Building Details

Year Built 1945

Buildings 1

Listing Agency: Kimberly Adams Realty

Listed By: Tiffany Turincio · License #0722031 Show Phone

Source: Christenberrygroup

Added: May 8 Changed: Oct 9 Last Checked: Oct 7 at 2:24PM

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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 Kimberly Adams Realty

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Investment Insights

Based on property information with market context.

This 3,744-square-foot quadplex was built in 1945 and updated in 2023. The unit mix includes two two-bedroom, one-bath residences and two one-bedroom, one-bath residences. Interior features include luxury vinyl plank flooring, open-plan layouts, kitchen islands, pantries, walk-in closets, dishwashers, ranges, refrigerators, and tankless water heaters. Individual conveniences include central air, private entrances, balconies, and covered patio or porch areas.

The property is located at 506 North Lancaster Avenue in Dallas, within North Oak Cliff and near Bishop Arts District and Downtown Dallas. Lake Cliff Park and other nearby parks provide access to outdoor recreation, while surrounding dining, entertainment, cultural attractions, and Downtown employment centers are close by. Short-term rental and Airbnb eligibility is stated for the property, with a projected 12% cap rate. A survey is available through the transaction desk.

Key Highlights

• 3,744‑square‑foot quadplex updated in 2023
• Four residences: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units
• Located at 506 North Lancaster Avenue near Bishop Arts District and Downtown Dallas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$65,833

Cap Rate

7.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,316,660 $1.3M

Cap Rate 7%

$940,471 $940.5K

Cap Rate 9%

$731,478 $731.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,744 SF

Gross rent

$104.7K $27.96/SF

− Vacancy

−$10.6K −$2.84/SF

EGI

$94.0K $25.12/SF

− OpEx

−$28.2K −$7.54/SF

NOI

$65.8K $17.58/SF

Area

Dallas, TX

Vacancy

10.16%

Lease Rate

$27.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,316,660

Cap Rate 7%

$940,471

Cap Rate 9%

$731,478

Alternative Uses

Best Use

Multifamily LT 5

$940.5K

$822.9K – $1.10M (±1% cap)

NOI $65,833 @ 7.0% cap · market cap 7.48%

Second Best

Apartment 5plus

$813.3K

$711.6K – $948.9K (±1% cap)

NOI $56,931 @ 7.0% cap · market cap 6.47%

Theoretical Best

Office A

$4.49M

$3.93M – $5.24M (±1% cap)

NOI $314,474 @ 7.0% cap · market cap 35.74%

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

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Electrical Service Storage Facility Tech Support Center Computer & Electronic Repair (Bike/Boat/Book/etc) Store Florist

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

4

Residential units

Location Intelligence

Trade Area within ½ mile

1,717

Businesses Nearby

Explore this area Business Placement

Demographics for 75203, TX

14,710

Population

6,862

Households

2.1

Avg Household Size

33

Median Age

17%

College-Educated

65%

High-School Grad

4.8 sq mi

ZIP Area

3,065

Density / Sq Mi

$46,358

Median Household Income

$32,690

Median Earnings

$1,110

Median Rent

$125,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Renovated income property with a flexible mix of one- and two-bedroom residences near Bishop Arts District and Downtown Dallas.

Where is this quadplex located?

The property is located at 506 N Lancaster Ave Dallas, TX.

What is the asking price?

The asking price for this property is $880,000.

What are key features of this property?

This property features: 3,744‑square‑foot quadplex updated in 2023; Four residences: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units; Located at 506 North Lancaster Avenue near Bishop Arts District and Downtown Dallas