Caddo Sta Apts 2014 Caddo St

The offering is a well maintained, performing three-building, four-unit apartment complex in the desirable Old East Dallas neighborhood. It has a walk score of 71.
The property was built in 1941. Per the owner, the building’s square footage is approximately 4,700. The lot is approximately 10,625 sq ft. It is zoned MF-2. The roofs are pitched with composition shingles. The foundations are Pillar/Post/Pier. The HVAC is provided by individual central HVAC systems. All units have W/D connections. All unit utilities are individually metered and are paid for by the tenants. Parking is off street and gated.
The owners had been operating the property as Short-Term Rental (STR) units until March of 2024. The management company they employed did an excellent job of keeping the STR units occupied until they were sold. The owners decided to convert the STR units to standard leased units and sell the property. Historical financial data is not available as it is based on STR income and expenses not standard lease income and expenses.
Since buying the asset, the owners have performed extensive renovations. Including, but not limited to:
New Roofs - +/-2016
Central HVAC systems that replaced window units
New siding on 2 of the 3 buildings
Converted a duplex into a single unit
Resurfacing of original hardwoods or new flooring
New kitchens and new or updated bathrooms
The property is across the street from the J.W. Ray Park. It is a 2.5-acre neighborhood park, established in 1991. Facilities include an In-Line Hockey rink, an Outdoor Basketball Court, a Pavilion, Picnic Tables, a playground and a Tennis Court.
According to the Realtors Property Resource Trade Area report for Dallas, TX 76204:
The Average Household Income is $122,435
The Average Disposable Income is $90,457
The Median Household Income is $83,106
The median age is 33.7 years
The average household size is 1.62
The ZIP code has a Median Estimated Home Value of $509,650, which has decreased 2.4% over the last twelve months
The area is an excellent rental market due to its proximity to employment centers and the central business district of Dallas. It is home to new upscale or remodeled historic homes, White Rock Lake, the Dallas Arboretum, eclectic restaurants, entertainment, shopping and has easy access to major thoroughfares.