2910 Throckmorton StDallas, TX 75219

For Sale
$4,400,000

27-unit multifamily, fully occupied, renovated.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional 27-unit apartment building, located at 2910 Throckmorton St in Dallas, Texas (75219), presents a compelling investment opportunity. Boasting 19,368 square feet, this property offers a strong price per square foot of $227.18 and a price per unit of $162,962.96. Built in 1966 and extensively renovated in 2023, with over $300,000 in capital expenditures since January 2023 and a total of $540,000 since ownership, the property is currently fully occupied and shows significant upside potential. The building benefits from gated covered parking and is situated in Uptown Dallas, the most expensive rental submarket in the Dallas-Fort Worth Metroplex, according to CoStar. This prime location offers immediate access to a robust employment base, with over 110,000 jobs within a 1-mile radius of Dallas' Central Business District. The surrounding area boasts impressive socioeconomic demographics, including an average household income exceeding $115,000 within a 2-mile radius and a median household income over $100,000 within a 3-mile radius. Furthermore, the property is near high-end neighborhoods and retail/dining corridors such as Oak Lawn, West Village, Victory Park, Knox-Henderson, Uptown, and Highland Park. The strong population density (189,225 within a 3-mile radius and a workday population of 414,607) and the median value of owner-occupied housing units ($707,600 within a 3-mile radius) further underscore the desirability and investment potential of this asset. A value-add opportunity exists to achieve top-of-market rents, with a potential increase of over 29% achievable through a $15,000 per unit renovation budget. The property's location within Uptown, projected to see 20+ Class A developments by 2027, ensures enduring rental demand and strong appreciation potential. The asking price is $4,400,000. APN: 00000149176000000.

Highlights

  • Strong demographics: 189,225 residents and 414,607 daytime workers within a 3-mile radius.
  • High-value residential area: Median owner-occupied home value of $707,600 within a 3-mile radius.
  • Significant recent capital improvements: Over $300,000 in capital expenditures since January 2023, totaling $540,000 since acquisition.
  • High occupancy and rental upside: Fully occupied with approximately 10%+ potential rental increase.
  • Value-add opportunity: Potential to achieve top-of-market rents, representing a 29%+ increase over current rents with a $15,000 per unit renovation budget.
  • Prime location: Situated in Dallas-Fort Worth's most expensive rental submarket (CoStar data).

Property Details for 2910 Throckmorton St

Property type
Multifamily properties, Apartment buildings
Square Feet
19,368 SF
Year Built/Renovated
1966/2023
Units
27

Location Insight

City
Dallas
County
Dallas
State
Texas
Latitude
32.810031938496
Longitude
-96.812510688433
2910 Throckmorton St, Dallas, Texas

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2910 Throckmorton St
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