Updated 4-Plex Income
506 N Lancaster Avenue, Dallas, TX 75203
MULTI_FAMILY - Dallas, TX
Property size:
3,744 SFLot size:
0.16 AcresPrice / SF:
$235/SF- Added:
- Apr 29, 2026
- Days on Market:
- 47
- Last Refresh:
- Jun 14 at 10:06 pm
Property Features for 506 N Lancaster Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Bedroom 5, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 2, Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 3
- Parking
- 6
- Interior features
- KitchenIsland, MultipleStaircases, OpenFloorplan, Pantry, CableTv, WalkInClosets
- Exterior features
- Balcony, PrivateEntrance
- Appliances
- Dishwasher, ElectricCooktop, ElectricOven, ElectricRange, ElectricWaterHeater, GasCooktop, Disposal, GasOven, GasRange, Microwave, Refrigerator, TanklessWaterHeater
- Standard status
- Active
- APN
- 00000250228000000
- Size
- 3,744 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Annual Amount
- 13902
Utilities
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating), Central, Natural Gas
- Cooling system
- Central Air, Electric
Building Details
- Year built
- 1945
- Floors in Building
- 2
- Number of units
- 4
- Flooring type
- Vinyl
- Roof type
- Shingle
Listing agent Tiffany Turincio License #0722031 (817) 703-6513
Listing office Kimberly Adams Realty Fate, TX (817) 513-4708
Listing date Apr 29, 2026
MLS# 21229843
Listing URL
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Updated 2023 4‑plex with (2) 2BD/1BA units and (2) 1BD/1BA units
- Short‑term rental and Airbnb eligible; projected $12.8k/month income and 12% cap rate at asking (per remarks)
- Year built 1945; roof type: shingle; sewer: public sewer
- Each unit offers central air and central/natural gas (plus electric) heating
- Appliances included: dishwasher, electric & gas ranges/ovens, microwave, refrigerator; tankless water heater
- Exterior features include balcony and private entrance; interior includes kitchen island, pantry, walk‑in closets, and open floorplan
Overview
Situated at 506 N Lancaster Avenue, this updated 2023 4-plex offers a versatile mix of homes designed for steady occupancy and flexible leasing. The property includes (2) 2-bedroom, 1-bath units and (2) 1-bedroom, 1-bath units, creating multiple configuration options for tenants seeking different space needs. This is a rare opportunity to acquire a small multifamily asset with recent updates and straightforward unit diversity.
The location is in North Oak Cliff, just minutes from the Bishop Arts District and Downtown Dallas, with convenient access to major employment centers. Residents are also near local dining, entertainment, and cultural attractions. Nearby green space, including Lake Cliff Park, adds outdoor recreation appeal, supporting demand from both renters and short-stay guests.
This property can fit a range of ownership strategies, including buy-and-hold investing and owner-occupancy, given its central Dallas positioning and ongoing redevelopment in the corridor. The asset is also described as short-term rental and Airbnb eligible, with projected monthly income referenced in the marketing materials. For investors or operators looking for a manageable 4-unit setup with modern updates, this updated 4-plex offers a practical path to diversified rental demand.
The location is in North Oak Cliff, just minutes from the Bishop Arts District and Downtown Dallas, with convenient access to major employment centers. Residents are also near local dining, entertainment, and cultural attractions. Nearby green space, including Lake Cliff Park, adds outdoor recreation appeal, supporting demand from both renters and short-stay guests.
This property can fit a range of ownership strategies, including buy-and-hold investing and owner-occupancy, given its central Dallas positioning and ongoing redevelopment in the corridor. The asset is also described as short-term rental and Airbnb eligible, with projected monthly income referenced in the marketing materials. For investors or operators looking for a manageable 4-unit setup with modern updates, this updated 4-plex offers a practical path to diversified rental demand.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.9k | $30.96 |
| − Vacancy | −$12.4k | −$3.31 |
| EGI | $103.5k | $27.65 |
| − OpEx | −$46.6k | −$12.44 |
| NOI | $56.9k | $15.21 |
3,744 SF · lease $30.96/SF/yr · vacancy 10.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$813.3K
$711.6K – $948.9K
NOI $56,931 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,474 @ 7.0% cap · market cap 35.74%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Short term rental ...
Location Insight
- Map
- Local Demand
- City
- Dallas
- County
- Collin
- State
- Texas
- Longitude
- -96.813863
- Latitude
- 32.75412
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - An updated 4-unit in North Oak Cliff with flexible 1- and 2-bedroom layouts for long-term rentals or short-term stays.
Where is this multifamily property located?
The property is located at 506 N Lancaster Avenue Dallas, TX.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Updated 2023 4‑plex with (2) 2BD/1BA units and (2) 1BD/1BA units; Short‑term rental and Airbnb eligible; projected $12.8k/month income and 12% cap rate at asking (per remarks); Year built 1945; roof type: shingle; sewer: public sewer
