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Dallas Multifamily High-Rise Investment

5520 Gaston Ave, Dallas, TX 75214

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For Sale

$3,500,000

Renovated 23-unit high-rise near Lakewood and White Rock Lake.

Type:Multifamily

Property size:

14,545 SF

Price / SF:

$240/SF

HighLights

High 90% occupancy rate indicating strong rental demand.
Prime Dallas location near Lakewood, White Rock Lake, Lower Greenville, and Deep Ellum.
Recently renovated in 2018, providing modern amenities.
Desirable PD‑99 zoning.
14,545 SF building with 23 units, offering a substantial investment.
Proximity to the Dallas Arboretum and Botanical Garden.

We can help!

Contact an agent

Heather Konopka, CCIM, CRE

For Sale

$3,500,000

Renovated 23-unit high-rise near Lakewood and White Rock Lake.

Type:Multifamily

Property size:

14,545 SF

Price / SF:

$240/SF

Added:: Jan 27, 2026
Days on Market:: 162
Last Refresh:: Apr 5 at 11:57 pm

Property Features for 5520 Gaston Ave

General Information

Standard status: Active
Size: 14,545 SF
Property subtype: Multifamily

Building Details

Year Built: 1959

We can help!

Contact an agent

Heather Konopka, CCIM, CRE

Listing office

Listing date Jan 27, 2026

Source Sperrycga

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Heather Konopka, CCIM, CRE

HighLights

High 90% occupancy rate indicating strong rental demand.
Prime Dallas location near Lakewood, White Rock Lake, Lower Greenville, and Deep Ellum.
Recently renovated in 2018, providing modern amenities.
Desirable PD‑99 zoning.
14,545 SF building with 23 units, offering a substantial investment.
Proximity to the Dallas Arboretum and Botanical Garden.

Overview

Located in Dallas, this multifamily high-rise property offers an investment opportunity. The 14,545 square foot building, constructed in 1959, features 23 units and was renovated in 2018. The property has PD-99 zoning and a 90% occupancy rate. Situated near the Lakewood neighborhood and White Rock Lake, the Royal Palms property is also close to dining, cultural landmarks, and entertainment venues. Lower Greenville and Deep Ellum are easily accessible, as is the Dallas Arboretum and Botanical Garden. This location is attractive for multifamily high-rise investors.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$450.3k	$30.96
− Vacancy	−$48.2k	−$3.31
EGI	$402.1k	$27.65
− OpEx	−$181.0k	−$12.44
NOI	$221.2k	$15.21

14,545 SF · lease $30.96/SF/yr · vacancy 10.70% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$3.16M

$2.76M – $3.69M (±1% cap)

NOI $221,171 @ 7.0% cap · market cap 6.32%

Second Best

—

no second resolved use

Theoretical Best

Office A

$17.45M

$15.27M – $20.36M (±1% cap)

NOI $1,221,696 @ 7.0% cap · market cap 34.91%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Royal Palm Apartment Building

Suggested Use

Location Insight

Map
Local Demand

City: Dallas
County: Collin
State: Texas
Longitude: -96.762
Latitude: 32.8057

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For sale
Apartment buildings
TX
Dallas
75214
5520 Gaston Ave

What type of property is this?

Apartment building - Renovated 23-unit high-rise near Lakewood and White Rock Lake.

Where is this apartment building located?

The property is located at 5520 Gaston Ave Dallas, TX.

What is the asking price?

The asking price for this property is $3,500,000.

What are key features of this property?

This property features: High 90% occupancy rate indicating strong rental demand.; Prime Dallas location near Lakewood, White Rock Lake, Lower Greenville, and Deep Ellum.; Recently renovated in 2018, providing modern amenities.