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Olive @ Vernon
- Prime Location: Located in the heart of Oak Cliff, two blocks west of I-35E and minutes from the Bishop Arts District, Dallas CBD, and next door to the Brixmor Retail Redevelopment
- Significant Capital Improvements ( Over $1MM Spent): 30-Ton Chiller, Water Heater, Stair Risers, Salisbury Mailboxes, Parking Lot Striping and Adding Spaces, Exterior Lighting and Timers, Exterior Doors, Exterior Painting and Custom Murals, Dog Park, Iron Fencing, Incoming Water Lines, and Interior Renovations
- Modernized Interiors: About 35% or More Renovated: Updated kitchens with hard surface countertops, black and stainless-steel appliances, plank flooring throughout common areas, faux wood 2-inch blinds in every unit, modern bathrooms with tile surround, updated vanities and lighting, new ceiling fans, and added full-sized washers and dryers
- Value Add by Stabilizing/Capturing Rent Premium and Expense Reduction: Significant upside potential through realizing water expense savings from the recent plumbing repair and stabilizing occupancy by leasing up recently renovated units and completing a premium renovation on the remaining units
- Increase Other Income by increasing the number of reserved parking spaces to 14, adding 14 carports, and implementing W/D connections in the remaining 16 units
Property Description
Olive @ Vernon is a 40-unit multifamily community located in the Oak Cliff submarket of Dallas in Dallas County, TX. Situated at 2211 S Vernon Avenue, Dallas, TX 75224, the property was built in 1969 and consists of 7 two-story buildings with brick siding and pitched composition shingle roofs. Olive @ Vernon offers a mix of spacious one- and two-bedroom floor plans featuring fully equipped kitchens, ceiling fans, and washer and dryer connections in select units. Community amenities include a central courtyard, on-site laundry facilities, newly added pet park, and reserved parking. The property spans approximately 1.7 acres and features mature trees, open green space, and surface parking throughout.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 40 |
| Lot Size: | 29,464.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
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