Property Description:

Apartments at 500 S Ervay St, Dallas, TX 75201 offers luxury 1- and 2-bedroom apartments in the heart of downtown Dallas, just 0.5 miles (a 3-minute drive or 10-minute walk) from the city center. This historic high-rise blends industrial charm with modern elegance, featuring loft-style flooring, full-sized kitchens, and breathtaking city views. Residents enjoy cutting-edge amenities, a prime location near top Dallas attractions, and easy highway access for unmatched convenience.

Investment Highlights

• 1-Bedroom Apartments: Rent: $2,100 | Annual Revenue: $87,000+ | Monthly Profit: $4,925
• 2-Bedroom Apartments: Rent: $2,200+
• Located in the heart of downtown Dallas
• Easy access to I-30, highways 75 & 35E, and I-45 South to Houston
• Walkable to top Dallas attractions, shopping, and dining

Apartment Features

• Air conditioning & heating
• Dishwasher, refrigerator, washer, and dryer included
• Polished concrete & wood flooring
• Cable & high-speed internet ready
• Walk-in closets
• Loft-style designs with breathtaking city views

Community Amenities

• Business center & clubhouse
• Concierge service
• 24-hour fitness gym
• On-site maintenance
• TV lounge & game room
• Resort-style swimming pool
• Gated community with secure access
• Music room & art studio
• Cinema & entertainment spaces

Nearby Attractions & Distances

• Downtown Dallas: 0.5 miles (3-minute drive or 10-minute walk)
• Dallas World Aquarium: 1 mile (5-minute drive)
• Dallas Museum of Art: 1.2 miles (6-minute drive)
• American Airlines Center (Mavericks & Stars): 1.5 miles (8-minute drive)
• Reunion Tower: 0.8 miles (4-minute drive)
• Deep Ellum Entertainment District: 1.7 miles (7-minute drive)
• Dallas Love Field Airport: 6.5 miles (15-minute drive)
• DFW International Airport: 19 miles (25-minute drive)

Rental Terms & Fees

• Lease Length: 1 Year+
• Security Deposit: TBD based on screening
• Utilities: Not included
• Parking: TBD
• Parking $170
• Deposit 1 to 2 month's rent based on credit screening

As of February 2025, Dallas is not actively enforcing its short-term rental (STR) regulations for non-owner occupied properties due to ongoing legal challenges. Here's the current situation:

1. The Dallas City Council passed ordinances in June 2023 that effectively banned STRs in single-family neighborhoods and imposed strict regulations on those operating in other areas24.
2. However, these ordinances are currently under a temporary injunction filed in December 2023, preventing the city from enforcing the new rules23.
3. The Texas 5th District Court of Appeals is currently deciding whether Dallas can prohibit STRs in single-family neighborhoods3. As of the latest information available, no ruling has been made on this matter5.
4. While the injunction is in place, STRs are operating legally within Dallas neighborhoods, including in single-family zoned areas2.
5. The city is still enforcing existing ordinances on property standards and disturbances1, but the specific STR regulations passed in 2023 are not being implemented due to the ongoing legal battle.
6. Some council members, like Chad West, have suggested revisiting the STR ordinance, arguing that it's "not working" and potentially causing the city to miss out on significant tax revenue26.

In summary, while Dallas has passed laws regarding non-owner occupied STRs, these are not currently being enforced due to legal challenges. The situation remains in flux, with potential for changes depending on court rulings and further council actions.