Multifamily Investment Near Lake Ray
For Sale
$6,900,000
4202 Bass Pro Dr., Garland, TX 75043
±35,490 SF mid-rise multifamily apartment complex – 20 units fully renovated
Property Size35,490 SF
Price / SF$194.42
Days on Market635
Property Features for 4202 Bass Pro Dr.
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
35,490 SF
Elevators
N/A
Building Details
Year Built
1983
Stories
4
Units
56
Listed By:
Kevin Diener
(214) 663-4236
Added: Jan 10, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This 56-unit mid-rise multifamily apartment complex, totaling approximately 35,490 square feet, is located in Garland, Texas. Situated at 4202 Bass Pro Dr., 75043, the property benefits from a lakeside position on Lake Ray Hubbard and convenient access to I-30. Twenty of the units have been fully renovated. A projected additional investment of approximately $600,000 would complete renovations on the remaining units, potentially stabilizing the property at an 8% capitalization rate. The property is near the future billion-dollar Sapphire Bay development, a planned waterfront resort destination, and a new hotel development across the street. This property offers the opportunity to acquire a multifamily asset in a developing area with growth potential.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$624,038
Cap Rate
9.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,480,760
$12.5M
Cap Rate 7%
$8,914,829
$8.9M
Cap Rate 9%
$6,933,756
$6.9M
Market Conditions
NOI Build-Up for 35,490 SF
Gross rent
$992.3K $27.96/SF
− Vacancy
−$100.8K −$2.84/SF
EGI
$891.5K $25.12/SF
− OpEx
−$267.4K −$7.54/SF
NOI
$624.0K $17.58/SF
Area
Garland, TX
Vacancy
10.16%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,480,760
Cap Rate 7%
$8,914,829
Cap Rate 9%
$6,933,756
Alternative Uses
Best Use
Multifamily LT 5
$8.91M
$7.80M – $10.40M
NOI $624,038 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$7.71M
$6.75M – $8.99M
NOI $539,661 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$42.59M
$37.26M – $49.68M
NOI $2,980,956 @ 7.0% cap · market cap 43.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 75043, TX
63,973
Population
23,439
Households
2.7
Avg Household Size
36
Median Age
25%
College-Educated
84%
High-School Grad
14.7 sq mi
ZIP Area
4,352
Density / Sq Mi
$75,454
Median Household Income
$39,062
Median Earnings
$1,467
Median Rent
$253,300
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?
Multifamily property - ±35,490 SF mid-rise multifamily apartment complex – 20 units fully renovated
Where is this multifamily property located?
The property is located at 4202 Bass Pro Dr. Garland, TX.
What is the asking price?
The asking price for this property is $6,900,000.
