DB2RE Properties
Davidson Bogel Real Estate

219 Sunset Avenue

219 Sunset Avenue, Dallas, Dallas County, Texas 75208

Price:  $4,250,000


NOI:  $275,590


Cap Rate:  6.48%


Building Size:  17780


Occupancy:  100%


Lot Size:  0.88 AC / 38,500 SF


Zoning:  Commercial


Debt:  Free & Clear


Please provide the below information to view this property's offering memorandum.






PrincipalBroker

Confidentiality And Conditions Agreement

This will serve to confirm our agreement concerning certain material, data and information (the “Underwriting Package”) which Davidson Bogel Real Estate, L.L.C (“Listing Agent”) may make available to Prospective Purchaser for study in connection with a possible purchase by Prospective Purchaser of the Property.

Listing Agent or Owner is prepared to furnish Prospective Purchaser with the Underwriting Materials in connection with discussions and negotiations concerning a possible transaction involving the Property only on the condition that Prospective Purchaser treat Underwriting Materials confidentially and confirm certain representations to Listing Agent. Therefore, as a prerequisite to Listing Agent’s furnishing to Prospective Purchaser the Underwriting Materials, Prospective Purchaser hereby represents and agrees to the following:

  1. The Underwriting Materials furnished to Prospective Purchaser will be used by Prospective Purchaser solely for evaluating a possible transaction exclusively for our own account, as principal in the transaction, and not as broker or agent for any other person. Therefore, Prospective Purchaser agrees to keep the Underwriting Materials strictly confidential for a period of 12 months; provided however that any such Underwriting Materials may be disclosed to Prospective Purchaser’s directors, officers or employees, as well as its counsel, accounting firms and financial institutions who need to know such information for the purpose of assisting with Prospective Purchaser’s possible purchase of the Property. Such directors, officers, lawyers, financial institutions and accountants shall be informed by Prospective Purchaser of the confidential nature of such information and shall be directed by Prospective Purchaser to hold such information in strict confidence and otherwise comply with the terms of this agreement. Prospective Purchaser shall be responsible for breach of this Agreement of such persons.

    Prospective Purchaser agrees not to copy or duplicate the Underwriting Materials and to return the Underwriting Materials to Listing Agent promptly if Prospective Purchaser decides to discontinue discussions, or if requested by Listing Agent or Owner.

  2. Although Listing Agent has endeavored to include in the Underwriting Materials information which Listing Agent believes to be relevant for the purpose of helping Prospective Purchaser in Prospective Purchaser’s evaluation of the Property for possible purchase, Prospective Purchaser understands and acknowledges that neither the Seller of the Property nor Listing Agent make any representation or warranty to Prospective Purchaser as to the accuracy or completeness of the Underwriting Materials. Prospective Purchaser agrees that Seller and Listing Agent shall not have any liability to Prospective Purchaser as a result of our use of the Underwriting Materials and it is understood that Prospective Purchaser is expected to perform and be responsible for such due diligence, investigations and inspections of the Property, including investigation of any environmental conditions, such as ADA (Americans with Disabilities Act), hazardous waste and flood zone as it deems necessary or desirable and as permitted by agreement with the Owner of the Property.
  3. Prospective Purchaser also warrants and represents that no broker or agent represents or will represent it in any possible transaction involving the Property. Prospective Purchaser is advised that Davidson Bogel Real Estate, L.L.C. is acting on behalf of Owner as exclusive agent in connection with the investment in this Property. Should the Prospective Purchaser elect to have representation by a Co-broker, Prospective Purchaser hereby agrees that any fees earned by or owed to Co-broker in connection with this transaction will be paid by the undersigned Prospective Purchaser, unless otherwise agreed to in writing by Davidson Bogel Real Estate, L.L.C., Prospective Purchaser and Co-broker. Prospective Purchaser agrees to indemnify and hold harmless Davidson Bogel Real Estate, L.L.C., Owner, their respective affiliates, successors and assigns, employees, officers and directors against and from any loss, liability or expense, including reasonable attorney’s fees, arising out of any claim or claims by Co-broker, finder or similar agent for commissions, fees or other compensation for bringing about any investment in the Property by Prospective Purchaser.
  4. Prospective Purchaser hereby acknowledges that Prospective Purchaser has been informed, both orally and by this written disclosure, that:
    1. Listing Agent through Cameron Deptula are acting as Agent(s) of the Seller of the Property, and
    2. Any information given by Prospective Purchaser to Listing Agent may be disclosed to the Seller.
  5. While Owner and/or Listing Agent may discuss the purchase and sale of the Property with Prospective Purchaser, either Owner or Listing Agent, in our sole and absolute discretion, may terminate discussions at any time and for any reason. Recipient acknowledges Owner has no obligation to discuss or agree to the sale of any of the Property. The discussions may be lengthy and complex, notwithstanding that we may reach one or more oral understandings or agreements on one or more issues we are discussing, neither of us shall be bound by any oral agreement of any kind and no rights, claims, obligations or liabilities of any kind, either express or implied, shall arise or exist in favor of or be binding upon either Owner or Listing Agent except to the extent expressly set out in a written agreement signed by both Owner and Listing Agent.

