Updated Quadplex with Mixed Unit
For Sale
$880,000
Pending
506 N Lancaster Avenue, Dallas, TX 75203
ResidentialIncome, Dallas, TX
Property Size3,744 SF
Lot Size0.16 Acres
Days on Market60
Property Features for 506 N Lancaster Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
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
Subdivision
Oak Cliff Original
Elementary school
Bowie
Middle school
Garcia
High school
Adamson
Elementary school district
Dallas ISD
Middle school district
Dallas ISD
High school district
Dallas ISD
Directions
from 30 exit 8th street. Drive .4 miles and make a left on E Eighth St. Drive .3 miles and make a right on Lancaster Ave.
Standard status
Pending
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
Electric (Heating), Central, Natural Gas
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: Jul 17
Changed: Sep 13
Last Checked: Sep 14 at 6:06AM
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.
This updated quadplex at 506 N Lancaster Avenue contains 3,744 square feet on a 0.1594-acre lot. The 2023 improvements include two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. Interior features include open floor plans, kitchen islands, pantries, walk-in closets, multiple staircases, and vinyl flooring, while exterior details include private entrances and balconies. The property is served by public sewer and includes central air conditioning and natural gas, central, and electric heating systems.
The property is in North Oak Cliff near Bishop Arts District, Downtown Dallas, and Lake Cliff Park. Its Dallas location places dining, entertainment, cultural attractions, employment centers, and outdoor recreation nearby. Short-term rental and Airbnb use is identified as eligible in the property information.
The property is in North Oak Cliff near Bishop Arts District, Downtown Dallas, and Lake Cliff Park. Its Dallas location places dining, entertainment, cultural attractions, employment centers, and outdoor recreation nearby. Short-term rental and Airbnb use is identified as eligible in the property information.
Key Highlights
- Updated in 2023 with 3,744 square feet of building area
- Four‑unit mix: two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units
- Situated on a 0.1594‑acre lot at 506 N Lancaster Avenue, Dallas, TX 75203
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
$65,833
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
7.48%
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%
$1,316,660
$1.3M
Cap Rate 7%
$940,471
$940.5K
Cap Rate 9%
$731,478
$731.5K
Market Conditions
NOI Build-Up for 3,744 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
$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 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%
$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
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
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer one- and two-bedroom floor plans with short-term rental eligibility.
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 in 2023 with 3,744 square feet of building area; Four‑unit mix: two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units; Situated on a 0.1594‑acre lot at 506 N Lancaster Avenue, Dallas, TX 75203
