Gated Five-Unit Apartment
For Sale
$2,550,000
4709 Virginia Avenue, Dallas, TX 75204
ResidentialIncome, Dallas, TX
Property Size9,050 SF
Lot Size0.35 Acres
Price / SF$281.77
Days on Market49
Property Features for 4709 Virginia Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
2
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 2, Bathroom 3
Parking
10
Parking features
Garage, Covered, Open, Gated, Assigned
Security features
Security
Interior features
BuiltInFeatures, CedarClosets, DecorativeDesignerLightingFixtures, EatInKitchen, KitchenIsland, MultipleMasterSuites, MultipleStaircases, OpenFloorplan, Pantry, CableTv, WalkInClosets
Exterior features
Balcony
Fencing
Fenced
Appliances
BuiltInGasRange, BuiltInRefrigerator, Dishwasher, GasCooktop, Disposal, GasOven, GasRange, GasWaterHeater, TanklessWaterHeater
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
Plz Use GPS
Standard status
Active
APN
00000122017000000
Size
9,050 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
SCRUGGS BLK 5/710 LTS 7 & 8 ACS 0.3471
Tax Annual Amount
7735
HOA Fee
$150 Monthly
Legal Description
SCRUGGS BLK 5/710 LTS 7 & 8 ACS 0.3471
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
gated
Building Details
Year built
2025
Floors in Building
3
Number of units
5
Flooring type
Engineered
Building materials
Stucco
Roof type
Shingle
Listing Agency:
Keller Williams Realty
(817) 329-8850
Listed By:
Amarah Ayaz · License #0750710
(214) 916-0665
Added: Jul 16
Changed: Sep 1
Last Checked: Sep 2 at 9:06AM
MLS# 21332643
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 2025 apartment property contains five townhome-style residences within a gated, fenced community. The 9,050-square-foot improvement sits on 0.347 acres and includes modern interior finishes, engineered flooring, open-plan layouts, kitchen islands, multiple master suites, walk-in closets, balconies, and gas and tankless water heaters. Central air, natural-gas heating, public water, and public sewer serve the property, while assigned, covered, open, and garage parking are provided.
The property is located at 4709 Virginia Avenue in Dallas, approximately 9 minutes from Southern Methodist University. The address also provides access to Downtown Dallas, Uptown, hospitals, shopping, and dining. Short-term rentals are allowed, and the property is described as fully occupied with five units in place.
The property is located at 4709 Virginia Avenue in Dallas, approximately 9 minutes from Southern Methodist University. The address also provides access to Downtown Dallas, Uptown, hospitals, shopping, and dining. Short-term rentals are allowed, and the property is described as fully occupied with five units in place.
Key Highlights
- Five‑unit apartment community completed in 2025
- 9,050 square feet on 0.347 acres
- Gated and fenced property with garage, covered, open, and assigned parking
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
$137,614
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
5.40%
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%
$2,752,280
$2.8M
Cap Rate 7%
$1,965,914
$2.0M
Cap Rate 9%
$1,529,044
$1.5M
Market Conditions
NOI Build-Up for 9,050 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
$280.2K $30.96/SF
− Vacancy
−$30.0K −$3.31/SF
EGI
$250.2K $27.65/SF
− OpEx
−$112.6K −$12.44/SF
NOI
$137.6K $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%
$2,752,280
Cap Rate 7%
$1,965,914
Cap Rate 9%
$1,529,044
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.72M – $2.29M
NOI $137,614 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.86M
$9.50M – $12.67M
NOI $760,148 @ 7.0% cap · market cap 29.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Recently built, secured multifamily property with modern townhome-style residences and short-term rental eligibility.
Where is this apartment building located?
The property is located at 4709 Virginia Avenue 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: Five‑unit apartment community completed in 2025; 9,050 square feet on 0.347 acres; Gated and fenced property with garage, covered, open, and assigned parking
