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Lexington Apartments are a 95 unit garden style apartment community located in Dallas, TX. The property is situated near the high traffic intersection of W Northwest Highway & Webb Chapel Extension. The average traffic count at the intersection is 58,950 cars per day. The average income is $81,156 within a 3 mile radius of the property. The subject's location offers quick and convenient access to I-35E, I-635, Dallas North Tollway and employment in the DFW Metro area which is comprised of more than 6.3 million people and over 130,000 business establishments.
The improvements were constructed in 1982 of mostly brick veneer and wood siding on concrete slab foundations. The property is individually metered for electric with individual HVAC units. Hot water is supplied through a central gas boiler. Exterior amenities include a leasing office, laundry care facilities, covered parking and private patios or balconies. Interior amenities include washer dryer connections, fireplaces and ceiling fans. The property is well kept which accounts for its relatively high occupancy.Lexington Apartments are currently owner managed. The owner took over management and the income has increased from approximately $20k/month in January 2011 to $35k/month in total collections for January 2012. By simply raising rents to just below the market average of $520/month you should be able to increase collections to approximately $45k/month (see attached rent survey on page 11).
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Lexington is well located, approximately 10 minutes northwest of the Dallas CBD andapproximately 1mile from I-35E, which provides excellent access to the Dallas Metro area. There is a Carnival Grocery Store within walking distance from the property. Stephen C. Foster Elementary is less thanone mile from the property with the middle school and high school nearby.
Lexington Apartments is an excellent opportunity for an investor looking for an asset with good structural and mechanical fundamentals like brick construction, individual electric metering and individual HVAC units. The property is priced well below area comps and upon stabilization to market rents and occupancy a buyer should be able to realize a substantial return on their investment.
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