774-200-1191
402 N Good Latimer Expy, Dallas, TX for Sale
Bar - FOR SALE
1/8
null | Request Cap Rate

402 N Good Latimer Expy
Dallas, TX 75204
Old East Dallas


HIGHLIGHTS

  • Rare Urban Essential Retail Portfolio Acquisition Opportunity
  • Three Bar/Restaurant Buildings | Income-Producing Parking Lots | Billboard Included
  • 28,951 Total Square Feet | New Construction | 100% Occupied
  • Situated on 1.56-AC Total | Zoned PD 298 (Subarea 5) | Max Build Height of 270-Ft
  • Net Operating Income: $1,592,144 | All NNN Leases | Percentage Rent Clauses
  • Average Rental Rate: $47.77/PSF + NNN | Annual Increases | Staggered Lease Turnover

OVERVIEW

Marcus & Millichap is pleased to exclusively present for sale the Good & Gaston Portfolio, a rare collection of bar/restaurant properties situated along North Good Latimer Expressway, Gaston Avenue, and Floyd Street in urban Dallas’ most prominent entertainment district. The portfolio includes three bar/restaurant properties, totaling 28,951 square feet and situated on 1.56 acres, at the crosspoint between three major urban Dallas submarkets, including Downtown, Deep Ellum, and Old East Dallas. The tenant lineup consists of long-tenured nightlife operations including Vice Park, Green Light Social, and Cash Cow, as well as additional passive income streams through valet parking, on-site parking lots with meters, and an income-producing billboard. The total net operating income for the offering is $1,592,144, with strong growth potential through annual rent increases and percentage rent clauses, as well as staggered lease turnover with multiple tenants at below-market rates. The average rental rate across the portfolio is $48.18 per square foot, with 39.4 percent of the portfolio at $37.67 per square foot, which is 21.8 percent less than the average rental rate and 44 percent less than highest rental rate in the portfolio ($67.28 per square foot). Therefore, the portfolio provides the incredible ability to boost rents substantially throughout the portfolio over time, while maintaining a steady passive income stream from the valet and parking meters, as well as the on-site billboard. The portfolio offers the rare opportunity to acquire three newly constructed bar/restaurant assets, income-producing parking lots, and an income-producing billboard, assembled across multiple sets of contiguous tracts of land totaling 1.56 acres. The subject property provides strong and consistent income potential with three tenured nightlife operators, while holding for a long-term vertical development opportunity. The parcels are currently zoned PD 298 (Subarea 5), which features a maximum build height of 270 feet, with a maximum lot coverage ratio of 90 percent, and a 4:1 FAR, ideal for vertical development upon completion of the current leases.

FOR SALE DETAILS

PRICE

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CAP RATE

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% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Good & Gaston Portfolio

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Bar

ADD'L SUBTYPES

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1946

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.56 AC

LAND SF

67,954 SF

ZONING

PD-298 (Subarea 5)

APN/PARCEL ID

00000106333000000

ASK ABOUT THIS PROPERTY

Joe SantelliMarcus & MillichapMore Info
774-200-1191

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Joe SantelliMarcus & MillichapMore Info
774-200-1191

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.