Dallas Multifamily High-Rise
5520 Gaston Ave, Dallas, TX 75214
Renovated 23-unit high-rise near Lakewood and White Rock Lake.
Type:Multifamily
Property size:
14,545 SFPrice / SF:
$240/SF- Added:
- Jan 27, 2026
- Days on Market:
- 114
- Last Refresh:
- Apr 5 at 11:57 pm
Property Features for 5520 Gaston Ave
General Information
- Standard status
- Active
- Size
- 14,545 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1959
Listing agent Heather Konopka, CCIM, CRE License #TX #0453672 (817) 715-1932
Listing office (817) 715-1932
Listing date Jan 27, 2026
Source Sperrycga
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
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.
- Desirable PD‑99 zoning.
- 14,545 SF building with 23 units, offering a substantial investment.
- Proximity to the Dallas Arboretum and Botanical Garden.
Overview
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.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$2.46M
NOI $221,171 @ 9.00% cap · cautious / downside scenario
Moderate
$3.16M
NOI $221,171 @ 7.00% cap · market / base-case scenario
Aggressive
$4.42M
NOI $221,171 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $450.3k | $30.96 |
| − Vacancy | −$48.2k | −$3.31 |
| EGI | $402.1k | $27.65 |
| − OpEx | −$181.0k | −$12.44 |
| NOI | $221.2k | $15.21 |
14,545 SF · lease $30.96/SF/yr · vacancy 10.70% · expense 45.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Royal Palm
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Dallas
- County
- Collin
- State
- Texas
- Longitude
- -96.762
- Latitude
- 32.8057
Nearby Similar for Sale
FAQs
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.
