Waller Group is proud to present the 100% occupied, 9-unit value-add Glendale Court property in Dallas, TX. The property was gutted to the studs in 2018, spending $190,122.43 on capex (equating to $21,125 / unit). Upgrades/renovations included the following: A/C replacement, new electric ranges, microwaves, fridges, dishwashers, new washer and dryer combos, new toilets, new plumbing fixtures, upgraded water heater, new paint for unit interiors, engineered wood flooring, new kitchen/bathroom cabinets, granite countertops, mini/vertical blinds, new light fixtures, new roof, new double-pane windows, paint for common areas, and brick/siding/steps/stairs.
The subject property amenities consist of: private backyard/patio perfect for a pet, free on-site storage, stainless steel appliances, beautiful balcony, washer/dryer combo, plus convenient location near Gaston Ave, shopping centers, and restaurants.
Current rents are 81.2% of top of the market rents (based on survey of rent comparables). Current rent comparable achieving top of the market rents in the submarket contain high-end landscaping design and high-end interior finishes. There is additional room to boost revenues through adding lease violation fees, charging for internet, and charging $20- $40 / month for washer/dryer combos in units.
Current ownership is achieving $72,400* in annual NOI. New ownership, based upon area rent comps, can raise rents up to $280 / unit, which is a $0.47 / sqft rent bump. With this bump, new ownership can achieve an annual NOI of $99,670.
The property is currently managed by WGPM. Proforma financials were underwritten with a 5.0% management fee