Building Details

Year Built 1964

Listing Agency: Keller Williams Urban Dallas

Listed By: Matt Templeton · License #0680490 Show Phone

Source: Thebryandavisgroup

Added: Jul 27 Changed: Oct 3 Last Checked: Oct 7 at 5:09PM

Report an Issue

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 Keller Williams Urban Dallas

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This six-unit apartment property was built in 1964 and has received improvements within each residence over the past several years. Ceramic tile flooring has been installed in most units, and the roof was replaced in 2019. The property is located at 3525 Colonial Ave in Dallas, with convenient proximity to downtown.

The surrounding area includes the Forest Theatre District and the Cedars, where real estate development is noted. Infrastructure work along 45 and 310 also forms part of the nearby transportation context. The configuration offers an established multifamily asset with documented updates to major building components and unit interiors.

Key Highlights

• Six‑unit apartment property built in 1964
• Roof replacement completed in 2019
• Renovations completed within each unit over the last few years

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,245

Cap Rate

6.72%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$604,900 $604.9K

Cap Rate 7%

$432,071 $432.1K

Cap Rate 9%

$336,056 $336.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,989 SF

Gross rent

$61.6K $30.96/SF

− Vacancy

−$6.6K −$3.31/SF

EGI

$55.0K $27.65/SF

− OpEx

−$24.7K −$12.44/SF

NOI

$30.2K $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 Rate 5%

$604,900

Cap Rate 7%

$432,071

Cap Rate 9%

$336,056

Alternative Uses

Best Use

Apartment 5plus

$432.1K

$378.1K – $504.1K (±1% cap)

NOI $30,245 @ 7.0% cap · market cap 6.72%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.39M

$2.09M – $2.78M (±1% cap)

NOI $167,065 @ 7.0% cap · market cap 37.13%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Bakery Kitchen & Bath Showroom Law Firm (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Location Intelligence

Trade Area within ½ mile

463

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 Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Similar For Sale Nearby

See more

Modern Uptown Living with Skyline Views

3210 Carlisle Street #65, Dallas, TX 75204

$699,000

2.57 Acres

View details

5-Unit Townhome Apartment Building

5810 Hudson Street, Dallas, TX 75206

$2,700,000

0.17 Acres

View details

Updated Condo in Oak Lawn

4040 Avondale Avenue #107, Dallas, TX 75219

$334,999

1,396 SF

View details

17-Room Apartment Building

3528 Colonial Ave, Dallas, TX 75215

$225,000

3,252 SF

View details

8-Unit Historic Apartment Building

5211 Worth St, Dallas, TX 75214

$1,600,000

2,860 SF

View details

Light-Filled Corner Unit in Dallas

5335 Bent Tree Forest Drive #273, Dallas, TX 75248

$225,000

1,137 SF

View details

Updated Five-Unit Apartment Building

4936 Worth Street A-e, Dallas, TX 75214

$1,100,000

4,402 SF

View details

Five-Unit Furnished Apartment Building

4031 Rawlins Street, Dallas, TX 75219

$2,199,999

4,368 SF

View details

Apartment Building Under Construction

1914 Ashby St, Dallas, TX 75204

$2,625,000

6,655 SF

View details

Lakewood Multifamily Investment Opportunity

5921 Gaston Ave, Dallas, TX 75214

$1,550,000

8,880 SF

View details

5-Unit Modern Apartment Building

2247 Mail Ave, Dallas, TX 75235

$2,100,000

9,565 SF

View details

5-Unit Apartment Building with Garages

4707 Virginia Avenue, Dallas, TX 75204

$2,550,000

8,980 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Renovated interiors and a 2019 roof support a straightforward multifamily profile.

Where is this apartment building located?

The property is located at 3525 Colonial Ave Dallas, TX.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Six‑unit apartment property built in 1964; Roof replacement completed in 2019; Renovations completed within each unit over the last few years