6003 Ridgecrest Rd Dallas, TX 75231-9574

Property Details for 6003 Ridgecrest Rd

Year built

1983

Construction

FRAME

Lot size

0.74 lot acres

Property size

25,318 SF

Zone code

Z164

Property type

Apartment buildings

APN

368203000000

APU

368203000000

Description

This exceptional 32-unit apartment building presents a compelling value-add investment opportunity in a highly desirable Dallas, Texas location. Situated on a 0.74-acre lot at 6003 Ridgecrest Rd, Dallas, TX 75231, this two-story property boasts 23,632 square feet of net rentable space. The property includes one parking space per unit. Recently completed renovations encompass a full exterior repainting, roof replacement, complete window replacement, and brand new mechanical systems. All 32 units feature updated interiors with stainless steel appliances, new Formica countertops, custom cabinetry, brushed nickel fixtures, vinyl flooring, and stackable washer/dryer sets. The property benefits from its proximity to major retail destinations including Northpark Center, The Shops at Park Lane, Preston Hollow Village, and The Hill, as well as prestigious medical facilities like North Central Medical Plaza and Presbyterian Hospital-Dallas. The surrounding area exhibits strong demographics, with a median household income within a three-mile radius exceeding $72,400 and home values above $650,000. The Northeast Dallas submarket has demonstrated robust performance, recording a five-year rent growth of 4.9% and a five-year average occupancy rate of 93.5% (MPF Q4 2023). This newly repositioned asset offers investors significant potential for strong returns in a prime Dallas submarket. The property's convenient location, coupled with its recent renovations and the strength of the surrounding market, makes this a truly unique investment opportunity.