Lakewood Multifamily Investment
For Sale
Contact for pricing
5921 Gaston Ave, Dallas, TX 75214
Value-add multifamily property in desirable Lakewood, East Dallas.
Property Size8,880 SF
Price / SF$168.36
Days on Market185
Property Features for 5921 Gaston Ave
General Information
Standard status
Active
Size
8,880 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$87,303
Building Details
Year Built
1957
Year Renovated
2025
Stories
2
Units
12
Listing Agency:
Dallas Property Advisors
(469) 554-0430
Listed By:
Matteo Faeth · License #TX 619346
Source:
Crexi
Added: Feb 10
Changed: Aug 13
Last Checked: Aug 13 at 3:34PM
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 Dallas Property Advisors
Investment Insights
Based on property information with market context.
Located in the Lakewood submarket of East Dallas, Texas, 5921 Gaston Avenue presents a multifamily investment opportunity. This property features 12 residential units with layouts designed to attract renters seeking spacious living in a well-established, high-demand neighborhood. The property's location on Gaston Avenue provides visibility and convenient access to Downtown Dallas, Uptown, Lower Greenville, and White Rock Lake, while maintaining a presence within a residential area known for consistent demand and limited new construction. The Lakewood submarket's barriers to entry and proximity to amenities support occupancy and rent growth. The property offers a value-add strategy, with opportunities to renovate interiors, enhance common areas, and implement operational efficiencies to increase rents in line with renovated Lakewood properties. The large unit sizes and infill location provide a competitive advantage relative to newer developments. The property size is 8880 square feet. This property offers investors the chance to acquire a well-located multifamily asset in one of East Dallas’s stable submarkets, with upside through renovation and repositioning while benefiting from market fundamentals.
Key Highlights
- Value‑add opportunity through interior renovations and operational efficiencies to increase rental income.
- Prime location in the highly desirable Lakewood submarket of East Dallas.
- Large residential units appealing to renters seeking spacious layouts.
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
$135,029
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
9.03%
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%
$2,700,580
$2.7M
Cap Rate 7%
$1,928,986
$1.9M
Cap Rate 9%
$1,500,322
$1.5M
Market Conditions
NOI Build-Up for 8,880 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
$274.9K $30.96/SF
− Vacancy
−$29.4K −$3.31/SF
EGI
$245.5K $27.65/SF
− OpEx
−$110.5K −$12.44/SF
NOI
$135.0K $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%
$2,700,580
Cap Rate 7%
$1,928,986
Cap Rate 9%
$1,500,322
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,029 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.66M
$9.32M – $12.43M
NOI $745,869 @ 7.0% cap · market cap 49.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,394
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Value-add multifamily property in desirable Lakewood, East Dallas.
Where is this apartment building located?
The property is located at 5921 Gaston Ave Dallas, TX.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Value‑add opportunity through interior renovations and operational efficiencies to increase rental income.; Prime location in the highly desirable Lakewood submarket of East Dallas.; Large residential units appealing to renters seeking spacious layouts.
