Updated Fourplex with Private
For Sale
$880,000
506 N Lancaster Avenue, Dallas, TX 75203
MULTI_FAMILY - Dallas, TX
Property Size3,744 SF
Lot Size0.16 Acres
Price / SF$235.04
Days on Market93
Property Features for 506 N Lancaster Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 4, Bedroom 4, Bathroom 2
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
Subdivision
Oak Cliff Original
Elementary school
Bowie
Middle school
Garcia
High school
Adamson
Elementary school district
Dallas ISD
Middle school district
Dallas ISD
High school district
Dallas ISD
Directions
from 30 exit 8th street. Drive .4 miles and make a left on E Eighth St. Drive .3 miles and make a right on Lancaster Ave.
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
Central, Electric (Heating), 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 Agency:
Kimberly Adams Realty
(817) 513-4708
Listed By:
Tiffany Turincio · License #0722031
(817) 703-6513
Added: Apr 29
Changed: Jul 29
Last Checked: Jul 30 at 2:06PM
MLS# 21229843
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.
Investment Insights
Based on property information with market context.
This updated fourplex at 506 N Lancaster Avenue offers a flexible unit mix with (2) 2-bedroom, 1-bath units and (2) 1-bedroom, 1-bath units. The property includes features such as kitchen islands, open floorplans, pantries, walk-in closets, and multiple staircases. Kitchens are equipped with a range of appliances including dishwashers, microwaves, electric and gas cooking options, and tankless water heaters, supported by central heating/cooling. Outdoor amenities include balconies, and each unit has a private entrance. Public sewer service is available, and the roof is shingle.
The building was originally constructed in 1945 and includes 3,744 square feet on a 0.1594-acre lot. Interior finishes include vinyl flooring, and the home is heated with central electric and natural gas systems. Cooling is provided by central air with electric components.
Set up as a four-unit residential income property, this layout can suit tenants seeking either a 2-bedroom or 1-bedroom option within the same asset.
The building was originally constructed in 1945 and includes 3,744 square feet on a 0.1594-acre lot. Interior finishes include vinyl flooring, and the home is heated with central electric and natural gas systems. Cooling is provided by central air with electric components.
Set up as a four-unit residential income property, this layout can suit tenants seeking either a 2-bedroom or 1-bedroom option within the same asset.
Key Highlights
- Updated in 2023 with four units total: (2) 2‑bedroom 1‑bath and (2) 1‑bedroom 1‑bath
- 3,744 SF on a 0.1594‑acre lot
- Balconies and private entrances
Financial Insights For Multifamily LT 5
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 | $104.7k | $27.96 |
| − Vacancy | −$10.6k | −$2.84 |
| EGI | $94.0k | $25.12 |
| − OpEx | −$28.2k | −$7.54 |
| NOI | $65.8k | $17.58 |
3,744 SF · lease $27.96/SF/yr · vacancy 10.16% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$940.5K
$822.9K – $1.10M
NOI $65,833 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$813.3K
$711.6K – $948.9K
NOI $56,931 @ 7.0% cap · market cap 6.47%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,717
Businesses Nearby
Explore this area
Business Placement
Demographics for 75203, TX
14,710
Population
6,862
Households
2.1
Avg Household Size
33
Median Age
17%
College-Educated
65%
High-School Grad
4.8 sq mi
ZIP Area
3,065
Density / Sq Mi
$46,358
Median Household Income
$32,690
Median Earnings
$1,110
Median Rent
$125,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated fourplex featuring two 2-bedroom units and two 1-bedroom units, each with private entrances and outdoor balcony space.
Where is this quadplex 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 in 2023 with four units total: (2) 2‑bedroom 1‑bath and (2) 1‑bedroom 1‑bath; 3,744 SF on a 0.1594‑acre lot; Balconies and private entrances