    THE OWNER EXPRESSLY RESERVES THE RIGHT AT ITS SOLE DISCRETION TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THE PROPERTY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY AT ANY TIME WITH OR WITHOUT NOTICE.

  6. Prospective Purchaser agrees not to contact the tenants, leasing brokers or Property management staff of the Property in connection with recipient’s review of the Confidential Information.
  7. THIS CONFIDENTIAL INFORMATION SHALL NOT BE DEEMED AS REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS MEMORANDUM.
  8. This Agreement is for the benefit of Owner and may be enforced by Owner.
  9. Prospective Purchaser acknowledges that in the event Prospective Purchaser breaches any provision of this Agreement, or threatens or attempts to do so, Owner would be irreparably harmed. “Accordingly, you agree in advance to the granting of injunctive or other equitable relief in favor of Owner without proof of actual damages, in addition to other remedies available at law or in equity.
  10. This agreement will be in effect for a period of one (1) year of execution.

If you do not wish to pursue negotiations leading to this acquisition, or if in the future you discontinue such negotiations, you agree to return all confidential information to Listing Agent. Otherwise, please agree below.

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Contact us about this property  

Highlights

  • Excellent service oriented center located in trophy infill market within the Bishop Arts District in Dallas, Texas. Located just north of W. Jefferson Boulevard, 219 Sunset is a once-in-a-generation opportunity at the heart of Bishop Arts.
  • Rare value-add opportunity within the urban core that provides significant upside through redevelopment or pushing of rental rates at expiration.
  • Both tenants reimburse fully for all NNN expenses and provide new ownership with significant upside potential through the increase of market rents at expiration. Average rates at the Property today are a staggering low $15.50 PSF. Market rental rates today are in the mid $20’s + NNN, with significant future growth projected.
  • Offering consists of 17,780 SF of improvements and over 0.88 AC of land.
  • Aids Arms (116-A) provides investors with nearly six (6) years of term, reimburses fully for NNN’s, includes a $0.50 PSF rent increase on March 1, 2020 and one (1) five-year renewal option at FMV. Tenant has called 219 Sunset home since December 1999 (20 years) and would like to expand if the opportunity arises.
  • First Step Counseling (101-B) also has nearly six (6) years of term remaining, reimburses for all NNN expenses, includes a $1.00 PSF rent increase on March 1, 2020 and boasts two (2) five-year renewal options at FMV.
  • Excellent visibility and accessibility with ample parking and a parking ratio of over 3.66 per 1,000.
  • Limited management required, making 219 Sunset perfect for investors of all levels.
  • Strategically positioned south W. Davis Street, just north of W. Jefferson Boulevard and along Zang Boulevard, 219 Sunset enjoys unmatched accessibility to these three dominant thoroughfares.
  • Convenient access to Downtown Dallas, Bishop Arts District and Trinity Groves, as well as, proximity to countless multi-family developments, office and boutique retail properties.
  • Approximately 152,860 to 373,786 residents within a 3 & 5 mile radius.
  • 4,786 and 16,818 businesses with 69,582 and 291,129 employees within a 3 & 5 mile radius of the Property.

Description

DB2RE INVESTMENT SALES is proud to offer qualified investors Sunset Avenue (“Property”), located at 219 Sunset Avenue within the coveted Bishop Arts District in Dallas, Texas. Totalling 17,780 SF on 0.88 AC, the investment boasts a centralized infill location within the dense Bishop Arts corridor. Currently, the Property is 100% occupied by long-serving tenants such was Aids Arms (74.32% of Property / December 1999) and First Step Counseling (25.68% of the Property / November 2015). Investors will enjoy extremely stable cash flow and significant upside potential through future repositioning efforts and/or increasing rental rates to market (Property averages $15.50 PSF) upon Tenants expiration or at renewal. Anchored by two long-serving medical tenants backed by the State of Texas and who have called Sunset Avenue home for an average of 22 years, the offering is perfect for investors of all experience levels. Strategically located one block north of W. Jefferson Blvd and south of W. Davis Street, the Property enjoys unbeatable positioning within the Bishop Arts District, one of Texas’s most sought after commercial corridors. Bolstered by its proximity within a high-barrier / high-growth market, investors will enjoy an excellent stabilized investment with great growth potential for generations to come.

Location

219 Sunset Avenue

219 Sunset Avenue, Dallas, Dallas County, Texas 75208

219 Sunset Avenue

Contact Us About this Property

Cameron Deptula

Cameron Deptula

Investment Sales
TREC #622382

214.526.3626 ext. 116
CDeptula@db2re.com

J. Scott Lake

Urban Land
TREC #618506

214.526.3626 ext. 108
SLake@DB2RE.com

Jake Milner

Jake Milner

Urban Land
TREC #647114

214.526.3626 ext. 109
JMilner@DB2RE.com