• Abstract and Figures
• Public Full-text

FOR SALE OR LEASE FORMER CHURCH/CREATIVE OFFICE BUILDING & PARKING LOT LOCATED AT: 2700 FAIRMOUNT STREET & 2518 MAHON STREET DALLAS, TEXAS OFFERED EXCLUSIVELY BY: NATIONAL REALTY PARTNERS 6621 SNIDER PLAZA, SUITE 200 DALLAS, TX 75205 214-692-6920 NATIONAL REALTY PARTNERS 6621 Snider Plaza, Suite 200 Dallas, Texas 75205 Phone: 214-692-6920 x1 Bill Langhenry 214-893-5331 [email protected] Summary of Important Facts GENERAL Subject: Former Church/Creative Office Building & Parking Lot 2700 Fairmount Street & 2518 Mahon Street Dallas, Dallas County, Texas The subject consists of a 20,340 SF former church/creative office building and an associated parking lot. Owner: Fairmount Church, LLC Legal Description: Former Church/Creative Office Building Block 1/954, Tract 10, Mahon's Homestead Addition to the City of Dallas, Texas Parking Lot Block 2/954, Tract 4, Mahon's Homestead Addition to the City of Dallas, Texas Parcel ID Number(s): #00000135469000000 (Church/Creative Office) #00000135520000000 (Parking Lot) Dallas Central Appraisal District Improvements: Building Summary Building Name/ID Year Built Condition Number of Gross Building Rentable Storie s Are a Are a 2700 Fairmount Street 1910 Good 1.0 20,340 20,340 Occupancy: The property primarily vacant, and partially used as office space by the current owner. Zoning: PD 9 - City of Dallas National Realty Partners 2 Metropolitan Area Analysis Introduction The subject property is located in Dallas, Dallas County, Texas, within the Dallas Metropolitan Statistical Area (MSA). The Dallas/Fort Worth Metroplex is located in the central-northeastern part of Texas, approximately 250 miles north of the Gulf of Mexico. The Dallas-Fort Worth- Arlington Metropolitan Statistical Area (MSA) is comprised of two Metropolitan Divisions (MD), the Dallas-Plano-Irving MD and the Fort Worth-Arlington MD. The Dallas-Plano-Irving MD includes eight counties: Collin, Dallas, Delta, Denton, Ellis, Hunt, Kaufman, and Rockwall counties. The City of Dallas is situated approximately 30 miles east of Fort Worth. The Fort Worth-Arlington MD includes Johnson, Parker, Tarrant and Wise counties. Together, these MD’s comprise the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, and are often referred to as the Dallas/Fort Worth Metroplex. A brief summary overview of the Dallas/Fort Worth Metroplex is included in the following pages. National Realty Partners 3 Location Map Moody’s Economy.com Metropolitan Summary The following pages are taken from Moody’s Economy.com Metropolitan Summary of the Dallas MSA. National Realty Partners 4 National Realty Partners 5 National Realty Partners 6 National Realty Partners 7 National Realty Partners 8 National Realty Partners 9 National Realty Partners 10 National Realty Partners 11 National Realty Partners 12 National Realty Partners 13 National Realty Partners 14 Employment The Dallas economy is continually showing signs of outpacing the nation as a whole. A notable industry that has bounced back to near prerecession levels is the financial services industry in Dallas. Financial services will grow significantly over the coming year, in contrast with the national performance. The Dallas recovery has strengthened, and the metro division is on the verge of expansion. Employment has increased in all major industries except for manufacturing. Payrolls have risen faster than the national average over the past year, though the pace has slightly lagged that of other major Texas metro areas. Since the beginning of 2012, the unemployment rate has trended down. At the same time, the labor force has steadily increased. According to the Texas A&M Real Estate Center the unemployment rate for the Dallas-Plano- Irving MA and the Fort Worth-Arlington MD was 3.6% as of January 2018. Plano-Irving MA – Historical Employment Rate Trends Fort Worth-Arlington MD - Historical Employment Rate Trends The DFW economy is continually showing signs of outpacing the nation as a whole. A notable industry that has bounced back to near prerecession levels is the financial services industry in Dallas. The DFW market continues to be the destination of companies from across the country. Population The following table summarizes the population growth reported by the University of Texas A&M Real Estate Center for the DFW metro area since the 1970 Census. National Realty Partners 15 The Dallas/Fort Worth MSA remains one of the fastest growing areas in the country due to strong employment compared to the overall nation and the comparatively low cost of living. As of year-end 2016 the Dallas/Fort Worth MSA had a population of 7,233,323, and increase of 2.023%, or 143,435, from 2015. The continued population growth will continue to spur economic growth and demand for real estate in the area. Metropolitan Area Conclusion The Dallas/Fort Worth area has experienced dynamic growth over the past three decades, due to its emerging prominence as a trade and business center for a variety of industries, moderate cost of living, favorable governmental environment, temperate climate and abundance of area