811 N. Marsalis OM
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811 N. MARSALIS AVE DALLAS, TEXAS OFFERING MEMORANDUM 811 N. MARSALIS AVE 811 N. LISTED BY DANNY MCQUAID DAVID HARRINGTON Associate - Multifamily EVP & National Director - Multifamily Direct +1 214 932 1284 Direct +1 310 295 1170 Mobile +1 903 237 8901 Mobile +1 310 497 5590 [email protected] [email protected] License No. 673000 (TX) License No. 01320460 (CA) OPPORTUNITY Matthews Real Estate is pleased to present 811 N Marsalis Ave, a 4-Unit value add multifamily asset located in Dallas, TX. Ideally located in between Downtown Dallas and Bishop Arts, 811 N Marsalis is situated in Lake Cliff, an area undergoing rapid growth and gentrification. New ownership has an outstanding opportunity to make improvements to a stabilized asset, and to raise the effective rental rates on all four units. PROPERTY INFO PROPERTY MAP PROPERTY ADDRESS 811 N Marsalis Ave, Dallas, TX 75203 PURCHASE PRICE $348,888.00 CAP RATE 6.15% Subject # OF UNITS Property 4 BUILDING SIZE 3,655 LOT SIZE 7,000 SF YEAR BUILT 1931 RENTAL UPSIDE 30% BISHOP ARTS DISTRICT The Bishop Arts District is located in the heart of North Oak Cliff, near the intersection of Bishop Street and Davis Street. The Bishop Arts District is home to over 60 independent boutiques, restaurants, bars, DEMOGRAPHICS coffee shops, and art galleries, making it one of Dallas’ most unique neighborhoods. The Bishop Arts District is a neighborhood rich in history and was the site of Dallas’ busiest trolly stop in the POPULATION 1-MILE 3-MILE 5-MILE 1930s. Since the area’s revitalization, the Bishop Arts District has been featured in the New York Times, USA Today and The Daily Beast for its small-town feel, hidden-gem appeal, and close-knit community. 2023 Projection 14,652 142,037 413,274 2018 Estimate 13,960 134,015 389,260 2010 Census 12,761 116,855 348,436 Growth 2018-2023 4.96% 5.99% 6.17% Growth 2010-2028 9.40% 14.69% 11.72% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2023 Projection 5,335 53,364 158,364 2018 Estimate 5,030 49,653 147,755 2010 Census 4,432 41,218 128,525 Growth 2018-2023 6.06% 7.47% 7.18% Growth 2010-2028 13.49% 20.46% 14.96% INCOME 1-MILE 3-MILE 5-MILE 811 N. MARSALIS AVE 811 N. 2018 Average 67,497 $83,548 $77,506 Household Income DEVELOPMENT OF BISHOP ARTS DISTRICT The corner of Davis Street and Zang Boulevard is ground zero for the transformation of north Oak Cliff. Construction cranes tower over the busy intersection south of downtown Dallas, where workers are putting up three apartment and retail buildings. The developments surround the stop for the Oak Cliff streetcar, which connects with downtown. Crescent’s Novel Bishop Arts development will include 302 luxury apartments and about 24,000 square feet of retail space on the northeast corner of Zang and Davis. Rather than build a single, large Uptown-style apartment block, Crescent’s development is broken up into two buildings and a variety of exterior designs along Zang and Beckley Avenue. Along with Crescent’s projects, developers have started work nearby on a multi-block redevelopment at Bishop Avenue and Melba Street. 3 LAKE CLIFF Lake Cliff is a neighborhood in the northern part of the Oak Cliff area of Dallas. It surrounds Lake Cliff, a small freshwater lake. In the Lake Cliff area is Lake Cliff Park, a 44.5 acre community park established in 1914. The park is situated around the lake and features a rose garden, strolling paths, ball fields and tennis courts. Bounded by bald cypress, eastern red cedar, pecans, and cottonwoods, the lake reflects the downtown Dallas skyline to the northeast. The park’s northwest entrance, marked by the pergola, encloses the multi-tiered rose garden. Its sandy yellow and burnt orange stonework references the native Texas color palette. Lake Cliff is home to an elegant park and lake, beautiful historic homes, and just a short distance from the Bishop Arts District and the wide array of amenities downtown Dallas has to offer. The close proximity to popular areas of the city makes Lake Cliff an ideal place to live. OAK CLIFF DECK PARK “Southern Gateway” project is a massive $666 million reconstruction of a large section of Interstate 35E and State Highway 67 near downtown through Oak Cliff. One of the parts of the project includes the Oak Cliff Deck Park. The park will be above I-35E between Marsalis and Ewing Avenues, which would connect the Dallas Zoo to Zang Boulevard possibly bringing the area together. The Apollo DALLAS, TX Dallas is a city where big ideas meet big opportunity. The city revolves around a bustling downtown area that expands through an 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 of chaps. Its past and present is rich in culture, an All-American city that was built on legends. 4TH The central core of Dallas has experienced a steady and significant growth that speaks to its highly diversified economy. It has LARGEST CITY become a hub for real estate and business, establishing itself as one of the largest concentrations of corporate headquarters for publicly traded companies such as American Airlines, Neiman Marcus, Kimberly-Clark, JCPenney, ExxonMobil and many others. In 2015, Forbes reported that Dallas is “the best place for business and careers” in Texas. It’s the perfect blend of big city living and rustic southern charm. The Dallas economy is expected to grow over the next couple of 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 7.1 of the city skyline and cowboy vibes. Yet, the city of Dallas describes itself best with the motto: “Big Things Happen Here.” MILLION PEOPLE 21 FORTUNE 500 COMPANIES 811 N. MARSALIS AVE 811 N. DALLAS-FORT WORTH MSA The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South, and fourth largest in the United States. It is a 4 center for sporting events, tourism, and manufacturing. Dallas and its suburbs have one of the highest concentrations of corporate MAJOR headquarters in the United States. Dallas is a center for corporate America. Because of its central location relative to the rest of SPORTS TEAMS the United States, Dallas is a popular convention site and site for many corporate headquarters and home to 21 Fortune 500 companies. Business management 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 spectrum, and on the other side of the Metroplex, the Texas farming and ranching industry is based in Fort Worth. 5 LISTED BY 811 N. MARSALIS AVE DANNY MCQUAID DAVID HARRINGTON Associate - Multifamily EVP & National Director - Multifamily Direct +1 214 932 1284 Direct +1 310 295 1170 DALLAS, TEXAS Mobile +1 903 237 8901 Mobile +1 310 497 5590 [email protected] [email protected] OFFERING MEMORANDUM License No. 673000 (TX) License No. 01320460 (CA) CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of 811 N. Marsalis Dallas, TX 75203 (“Property”). It has been prepared by Matthews Retail Advisors. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Advisors. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.