Three-Story Apartment
For Sale
$2,125,000
2151 Mail Avenue, Dallas, TX 75235
ResidentialIncome, Dallas, TX
Property Size7,883 SF
Lot Size0.17 Acres
Price / SF$269.57
Days on Market87
Property Features for 2151 Mail Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
10
Bathrooms
15
Full bathrooms
10
Half bathrooms
5
Rooms
Bathroom 12, Bedroom 5, Bathroom 5, Bathroom 15, Bedroom 4, Bathroom 2, Bathroom 13, Bathroom 8, Bedroom 10, Bathroom 10, Bathroom 6, Bathroom 11, Bathroom 7, Bedroom 7, Bathroom 4, Bathroom 3, Bedroom 9, Bedroom 6, Bedroom 1, Bedroom 8, Bathroom 14, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 9
Parking
10
Parking features
Open, Garage
Interior features
BuiltInFeatures, Chandelier, DecorativeDesignerLightingFixtures, DoubleVanity, HighSpeedInternet, InLawFloorplan, KitchenIsland, OpenFloorplan, CableTv, VaultedCeilings, WalkInClosets
Exterior features
Balcony, PrivateEntrance
Appliances
SomeGasAppliances, Dishwasher, Disposal, GasRange, GasWaterHeater, PlumbedForGas
Subdivision
Hoods J T
Elementary school
Knight
Middle school
Rusk
High school
North Dallas
Elementary school district
Dallas ISD
Middle school district
Dallas ISD
High school district
Dallas ISD
Directions
Please use Navigation.
Standard status
Active
APN
00000335098000000
Size
7,883 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
HOODS J T LOT 18 MAIL
Tax Annual Amount
8350
HOA Fee
$250 Monthly
Legal Description
HOODS J T LOT 18 MAIL
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2026
Floors in Building
3
Number of units
5
Flooring type
Vinyl, Tile
Building materials
Frame, MetalSiding, WoodSiding
Listing Agency:
Douglas Elliman Real Estate
(469) 273-1431
Listed By:
Mabel Banda · License #0637169
(832) 320-2017
Added: Jun 20
Changed: Sep 12
Last Checked: Sep 14 at 3:06AM
MLS# 21221048
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.
Located at 2151 Mail Avenue in Dallas, this under-construction apartment property contains 7,883 square feet on 0.172 acres. The 2026 construction includes five three-story condominium residences, each organized across flexible living areas, sleeping quarters, and private entrances. Interior features include open floor plans, vaulted ceilings, kitchen islands, custom-style cabinetry, walk-in closets, and modern lighting. Private balconies extend the living space, while garage and open parking are provided.
The first level of each residence includes a flex room with a closet. Main living areas occupy the second level and connect to the kitchen and balcony, while bedrooms are positioned on the third floor. Primary suites include double vanities, walk-in closets, and oversized walk-in showers. Natural-gas central heating, electric central air, public water, and public sewer serve the property.
The property may be acquired with 2147 Mail Avenue as a combined 10-unit portfolio, according to the stated offering structure.
The first level of each residence includes a flex room with a closet. Main living areas occupy the second level and connect to the kitchen and balcony, while bedrooms are positioned on the third floor. Primary suites include double vanities, walk-in closets, and oversized walk-in showers. Natural-gas central heating, electric central air, public water, and public sewer serve the property.
The property may be acquired with 2147 Mail Avenue as a combined 10-unit portfolio, according to the stated offering structure.
Key Highlights
- Five‑unit condominium community under construction
- 7,883 square feet on 0.172 acres
- Three‑story residences with private entrances and balconies
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
$119,869
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
5.64%
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%
$2,397,380
$2.4M
Cap Rate 7%
$1,712,414
$1.7M
Cap Rate 9%
$1,331,878
$1.3M
Market Conditions
NOI Build-Up for 7,883 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
$244.1K $30.96/SF
− Vacancy
−$26.1K −$3.31/SF
EGI
$217.9K $27.65/SF
− OpEx
−$98.1K −$12.44/SF
NOI
$119.9K $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%
$2,397,380
Cap Rate 7%
$1,712,414
Cap Rate 9%
$1,331,878
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.50M – $2.00M
NOI $119,869 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.46M
$8.28M – $11.04M
NOI $662,127 @ 7.0% cap · market cap 31.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
890
Businesses Nearby
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Business Placement
Demographics for 75235, TX
19,153
Population
9,983
Households
1.9
Avg Household Size
33
Median Age
45%
College-Educated
77%
High-School Grad
6.7 sq mi
ZIP Area
2,859
Density / Sq Mi
$60,817
Median Household Income
$43,700
Median Earnings
$1,631
Median Rent
$283,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - New construction residences offer open layouts, private balconies, and contemporary kitchens across a five-unit community.
Where is this apartment building located?
The property is located at 2151 Mail Avenue Dallas, TX.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: Five‑unit condominium community under construction; 7,883 square feet on 0.172 acres; Three‑story residences with private entrances and balconies