amenities. Sustained growth is projected for an extended period in the Dallas/Fort Worth area as it continues to outpace the nation in job growth. Retail sales will remain a key driver for the economy. The commercial real estate market is showing signs of improvement with rising rents and declining vacancy rates. Residential construction rates are increasing, but still at low levels compared to the robust construction levels from 2005 to 2007, which is helping to absorb excess supply in the market. In conclusion, the Dallas/Fort Worth MSA benefits from healthy demographics and with the presence of key employment growth drivers, the area should remain an above average performer in the future. National Realty Partners 16 Market Area Analysis Introduction The neighborhood analysis provides a bridge between the analysis of the general regional influences affecting all property values and the study of a specific subject property. The goal of neighborhood analysis is to determine how the operation of social, economic, governmental and environmental forces influence the property values of the specific area in which the subject property is located. Uptown Overview The subject’s Market Area (neighborhood) is defined as the area generally bounded by Blackburn Street on the north, North Central Expressway on the east, Woodall Rodgers Freeway on the south and Cedar Springs and Turtle Creek Boulevard on the west. These boundaries have been designated because properties in this area are comparable in such general features as physical characteristics, price range and use, or are complementary. The neighborhood is adjacent to the Oak Lawn/Turtle Creek area of Dallas northwest of the Uptown. Oak Lawn/Turtle Creek is one of the wealthier parts of Dallas, with many professionals and urban types living in townhouses, condos, apartments, and duplexes. Along McKinney Avenue and Turtle Creek Boulevard are many new, and updated older, luxury high-rise condominiums and apartments. Several high rises provide retail on the bottom and apartments or office space up above. It is also a very diverse neighborhood with well-established areas of older, single family homes. Uptown has emerged as Dallas’s most urban and desirable submarket, demonstrated by the highest rents in the market and its concentration of private equity, family offices and leading law firms. The core of the neighborhood, primarily along the McKinney Avenue trolley line, has become a vibrant, pedestrian-oriented neighborhood of Uptown Dallas, an upscale area where young professionals live and work. This area features upscale tenant finishes, walkable access to the area’s retail, top-tier residential and hospitality amenities, and access to the Dallas North Tollway. By some estimates, Uptown is home to approximately 18,000 residents at night and 30,000 employees during the day. Access and Major Roadways The subject neighborhood is a densely-developed area with adequate accessibility for visitors or workers. Oak Lawn Avenue, Lemmon Avenue, Central Express, Woodall Rodgers Freeway and the IH-35E provide primary access to the neighborhood. The Dallas North Tollway also provides a rapid means of travel to and from the neighborhood. In addition, there are several major traffic arteries located a short distance to the north; these include Harry Hines Boulevard and Cedar Springs Road. Woodall Rodgers Freeway is a multi-lane roadway that forms the northern boundary of the neighborhood and facilitates the neighborhood’s accessibility to Interstate Highways 30, 35E and US- 75. These roadways are heavily-traveled freeways of the Dallas-Fort Worth area that extend through the city of Dallas and provide accessibility to the suburban cities to the east and west. North Central Expressway (US-75) provides access from downtown to the central areas of Dallas and the northern suburbs of Richardson, Plano and McKinney. National Realty Partners 17 Primary Market Map Subject Distribution of Land Uses The subject market area is densely developed, with the majority of the improvements along the primary roadways being commercial in nature. Retail and supporting commercial developments are the predominant improvement types located at the major intersections of the neighborhood. The area also contains numerous office buildings and high-rise residential properties. Improvements in the area vary widely in age dating to the early 1920's. However, it was noted that many of the older residential improvements were converted into commercial uses and a number of new developments have been constructed over the past ten years. The locale has gone through several periods of intense development and urban renewal. The primary land usages in the neighborhood can be estimated as follows: Commercial/office 75% Residential 15% Parks, Schools, Churches 5% Vacant Land 5% National Realty Partners 18 There is a growing presence of multi-family residential improvements in the subject neighborhood. These are typically housed in low to mid-rise buildings, although several high- rise projects have been developed over the past decade.

Load more

  61

Copy Link