants pay Utilities
Located 3-4 blocks from the trendy and chic
Bishop Arts District and Davis Street
Oak Cliff feels like a small town.
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These two four-unit buildings are located two blocks apart in the trendy Bishop Arts District. The owner has spent the last 5 years rehabbing both properties, and they are now in very good condition. Units have new flooring (tile and/or laminate flooring), recent appliances, new water heaters in many units, central heat and air, high ceilings, ceiling fans, and new windows in over half the units.
The Bishop Arts District is one of Dallas' hottest incubators for new restaurants, shops, and clubs. From neighborhood pubs to white-tablecloth dining, Bishop Arts draws crowds of young urban proessionals every night. Home to five or six of the top 100 restaurants in Dallas, this area is one of the strongest areas in Dallas for urban living and recreation. It's only a few blocks from the fourplexes. Click here to see more about the Bishop Arts District.
The Bishop Arts District, Winnetka Heights and Kessler Park neighborhoods are experiencing an influx of young urban professionals and same-sex couples looking to live in a small town, chic environment, and these two large fourplexes (almost 1000 SF/unit) have all the things that these young professionals are looking for. Several of the apartments have fireplaces.
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.
 | | Locator map for North Oak Cliff |
The Trinity River Corridor Project is just a couple of miles from Bishop Arts. 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 is affecting most properties in North Oak Cliff. A massive urban rezoning of the Bishop/Davis corridor has affected almost 400 acres of land in Bishop Arts and Bishop/Davis. It's increased density, reduced parking requirements and provided streetscape and other infrastructure improvements. Just a few blocks to the east of these fourplexes and just to the south of the Bishop Arts District core is a development being funded by several million dollars of taxpayer money that will add more parking, more residential, and more multi-use space to the already-booming Bishop Arts District.
This area is a priority to local City Council representatives, and every bit of development they can support gives them more political pull with their urban professional base, so the area gets a lot of attention.
The new Calatrava Bridge between Downtown Dallas and North Oak Cliff opened in early 2012. This bridge is destined to become an icon for Dallas, as distinctive as the Reunion Tower that currently graces just about every official portrait of the Dallas skyline. As this bridge becomes more and more a symbol of Dallas, interest in the neighboring North Oak Cliff area should continue to increase.
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.
To the west of these fourplexes is the second-oldest historic district in Dallas, Winnetka Heights. Home of a large collection of immaculately-restored 1920's homes, Winnetka Heights is one of the magnets that draws people to North Oaqk Cliff. Click here for a a look at the Winnetka Heights neighborhood
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Joe Lumbley, President
JP Lumbley
and Associates, LLC
214-941-3417 (office)
214-405-3417 (cell)
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