5110 Bryan St Dallas, Tx 75206 1 5108-5110 Bryan St
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OFFERING MEMORANDUM 5108-5110 BRYAN ST DALLAS, TX 75206 1 5108-5110 BRYAN ST DALLAS, TX LISTED BY NICK DELL Associate - Multifamily [email protected] PROPERTY direct (214) 932-9155 OVERVIEW mobile (214) 232-1532 01 Lic # 676985 (TX) AREA 02 OVERVIEW DAVID HARRINGTON EVP & National Director - Multifamily [email protected] FINANCIAL direct (310) 295-1170 03 OVERVIEW mobile (310) 497-5590 Lic # 01320460 (CA) ™ 3 01 SECTION PROPERTY OVERVIEW PROPERTY DESCRIPTION • 5108-5110 Bryan Street are two buildings comprised of 32 units built in the 1950’s • All efficiency style units with bathrooms • Parking is available in the front and rear of the property with alley access • There is a beautiful courtyard in between both properties where tenants can converse and relax • Both buildings sit on a total of 15,450 square feet of land Number of Units: 32 Year Built: 1950/1955 Gross Sq. Ft.: ±9,120 SF OPPORTUNITY Average S.F. Per Unit: 285 5108-5110 Bryan Street is a phenomenal value-add opportunity in one of Dallas’ most desirable submarkets. These two assets that sit adjacent to one another, are primed for Lot Size (Acres): ±0.35 AC redevelopment, and through extensive renovations, will attract quality tenants at market rental rates. This is the perfect investment for a hands-on investor looking to transform these Density: 91 buildings into the areas most desirable apartments to rent. 5108-5110 Bryan Street are located in the heart of East Dallas, just south of Knox- Henderson and Lower Greenville directly across from Garrett Park. Knox-Henderson and Lower Greenville are two of Dallas’ most popular areas to live and enjoy nightlife. Garrett Park offers amenities including basketball & tennis courts, walking trails, soccer field, picnic area and a playground. The Munger Place Church, which is located right down the street, has been the backbone for the immediate area since 1913. The immediate location of these assets allows a new owner to capitalize on very attractive rents. 3 3 02 SECTION AREA OVERVIEW POINTS OF INTEREST White Rock Lake White Rock Lake is a 1,015-acre city lake located approximately 5 miles northeast of DALLAS, TX downtown Dallas. White Rock is one of the most heavily used parks in the Dallas Park system and is the location of many special events and runs. White Rock Dallas is a city where big ideas meet big opportunity. The city Lake offers a variety of active and passive activity options and is one of the best revolves around a bustling downtown area that expands through an places to experience natural areas and wildlife in an urban setting. assortment of neighborhoods and commercial centers, supported by a network of freeways that exceeds almost any other city. It boasts the largest urban arts district in the nation; where you’d be more likely to come across a world-class exhibit than a broken pair Dallas Arboretum and Botanical Garden of chaps. Its past and present is rich in culture, an All-American city The Dallas Arboretum, one of the most beautiful outdoor attractions in Dallas, that was built on legends. features 66-acres of spectacular display gardens that showcase incredible seasonal flowers, ornamental shrubs, trees and plant collections in a serene The central core of Dallas has experienced a steady and setting on White Rock Lake. significant growth that speaks to its highly diversified economy. It has become a hub for real estate and business, establishing itself as one of the largest concentrations of corporate headquarters for publicly Granada Theatre traded companies such as American Airlines, Neiman Marcus, The Granada Theater, a Dallas staple, has been entertaining audiences of all Kimberly-Clark, JCPenney, ExxonMobil and many others. In ages from North Texas and beyond since 1946. Located in the historic Lower 2015, Forbes reported that Dallas is “the best place for business Greenville neighborhood, it was originally built as a post-WWII movie theater. and careers” in Texas. It’s the perfect blend of big city living and After periods of neglect and different rustic southern charm. ownership, it re-opened in 2004 under current owners Mike Schoder and Julia Garton. Since then it has amassed several awards along the way including “Best The Dallas economy is expected to grow over the next couple of Live Music Venue” (Dallas Observer 2007-11, 2015). decades making it the perfect time to not only invest in Dallas real estate but also relocate. As the 9th largest city in the country, Dallas has something for everyone. It combines clashing images of Katy Trail the city skyline and cowboy vibes. Yet, the city of Dallas describes The Katy Trail in Dallas is a premier urban trail, linking the business district with itself best with the motto: “Big Things Happen Here.” recreational opportunities, shopping, and residential neighborhoods. The corridor is the perfect non-motorized route for families to commute between home and work or school, as well as to recreation and entertainment venues. In addition to its paved surface, the 3.5-mile route includes an adjacent soft-surface track for runners and walkers. The pathway runs between Dallas’ West End and the American Airlines Center arena, traversing the city’s urban core past Knox Street, Southern Methodist University, and the Mockingbird DART Station. 