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4211 Gaston Ave
Dallas, TX 75246
Gaston Avenue Condos & Pad Site · Land For Sale · 0.54 AC
Investment Highlights
- Quickly redeveloping neighborhood with over 4,600 new multifamily units
- Easily configurable space can be converted to accommodate retail storefronts
- Easy access to major thoroughfares
- Close proximity to Downtown Dallas, Deep Ellum and Baylor University Medical Center
- ±10,500 square foot pad site which has strong visibility and excellent access
- High traffic counts and strong demographics
Executive Summary
The subject property consists of approximately 23,356 square feet of land improved with a two story building, located at the rear of the property, having a footprint of approximately 5,300 square feet (60.3 feet deep by approximately 87.9 feet wide). The building is currently configured as four (4) individual units, each containing ±1,300 square feet of space on the first floor, 2 bedrooms, 2 bathrooms, and ±450 square feet of second floor living space. The upstairs space could be used as office and/or additional storage.
Although the building was originally designed as loft condominiums, it can easily and economically (±$12,000) be converted to retail/office use by removing the four existing, double garage doors on the front of each unit, and replacing them with storefronts, resulting in four rental spaces, each containing approximately 1,750 square feet. Assuming that the building was so converted and rented for $20 per square foot, NNN, based, it would generate Net Operating Income of approximately $140,000 per year.
In addition to the foregoing, there is an existing ±10,500 square foot pad site on the front of the property, which is augmented by existing drives and parking. Depending upon use, this pad site could accommodate between 3,500 and 4,000 square feet of additional retail/office space, or could be sold or ground leased
PROPERTY FACTS
| Sale Type | Investment | Property Subtype | Commercial |
| No. Lots | 1 | Proposed Use | Commercial |
| Property Type | Land | Total Lot Size | 0.54 AC |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Commercial |
| Total Lot Size | 0.54 AC |
1 Lot Available
Lot
| Lot Size | 0.34 AC |
| Lot Size | 0.34 AC |
Description
EXCELLENT LOCATION: Located on Gaston Ave, between N Peak St and N Haskell Ave, the Property sits on a major traffic artery in East Dallas. The area is quickly redeveloping with over 4,600 new multifamily, condo and townhome units in developments such as Alexan Ross, Encore Swiss Ave and Modera Hall Street, among others. The Property offers ease of access to the area’s major thoroughfares including U.S. Hwy 75, Interstate 45, Interstate 30 and SH 78. PAD SITE: The Property is situated on 23,356 square feet which includes a ±10,500 square foot pad site which has strong visibility and excellent access. The liberal zoning allows for retail, restaurant, hotel, office, bank and multifamily uses. EASILY CONFIGURABLE SPACE: The 4-unit loft-style condo complex is currently configured as 2 bedroom/2 bathroom units with attached 2-car garage parking. The existing double garage doors can be replaced with storefronts to accommodate retail rental space. HIGH TRAFFIC COUNTS: With approximately 22,050 vehicles per day on Gaston Ave, and an additional 9,201 vehicles per day on N Peak St, the Property offers excellent exposure to vehicular traffic. STRONG DEMOGRAPHICS: The area surrounding the Property has seen tremendous growth in the last decade. The population within a 1 mile radius of the Property saw 25.3% growth from 2010-2021. Additionally, the average household income within a 3 mile radius of the Property is $110,235. MANY AREA TRAFFIC DRIVERS: The Property is just minutes from Downtown Dallas, Baylor University Medical Center, Deep Ellum and Dallas’ Uptown and East Dallas Neighborhoods.
PROPERTY TAXES
| Parcel Number | 00000124108000000 | Improvements Assessment | £7,921 |
| Land Assessment | £830,851 | Total Assessment | £838,772 |
PROPERTY TAXES
zoning
| Zoning Code | PD 298 (Subarea 13) |
| PD 298 (Subarea 13) |
