Investment Overview
Marcus & Millichap is pleased to exclusively present for sale Caddo Street Development, located at 1435 Caddo Street, Dallas, Texas 75204. The subject property consists of 0.30 acres land which is currently permitted for a 24-unit multifamily podium construction project. The subject property is strategically located between two major thoroughfares of Old East Dallas, Bryan Street and San Jacinto Street, offering convenient access to North Central Expressway, downtown, Uptown, Lakewood, and Deep Ellum. The subject property is also situated within a strong demographic submarket, with an average household income that exceeds $129,000 within a three-mile radius.
The Dallas-Fort Worth metroplex is widely considered one of the top commercial real estate markets in the United States and one of the fastest-growing submarkets in the entire country. Notably a top job market, the Dallas-Fort Worth metroplex features 24 Fortune 500 company headquarters, eight Fortune Global 500 headquarters, and 49 Fortune 1,000 headquarters. The Metroplex has also ranked as the top market for year-over-year job growth, adding over 132,000 jobs in the past 12 months, a 3.3 percent annual increase.
The city of Dallas has also gained tremendous press lately with the recent introduction of the Texas Stock Exchange, which is backed by several Wall Street investment groups such as Black Rock, Citadel Securities, and many more. With the massive influx of corporate relocations of Fortune recognized companies and job growth, this has driven a tremendous amount of new residents to the Metroplex, further driving the need for additional housing and retail establishments to sustain this increased demand.
Overall, Caddo Street Development provides a new developer the rare opportunity to take on a 24-unit multifamily permitted project located within the heart of the Old East Dallas submarket. Additionally, the site is zoned PD 298 (Subarea 10) which allows for a multitude of new developments of alternative commercial uses. The subject property is located within an extremely high-barrier-to-entry submarket for new development and is an ideal size for a new developer looking to stake their claim in this rapidly transitioning submarket.