4 4 DALLAS-FT WORTH MSA DEMOGRAPHICS The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South, and fourth POPULATION 1-MILE 3-MILE 5-MILE largest in the United States. It is a center for sporting events, tourism, and manufacturing. 2010 Census 31,113 158,262 346,950 Dallas and its suburbs have one of the highest concentrations of corporate headquarters in 2018 Estimate 33,240 181,045 386,781 the United States. Dallas is a center for corporate America. Because of its central location 2023 Projection 34,989 193,553 410,246 relative to the rest of the United States, Dallas is a popular convention site and site for many Percent Change: 2010 to 2018 6.84% 14.40% 11.48% corporate headquarters and home to 21 Fortune 500 companies. Business management Percent Change: 2018 to 2023 5.26% 6.91% 6.07% and operations is a major part of the economy. The Metroplex also contains the largest Information Technology industry base in the state. On the other end of the business HOUSEHOLDS 1-MILE 3-MILE 5-MILE spectrum, and on the other side of the Metroplex, the Texas farming and ranching industry is 2010 Census 13,383 76,535 150,332 based in Fort Worth. 2018 Estimate 14,582 90,192 170,630 2023 Projection 15,491 97,315 182,269 Percent Change: 2010 to 2018 8.96% 17.84% 13.50% Percent Change: 2018 to 2023 6.23% 7.90% 6.82% INCOME 1-MILE 3-MILE 5-MILE 2017 Average $78,296 $119,429 $110,611 Household Income 2017 Median $48,747 $75,345 $65,748 Household Income 5 EAST DALLAS KNOX/HENDERSON East Dallas, also referred to as the Lake & Garden District, is an expansive area of numerous communities and Nestled between Uptown, Lower Greenville Avenue and the town of Highland Park, lies the trendy Knox- neighborhoods in Dallas, Texas. White Rock Lake, located in the center of East Dallas, is considered “the crown Henderson neighborhood, a pedestrian-friendly area named for the two primary roads that connect over U.S. jewel of the Dallas parks system”. The lake, along with the Dallas Arboretum and Botanical Garden located on the Highway 75. Filled with shops, bars, and eateries that radiate out in all directions, the neighborhood manages to east side of the lake, has strongly influenced and shaped the identity of the East Dallas area. maintain a cozy vibe despite its central Dallas location. A survey conducted by the Congress for the New Urbanism found that 68 percent of Dallas residents want to live East Dallas’ popular Henderson Avenue corridor is headed for a major makeover with a new mixed-use project. in walkable neighborhoods with clusters of stores and other amenities reachable by foot—but only 4 percent of the Investors and developers who almost four years ago bought up more than two dozen properties along the avenue metro area’s geography qualifies. between U.S. Highway 75 and Ross Avenue are ready to build on the largest vacant tract on the thoroughfare. LOWER GREENVILLE LAKEWOOD Lower Greenville is a major entertainment district in Dallas south of Mockingbird Lane containing many popular Nestled beside the shores of White Rock Lake, the neighborhood of Lakewood is an idyllic place for families and bars, restaurants, boutique stores and live music venues. Home to the largest St. Patrick’s Day parade and block professionals alike. This neighborhood has a laid-back atmosphere, along with tons of beautiful green spaces and party in the Southwest, Lower Greenville Avenue encompasses a long stretch of road in East Dallas that runs north parks. Dallas Arboretum and Botanical Garden, one of Dallas’ best attractions. This attraction boasts year-wide of Ross Avenue to Mockingbird Lane. Thanks to a recent face-lift along the lowest section of the street (between seasonal exhibits, including a huge autumn festival that features life-sized fairy tales houses made out of pumpkins. Ross and Richmond), Lower Greenville, as a whole, has evolved from being a rowdy party district for late night rev- During the summer months, the Dallas Arboretum and Botanical Gardens have outdoor concerts. elers to a casually hip ‘hood boasting an ever-growing crop of eclectic shops, laid-back watering holes, and delicious dining gems. In addition to a menagerie of eateries, gastropubs, and eclectic boutiques, Lower Greenville Avenue is home to the historic Granada Theater, a stunning 1946 Art Deco style movie theater filled with opulent murals designed by the same artists who did Los Angeles’ famous Grauman’s Chinese Theater.