55 Single Family Home Rental Portfolio in Dallas County I In-Place Cap Rate 7.32%
- pyazbeck
- Sep 3, 2015
- 2 min read
Sperry Van Ness | TJF Commercial Real Estate is pleased to present the exclusive listing for this 55-Unit Single Family Rental Home Portfolio located throughout Dallas County.
The portfolio has a favorable mix of 3, 4, and 5 bedroom homes with 1.5 to 3 bathrooms. 14 homes are in Mesquite, 13 are in Dallas, 13 are in DeSoto, 11 are in Lancaster, 2 in Balch Springs, 1 is in Cedar Hill, and 1 is in Glenn Heights. The portfolio features a large average home size of 1,709 square feet, a competitive average monthly rent of $1,231 per month, and a high economic occupancy of 96.9%. In-place Cap Rate of 7.32%. To further discuss this opportunity, call me at #972-916-9045 or email me.
Highlights:
Average of $22,000 per home invested in renovations in the past 5 years including: ceramic tile in kitchens and bathrooms, new flooring in living areas, new carpet in bedrooms, paint, and all HVACs were replaced or updated
Well-managed portfolio with average tenant stay at 3-years with many of the original tenants still occupying the homes. Current management company is willing to remain in place at 5% gross rents
Value-add opportunity: Rents currently 3.7% below market average
Owner is willing to subdivide portfolio into smaller transactions
Non-recourse debt available at 75% LTV with an estimated Debt Service Coverage Ratio at 1.51 based on list price
Opportunity to purchase in one of the hottest housing markets in the nation. According to a recent article published by the Dallas Morning News, national surveys show that the Dallas-Fort Worth area is seeing the largest annual home price gains in the country. Prices are rising at about three times the long-term average rate of residential appreciation for the area.
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