Market-Rate Multifamily w/ Operational Upside 3299 S Polk St 60 Apartment Units Online Auction Sale Dallas, TX 75224

Landmark Apartments, located at 3299 S Polk Street in Dallas, Texas, offers investors the opportunity to acquire a 60-unit market-rate multifamily asset in one of the nation’s top real estate investment markets at a low basis, with meaningful operational upside. The property is currently 88% occupied and offers some of the largest one- and two-bedroom floor plans in the area for its class. The unit mix comprises 33 one-bedroom and 27 two-bedroom units, averaging $1,190 in rent across occupied units, with an average unit size of approximately 757 square feet. Situated on 2.35 acres in an infill location, the asset consists of five buildings and provides ample parking, including 94 total spaces, 36 of which are covered, generating an additional $468 per month in parking income.

The property presents a clear value-add opportunity through improved operational efficiencies. It is currently operating at an approximate 75% expense ratio, which is above market for comparable assets in this class and submarket, with identifiable opportunities to reduce expenses. One strategy worth exploring is transitioning to a centralized management structure, budgeting payroll for one full-time maintenance technician only, eliminating an on-site manager, and instead allocating for a higher third-party management fee and leasing commissions. This approach could streamline operations while maintaining leasing performance. We have also obtained bids from a reputable general contractor outlining capital improvements that address immediate deferred maintenance, enhance curb appeal, and reduce repair and maintenance expenses over time. With successful execution of the business plan, we are projecting the potential to return more than 50% of initial equity through a refinance within approximately 24 months.

Situated in Oak Cliff, just under 4 miles south of the Bishop Arts District, Landmark Apartments offers a conveniently accessible property for tenants. Positioned with easy connectivity to major arteries like Interstate 35, US-67, and Loop 12, the property is an ideal choice for those commuting across the metroplex. Its location places it a mere 10-minute drive from both Downtown Dallas and the University of North Texas at Dallas. Residents also enjoy the convenience of gas stations, grocery stores, restaurants, pharmacies, and recreation at Kiest Park, all within the immediate vicinity.

Supporting steady growth in the submarket, Oak Cliff provides a compelling demographic profile of potential residents when looking within just 3 miles of Landmark Apartments. The area is home to a population of more than 133,000 with an average household income of over $59,000, along with more than 25,000 daytime employees. Residents of the area contribute more than $1.09 billion in consumer spending, including more than $163 million spent on household costs. This valuable base ensures a climate of sustained growth for quality multifamily inventory like Landmark Apartments.

Property tours are by appointment only. Please contact the listing broker to schedule.