500 Haley Street
Property Description
THE PROPERTY Royal Oaks Apartments: A well-located, 122-unit apartmentcommunity at 500 Haley St. in the Irving submarket of Dallas-FortWorth. Constructed in 1968, the two-story property consists of 10 brickbuildings with one-bedroom units averaging 780 SF and two-bedroomunits averaging 900 SF, situated on a 5.37-acre site with 150 surfaceparking spaces. The Property features include three gas boiler heatersand three two-pipe electric chiller systems all of which are no olderthan 10 years. Long Term Ownership: Royal Oaks is a legacy asset that has beenconsistently maintained under long-term ownership for over 25 years.The Property offers a stable operating foundation with meaningfulembedded upside in an infill market supported by population growth,workforce housing demand, and limited supply. THE OPPORTUNITY Rent Mark to Market: Royal Oaks is currently 97% occupied and offersimmediate mark-to-market rent upside with no renovation programrequired. In-place one-bedroom rents average $1,325 per monthversus achievable rents of $1,350, while two-bedroom rents average$1,457 compared to achievable rents of $1,500. Blended in-place rentsaverage $1,383 per month versus achievable rents of $1,416, withhigher rental rates already demonstrated on the current rent roll. A Secured Insurance Advantage: New ownership benefits from a $70,546 insurance quote ($578/unit) securedthrough a third-party provider, representing a 31% reduction from the property’s trailing expense of $102,936($844/unit). The quoted premium is already incorporated into the pro forma, providing a supported reduction inoperating expenses rather than relying on projected savings. Water Conservation / NOI Enhancement Opportunity: An overhaul program, which would include newshowerheads, aerators, low-flow toilet replacement, and repair of many anticipated leaks could reduce annualwater and sewer expenses by approximately $115,000, or $943 per unit per year, on an estimated $81,000investment. With an estimated nine-month payback period, the program offers a compelling opportunity to loweroperating expenses, increase NOI, and create additional property value. Other Income Upside: Current self-management has resulted in limited collection of customary fees such as latefees, pet fees, and application fees. A professional operator could implement a more consistent fee structure,creating additional recurring income and NOI growth with minimal capital investment.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 122 |
| Year Built: | 1968 |
| Lot Size: | 5.40 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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