Property Description

5-unit income property in the heart of Bishop Arts — one of Dallas's most walkable and land-constrained urban neighborhoods (Walk Score: 91). The mixed unit building comprises three studios, one 1-bedroom, and one 2-bedroom across 2,822 SF on a 0.148-acre lot. Four units currently occupied; one 2-bedroom vacant and ready for immediate lease-up. Property includes on-site parking, a spacious backyard, and an in-building laundry facility added in 2025.Fully remodeled in 2018 — new plumbing, electrical, roof, and tankless water heaters — the building is in solid mechanical condition with no deferred capital needs. Current rents are significantly below market, with pro forma gross rents representing substantial upside through lease normalization and active management.The property also presents a compelling redevelopment opportunity under PD-830 zoning, which supports townhome-style condo development. New construction on the same block is actively selling in the $550-600K range per unit, additional nearby lots have recently transacted for development, and an ADU is grandfathered on the property. At $695,000 — $139K per unit — this is a rare Bishop Arts entry point where an investor can collect income today, grow rents toward market, or redevelop for premium returns on one of the neighborhood's last available infill lots.

Property Features

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