Updated 2023 4-Plex for
506 N Lancaster Avenue Dallas, TX 75203
For Sale
$880,000
MULTI_FAMILY - Dallas, TX
Property Size3,744 SF
Lot Size0.16 Acres
Price / SF$235.04
Days on Market93
Property Features for 506 N Lancaster Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
4
Rooms
Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 4, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 2
Parking
6
Interior features
KitchenIsland, MultipleStaircases, OpenFloorplan, Pantry, CableTv, WalkInClosets
Exterior features
Balcony, PrivateEntrance
Appliances
Dishwasher, ElectricCooktop, ElectricOven, ElectricRange, ElectricWaterHeater, GasCooktop, Disposal, GasOven, GasRange, Microwave, Refrigerator, TanklessWaterHeater
Standard status
Active
APN
00000250228000000
Size
3,744 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
13902
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas, Electric (Heating)
Cooling system
Central Air, Electric
Building Details
Year built
1945
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
Kimberly Adams Realty
(817) 513-4708
Listed By:
Tiffany Turincio · License #0722031
(817) 703-6513
Added: Apr 29
Changed: Jul 27
Last Checked: Jul 30 at 7:06AM
MLS# 21229843
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.
Updated in 2023, this four-plex offers a practical 2-and-2 unit mix with two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. The property totals approximately 3,744 square feet on a 0.1594-acre lot and is set up for flexible rental configurations.
Located at 506 N Lancaster Avenue in Dallas, the offering is described as being in North Oak Cliff, just minutes from the Bishop Arts District and Downtown Dallas. The remarks also note easy access to major employment centers and proximity to nearby parks and green space, including Lake Cliff Park.
The property is also described as short-term rental and Airbnb eligible. A survey is available on the transaction desk.
Located at 506 N Lancaster Avenue in Dallas, the offering is described as being in North Oak Cliff, just minutes from the Bishop Arts District and Downtown Dallas. The remarks also note easy access to major employment centers and proximity to nearby parks and green space, including Lake Cliff Park.
The property is also described as short-term rental and Airbnb eligible. A survey is available on the transaction desk.
Key Highlights
- Updated 2023 4‑plex in North Oak Cliff
- Unit mix: (2) 2‑bedroom 1‑bath and (2) 1‑bedroom 1‑bath
- Appliances include electric and gas ranges/ovens, microwave, dishwasher, refrigerator
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.7k | $27.96 |
| − Vacancy | −$10.6k | −$2.84 |
| EGI | $94.0k | $25.12 |
| − OpEx | −$28.2k | −$7.54 |
| NOI | $65.8k | $17.58 |
3,744 SF · lease $27.96/SF/yr · vacancy 10.16% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$940.5K
$822.9K – $1.10M
NOI $65,833 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$813.3K
$711.6K – $948.9K
NOI $56,931 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,474 @ 7.0% cap · market cap 35.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property updated in 2023, featuring two 2-bed/1-bath units and two 1-bed/1-bath units.
Where is this quadplex located?
The property is located at 506 N Lancaster Avenue 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: Updated 2023 4‑plex in North Oak Cliff; Unit mix: (2) 2‑bedroom 1‑bath and (2) 1‑bedroom 1‑bath; Appliances include electric and gas ranges/ovens, microwave, dishwasher, refrigerator
