Dallas Multifamily High-Rise
For Sale
$3,500,000
5520 Gaston Ave, Dallas, TX 75214
Renovated 23-unit high-rise near Lakewood and White Rock Lake.
Property Size14,545 SF
Price / SF$240.63
Days on Market208
Property Features for 5520 Gaston Ave
General Information
Standard status
Active
Size
14,545 SF
Class
A
Property subtype
Multifamily
Building Details
Building Size
14,545 SF
Year Built
1959
Listing Agency:
(817) 715-1932
Listed By:
Heather Konopka, CCIM, CRE · License #TX #0453672
(817) 715-1932
Source:
Sperrycga
Added: Jan 27
Changed: Aug 17
Last Checked: Aug 22 at 3:54AM
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 Heather Konopka, CCIM, CRE
Investment Insights
Based on property information with market context.
Located in Dallas, this multifamily high-rise property offers an investment opportunity. The 14,545 square foot building, constructed in 1959, features 23 units and was renovated in 2018. The property has PD-99 zoning and a 90% occupancy rate. Situated near the Lakewood neighborhood and White Rock Lake, the Royal Palms property is also close to dining, cultural landmarks, and entertainment venues. Lower Greenville and Deep Ellum are easily accessible, as is the Dallas Arboretum and Botanical Garden. This location is attractive for multifamily high-rise investors.
Key Highlights
- High 90% occupancy rate indicating strong rental demand.
- Prime Dallas location near Lakewood, White Rock Lake, Lower Greenville, and Deep Ellum.
- Recently renovated in 2018, providing modern amenities.
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
$221,171
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
6.32%
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%
$4,423,420
$4.4M
Cap Rate 7%
$3,159,586
$3.2M
Cap Rate 9%
$2,457,456
$2.5M
Market Conditions
NOI Build-Up for 14,545 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
$450.3K $30.96/SF
− Vacancy
−$48.2K −$3.31/SF
EGI
$402.1K $27.65/SF
− OpEx
−$181.0K −$12.44/SF
NOI
$221.2K $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%
$4,423,420
Cap Rate 7%
$3,159,586
Cap Rate 9%
$2,457,456
Alternative Uses
Best Use
Apartment 5plus
$3.16M
$2.76M – $3.69M
NOI $221,171 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.45M
$15.27M – $20.36M
NOI $1,221,696 @ 7.0% cap · market cap 34.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,492
Businesses Nearby
Explore this area
Business Placement
Demographics for 75214, TX
35,664
Population
17,474
Households
2
Avg Household Size
37
Median Age
71%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
4,885
Density / Sq Mi
$128,917
Median Household Income
$81,149
Median Earnings
$1,536
Median Rent
$707,400
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 - Renovated 23-unit high-rise near Lakewood and White Rock Lake.
Where is this apartment building located?
The property is located at 5520 Gaston Ave Dallas, TX.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: High 90% occupancy rate indicating strong rental demand.; Prime Dallas location near Lakewood, White Rock Lake, Lower Greenville, and Deep Ellum.; Recently renovated in 2018, providing modern amenities.
