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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    609 Lancaster Ave Dallas, TX 75203-1737

    • Apartment buildings
    • 14,280 SF
    • 0.42 lot acres
    OFF-MARKET
    Last Sale
    Dec 05, 2022
    Value Estimations
    $950,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-0183238
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Inez at Bishop Ridge / Apartment Complex
    • 609 North Lancaster Avenue, Dallas TX / Apartment Building

    Property Details for 609 Lancaster Ave

    Year built
    1959
    Construction
    FRAME
    Lot size
    0.42 lot acres
    Property size
    14,280 SF
    Zone code
    Z239
    Property type
    Apartment buildings
    APN
    250048000000
    APU
    250048000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $650,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,251,000
      Market price range: $523k - $1.31M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $860,000
      Current use
      WAREHOUSE, STORAGE
      $1,150,000
      Change: +34% Conversion: Difficult
      OFFICE BUILDING
      $1,145,000
      Change: +33% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $1,010,000
      Change: +17% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Dallas
    County
    Dallas
    State
    Texas
    Longitude
    -96.8146
    Latitude
    32.7553
    CBSA code
    19100
    CBSA name
    DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $61,271
    $459,380
    $2,210,620
    $2,670,000
    -
    $459,380
    $2,210,620
    $2,670,000

    Comparable in this City

    • Value Estimation
      $15,465,000
      139,849 SF

      333 Greenbriar Ln

      APARTMENT HOUSE (5+ UNITS) • 139,849 SF
      333 Greenbriar Ln, Dallas, TX 75203-1078
      View Details
    • Value Estimation
      $5,470,000
      275,008 SF

      1810 High Hl Blvd

      APARTMENT HOUSE (5+ UNITS) • 275,008 SF
      1810 High Hl Blvd, Dallas, TX 75203-3802
      View Details
    • Value Estimation
      $8,795,000
      275,209 SF

      1710 Beckley Ave

      APARTMENT HOUSE (5+ UNITS) • 275,209 SF
      1710 Beckley Ave, Dallas, TX 75203-1190
      View Details
    • Value Estimation
      $1,205,000
      32,384 SF

      834 Marsalis Ave

      APARTMENT HOUSE (5+ UNITS) • 32,384 SF
      834 Marsalis Ave, Dallas, TX 75203-1402
      View Details
    • Value Estimation
      $24,730,000
      226,477 SF

      390 Oakenwald St

      APARTMENT HOUSE (5+ UNITS) • 226,477 SF
      390 Oakenwald St, Dallas, TX 75203-1272
      View Details
    • Value Estimation by Request
      2,520 SF

      720 Ewing Ave

      APARTMENT HOUSE (5+ UNITS) • 2,520 SF
      720 Ewing Ave, Dallas, TX 75203-1522
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.74 Acres

      Dallas Bishop Arts District Multifamily

      Prime Oak Cliff location, high-growth potential.
      330 Ewing Ave, Dallas, TX 75203
      View Details
    • Contact for pricing
      73,348 SF

      Dallas Multifamily Investment Opportunity

      115-Unit Apartment Complex, 73,348 SF
      220 Lancaster Ave, Dallas, TX 75203
      View Details
    • $540,000

      Elegant Four-Story Townhome with Upgrades

      Stunning 3-bedroom, 3.5-bath townhome with rooftop terrace and garage.
      604 N Ewing Ave, Dallas, TX 75203
      View Details
    • $679,000
      0.38 Acres

      Remodeled Dallas Quadruplex For Sale

      Four-unit, fully furnished quadplex near Downtown Dallas, 100% leased.
      2250/2254 Areba St, Dallas, TX 75203
      View Details
    • $210,000
      0.10 Acres

      North Oak Cliff Development Land

      0.1 acre lot, prime Dallas location.
      200 Julian St, Dallas, TX 75203
      View Details
    • $545,000

      Contemporary 4-Story Townhome with Upgrades

      Stunning townhome with modern elegance, spacious living, and premium upgrades.
      604 N Ewing Ave, Dallas, TX 75203
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,223 SF

      Retail Space Near Bishop Arts

      Ground-floor retail space near Bishop Arts District and Dallas Streetcar.
      196-233 W Davis St, Dallas, TX 75203
      View Details
    • $3,350 /Mo

      Luxury 4-Story Townhome For Lease

      Stunning 3-bedroom townhome with rooftop terrace and modern amenities.
      604 N Ewing Ave, Dallas, TX 75203
      View Details
    • Contact for pricing
      795 SF

      Move-in Ready Retail/Office Space

      Retail and creative office space available near Bishop Arts District.
      336-340 W Jefferson Blvd, Dallas, TX 75203
      View Details
    • Contact for pricing
      1,685 SF

      Retail Space in North Oak Cliff

      Retail space in booming North Oak Cliff market for lease.
      324 W Jefferson Blvd, Dallas, TX 75203
      View Details
    • Contact for pricing
      6,086 SF

      Industrial Flex Space Available

      6,086 SF flex space with office in Dallas, TX
      1821 N Beckley Ave, Dallas, TX 75203
      View Details
    • $19 SF/Yr
      227 SF

      Office Space Available For Rent

      Window office space available for rent.
      8035 E R L Thornton Fwy, Dallas, TX 75203
      View Details
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    609 Lancaster Ave
    Dallas, TX 75203-1737
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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