Reconstructed 18-Unit Apartment
For Sale
$2,500,000
1415 Bennett Avenue, Dallas, TX 75204
Fully renovated property offers one-bedroom units with modern in-unit laundry.
Property Size10,320 SF
Price / SF$242.25
Days on Market148
Property Features for 1415 Bennett Avenue
General Information
Standard status
Active
Size
10,320 SF
Total Parking Spaces
11
Property subtype
Multi-Family / Apartment/5Plex+
Amenities
Central Air, Electric
Central, Electric
Vinyl
Dishwasher, Disposal, Dryer, Electric Range, Microwave, Refrigerator, Washer
Cable TV Available, High Speed Internet Available
No
Flat
Two
2
Pillar/Post/Pier
Owner
18
Stucco, Wood
Building Details
Year Built
1957
Buildings
1
Listing Agency:
GSFREA LLC
Listed By:
Esther Cho · License #0680452
(214) 605-7280
Source:
Compass
Added: Apr 9
Changed: Aug 31
Last Checked: Aug 29 at 2:14PM
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 GSFREA LLC
Investment Insights
Based on property information with market context.
Located at 1415 Bennett Avenue in Dallas, this 18-unit apartment building was originally constructed in 1957 and comprehensively rebuilt in 2019. The property contains exclusively one-bedroom residences ranging from 480 to 630 square feet, with 10,320 square feet of total property size. Unit interiors include stone countertops, updated cabinetry, stainless steel appliances, vinyl plank flooring, central air, and stackable washers and dryers. The renovation also addressed electrical, plumbing, roofing, and mechanical systems, while the property includes an electric entry gate.
The asset is 100% occupied and sits near Downtown Dallas, Deep Ellum, Lower Greenville, Knox-Henderson, and Baylor University Medical Center. Restaurants, parks, retail, and grocery stores are also described as accessible from the property. Exterior features include stucco and wood finishes, a flat roof, and owner-maintained grounds.
The asset is 100% occupied and sits near Downtown Dallas, Deep Ellum, Lower Greenville, Knox-Henderson, and Baylor University Medical Center. Restaurants, parks, retail, and grocery stores are also described as accessible from the property. Exterior features include stucco and wood finishes, a flat roof, and owner-maintained grounds.
Key Highlights
- 18‑unit apartment building with 10,320 square feet of total property size
- All one‑bedroom units, ranging from 480‑630 SF
- Completely reconstructed to the studs in 2019
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
$156,926
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
6.28%
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%
$3,138,520
$3.1M
Cap Rate 7%
$2,241,800
$2.2M
Cap Rate 9%
$1,743,622
$1.7M
Market Conditions
NOI Build-Up for 10,320 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
$319.5K $30.96/SF
− Vacancy
−$34.2K −$3.31/SF
EGI
$285.3K $27.65/SF
− OpEx
−$128.4K −$12.44/SF
NOI
$156.9K $15.21/SF
Area
Dallas, TX
Vacancy
10.70%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
45.00%
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%
$3,138,520
Cap Rate 7%
$2,241,800
Cap Rate 9%
$1,743,622
Alternative Uses
Best Use
Apartment 5plus
$2.24M
$1.96M – $2.62M
NOI $156,926 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.38M
$10.84M – $14.45M
NOI $866,821 @ 7.0% cap · market cap 34.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,586
Businesses Nearby
Explore this area
Business Placement
Demographics for 75204, TX
34,012
Population
23,304
Households
1.5
Avg Household Size
31
Median Age
70%
College-Educated
95%
High-School Grad
2.6 sq mi
ZIP Area
13,082
Density / Sq Mi
$93,007
Median Household Income
$71,995
Median Earnings
$1,822
Median Rent
$451,900
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?
Apartment building - Fully renovated property offers one-bedroom units with modern in-unit laundry.
Where is this apartment building located?
The property is located at 1415 Bennett Avenue Dallas, TX.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 18‑unit apartment building with 10,320 square feet of total property size; All one‑bedroom units, ranging from 480‑630 SF; Completely reconstructed to the studs in 2019
