Gaston Avenue Condos & Pad Site

The subject property is located on Gaston Ave, between N Peak St and N Haskell Ave, in Dallas, Texas.SLJ Company, LLC (“SLJ”) has been exclusively retained to offer this vacant 4-Unit condo complex and adjacent ±10,500 square foot infill pad site on Gaston Ave. Located just east of Central Expy. (Hwy 75), the Property enjoys a rapidly redeveloping infill location, improving demographics and easy access to Downtown Dallas, Uptown and Knox/Henderson. 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.