5-Unit Apartment
For Sale
$2,550,000
4709 Virginia, Dallas, TX 75204
MULTI_FAMILY - Dallas, TX
Property Size8,980 SF
Lot Size0.35 Acres
Price / SF$283.96
Days on Market101
Property Features for 4709 Virginia
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
10
Bathrooms
20
Full bathrooms
10
Half bathrooms
10
Rooms
Bedroom 6, Bathroom 2, Bathroom 1, Bathroom 5, Bedroom 4, Bathroom 20, Bathroom 10, Bedroom 5, Bathroom 4, Bathroom 18, Bedroom 1, Bathroom 16, Bathroom 15, Bedroom 3, Bathroom 9, Bathroom 3, Bathroom 8, Bathroom 6, Bedroom 10, Bedroom 7, Bedroom 2, Bathroom 13, Bathroom 17, Bathroom 12, Bedroom 8, Bathroom 7, Bedroom 9, Bathroom 14, Bathroom 19, Bathroom 11
Parking
10
Parking features
Garage
Subdivision
Scruggs
Elementary school
Chavez
Middle school
Spence
High school
North Dallas
Elementary school district
Dallas ISD
Middle school district
Dallas ISD
High school district
Dallas ISD
Directions
GPS
Standard status
Active
APN
00000122017000000
Size
8,980 SF
Lot size
0.35 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
private balcony
Building Details
Year built
2023
Floors in Building
3
Number of units
5
Flooring type
Vinyl
Building materials
Stucco
Listing Agency:
Equitify Realty
(972) 345-2062
Listed By:
Huma Azim · License #0575698
(214) 763-0411
Added: May 15
Changed: Aug 15
Last Checked: Aug 23 at 7:06PM
MLS# 21264866
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.
This under-construction 5-unit apartment property occupies a 0.3471-acre site in Dallas, Texas. The planned improvements include spacious interiors, private balconies, and a 2-car garage for each unit. Stucco construction and vinyl flooring are specified, with public water and public sewer serving the property. The building carries a 2023 year built designation.
The property is located in the 75204 postal area, providing a multifamily asset within Dallas. Its unit-level garage parking and balcony features are incorporated into the current design, while construction remains underway.
The property is located in the 75204 postal area, providing a multifamily asset within Dallas. Its unit-level garage parking and balcony features are incorporated into the current design, while construction remains underway.
Key Highlights
- 5‑unit apartment property on a 0.3471‑acre site
- Each unit includes a 2‑car garage and private balcony
- Property condition: Under Construction
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
$136,550
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
5.35%
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%
$2,731,000
$2.7M
Cap Rate 7%
$1,950,714
$2.0M
Cap Rate 9%
$1,517,222
$1.5M
Market Conditions
NOI Build-Up for 8,980 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
$278.0K $30.96/SF
− Vacancy
−$29.7K −$3.31/SF
EGI
$248.3K $27.65/SF
− OpEx
−$111.7K −$12.44/SF
NOI
$136.5K $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%
$2,731,000
Cap Rate 7%
$1,950,714
Cap Rate 9%
$1,517,222
Alternative Uses
Best Use
Apartment 5plus
$1.95M
$1.71M – $2.28M
NOI $136,550 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.78M
$9.43M – $12.57M
NOI $754,268 @ 7.0% cap · market cap 29.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,569
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Under-construction multifamily property with private balconies, garages, and public water and sewer service.
Where is this apartment building located?
The property is located at 4709 Virginia Dallas, TX.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 5‑unit apartment property on a 0.3471‑acre site; Each unit includes a 2‑car garage and private balcony; Property condition: Under Construction
