6-Unit Apartment
For Sale
$475,000
3525 Colonial Ave, Dallas, TX 75215
Renovated interiors and a 2019 roof support a straightforward multifamily profile.
Property Size1,989 SF
Price / SF$238.81
Days on Market36
Property Features for 3525 Colonial Ave
General Information
Standard status
Active
Size
1,989 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Year Built
1964
Listing Agency:
Keller Williams Urban Dallas
(469) 900-7409
Listed By:
Matt Templeton · License #0680490
Source:
Thebryandavisgroup
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 30 at 6:53PM
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
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.
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 = 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
$30,245
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
6.37%
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%
$604,900
$604.9K
Cap Rate 7%
$432,071
$432.1K
Cap Rate 9%
$336,056
$336.1K
Market Conditions
NOI Build-Up for 1,989 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
$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 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%
$604,900
Cap Rate 7%
$432,071
Cap Rate 9%
$336,056
Alternative Uses
Best Use
Apartment 5plus
$432.1K
$378.1K – $504.1K
NOI $30,245 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.78M
NOI $167,065 @ 7.0% cap · market cap 35.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $475,000.
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
