Development Opportunity in The
For Sale
$1,499,900
2401 Hickory Street, Dallas, TX 75215
Prime 8,400 SF lot in a high-growth urban corridor.
Property Size8,400 SF
Lot Size0.16 Acres
Price / SF$178.56
Days on Market113
Property Features for 2401 Hickory Street
General Information
Standard status
Active
Size
8,400 SF
Lot size
0.16 Acres
Property subtype
Commercial
Zoning
PD-317
Building Details
Building Size
8,400 SF
Year Built
1907
Stories
1
Units
1
Listing Agency:
Duncan Real Estate Co.
(214) 476-8157
Listed By:
Ty Duncan · License #0693646
(214) 476-8157
Source:
Signaturere
Added: Apr 22
Changed: Aug 8
Last Checked: Aug 12 at 12:34PM
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 Duncan Real Estate Co.
Investment Insights
Based on property information with market context.
Located in The Cedars Special Purpose Development District, 2401 Hickory Street presents a development opportunity. The approximately 8,400-square-foot lot is situated in a dynamic and rapidly evolving neighborhood, known for its eclectic mix of creative spaces. The location provides accessibility and visibility in a high-growth urban corridor, just minutes from Downtown Dallas, Deep Ellum, and major transportation corridors. The flexible zoning within PD-317 allows for a wide range of uses, including mixed-use, industrial, light manufacturing, multifamily, office, or boutique retail concepts. The property is situated within a designated Federal Opportunity Zone, offering tax incentives and investment advantages for qualifying projects. This location is suitable for positioning a project at the center of The Cedars' continued transformation.
Key Highlights
- Prime location in The Cedars, a rapidly evolving Dallas neighborhood.
- Located within a Federal Opportunity Zone, offering significant tax incentives.
- Flexible PD‑317 zoning allows for mixed‑use, industrial, multifamily, office, or retail development.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$135,160
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,703,200
$2.7M
Cap Rate 7%
$1,930,857
$1.9M
Cap Rate 9%
$1,501,778
$1.5M
Market Conditions
NOI Build-Up for 8,400 SF
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.
Gross rent
$202.6K $24.12/SF
− Vacancy
−$9.5K −$1.13/SF
EGI
$193.1K $22.99/SF
− OpEx
−$57.9K −$6.90/SF
NOI
$135.2K $16.09/SF
Area
Dallas, TX
Vacancy
4.70%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,703,200
Cap Rate 7%
$1,930,857
Cap Rate 9%
$1,501,778
Alternative Uses
Best Use
Office B
$6.90M
$6.04M – $8.05M
NOI $482,927 @ 7.0% cap · market cap 32.20%
Second Best
Retail
$1.93M
$1.69M – $2.25M
NOI $135,160 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$10.08M
$8.82M – $11.76M
NOI $705,552 @ 7.0% cap · market cap 47.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,479
Businesses Nearby
Explore this area
Business Placement
Demographics for 75215, TX
18,806
Population
8,481
Households
2.2
Avg Household Size
37
Median Age
17%
College-Educated
73%
High-School Grad
7.7 sq mi
ZIP Area
2,442
Density / Sq Mi
$41,388
Median Household Income
$34,114
Median Earnings
$1,209
Median Rent
$137,700
Median Home Value
Market
Vacancy Rate% for Office in Dallas, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Prime 8,400 SF lot in a high-growth urban corridor.
Where is this commercial land located?
The property is located at 2401 Hickory Street Dallas, TX.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: Prime location in The Cedars, a rapidly evolving Dallas neighborhood.; Located within a Federal Opportunity Zone, offering significant tax incentives.; Flexible PD‑317 zoning allows for mixed‑use, industrial, multifamily, office, or retail development.
