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Commercial Property Analysis-August 2012
August 5, 2012Posted by on
808 S Center Street, Grand Prairie, TX 75051
- Recent renovation includes: new roof, complete exterior paint job and upgraded units
- All structural & mechanical systems replaced in the past 4 years
- Median household income $49,319 in a 1-mile radius exceeds national & state’s averages
- Walking distance to Elementary & Middles Schools
Raintree Apartments is a 34 unit garden-style apartment community located in Grand Prairie, TX. The Property recently underwent a renovation with includes: new roof, gutters, complete exterior paint job, wood/siding replacement and new exterior lighting fixtures. A water conservation program was implemented with the installation of low flow faucets, shower heads and adjustable toilet flappers. The units also received new electrical switches, outlets, hard surface flooring, counter tops and many new appliances.
Raintree is located at the corner of Center Street and Skyline Rd. which sees a traffic count of 3,550 cars per day. The average income is $58,070 within a 1 mile radius of the property. The subject’s location offers quick and convenient access to employment in the DFW Metro area which is comprised of more than 6.3 million people and over 130,000 business establishments. The property was constructed in 1967 with a concrete slab foundation, brick veneer and wood exterior under a pitched composition roof. Electricity is master metered with HVAC provided by a Carrier air-cooled 2 pipe chiller system that was replaced in 2008.
The immediate area is a residential community with individual homes, churches and other smaller multifamily properties. The property is close to shopping, City of Grand Prairie Central Business District, schools and major roadways giving the tenants access to major attractions within the Metroplex. The property is also very near the Great Southwest Industrial Park (GSW). A major employment source GSW is the largest master-planned business park in the nation and consists of over 77 million SF of industrial warehouse/distribution in over 900 buildings. Grand Prairie, TX is conveniently located just 15 miles from Downtown Dallas. Joe Pool Lake, Lone Star Park (horse track) and Nokia Theater are just a few of the many local attractions in Grand Prairie. Residents also enjoy being less than 5 miles from Six Flags Over Texas, Rangers Ballpark in Arlington and Dallas Cowboys Stadium.
Ultimately this is quite a good investment, for one who requires a steady stream of income. Attached is the financial worksheet showing the numbers through year 10.
References: Dallas County Appraisal District –DCAD
US Census Bureau
City-Data Texas –Grand Prairie 75051