Canopy at Wylie 100 N 5th St 22 Unit Apartment Building $6,840,008 CAD ($310,909 CAD/Unit) 6.65% Cap Rate Wylie, TX 75098

The Canopy at Wiley – 22-Unit Class A Multifamily | Offered at $4,900,000
The Canopy at Wiley is a newly constructed, Class A, 22-unit multifamily community located in the rapidly growing city of Wylie, Texas—one of the most desirable submarkets within the Dallas–Fort Worth metroplex. Built with quality finishes and modern systems, this asset represents a rare opportunity to acquire new construction at a price point below replacement cost.
Positioned just 0.1 miles from Texas State Highway 78, the property offers unmatched accessibility while benefiting from strong surrounding demographics. Within a one-mile radius, the average household income exceeds $110,000, and Wylie has experienced a robust 7% population growth over the past five years. Strong schools and a family-friendly environment further enhance renter demand, ensuring a healthy lease-up trajectory.
The Canopy features spacious two-bedroom floorplans averaging 1,000+ square feet, with in-unit washer/dryer connections, modern HVAC systems, and high-efficiency water heaters. With a total gross building area of 22,737 SF, the property delivers functionality and design appeal that outshines older competing assets in the submarket.
Investors are well-positioned for immediate upside:
Lease-up Opportunity: Move-in ready units with minimal competition in the area.
Cap Rate: Projected to stabilize around 6.5%, outperforming the current ~5.5% market average for comparable new product.
Value-Add Potential: Completion of two units currently used as patio space would bring the property to 24 units, boosting long-term value.
Favorable Financing: Bank-owned with bridge or seller-financing options available.
With limited new supply, high-income demographics, and strong rental demand drivers, The Canopy at Wiley presents a rare chance to secure a stabilized, high-quality multifamily investment in a rapidly expanding DFW corridor.