Little properties for sale are some of the last empty lots in Dallas’ Uptown area.
In Dallas’ booming Uptown neighborhood, where land sells for hundreds of dollars per square foot, even tiny properties carry a big price tag.
If you blink, you might miss the vacant lot for sale on Thomas Avenue. It’s just 50 feet wide — about the same size as a typical single-family home lot.
But the weedy parcel that was listed for sale at $690,000 is already under contract.
“We’ve had a couple of families that wanted to build a single-family home there,” said real estate broker Mike Turner. “Now we have a group looking at building two or three units on the site.
“Our Thomas property is one of the only vacant lots in that area.”
As the area north of downtown has been redeveloped with high-rise apartments, office towers and hotels, developers have pored over their maps to find potential building sites.
Most of the big tracts are gone or in the hands of builders. But a handful of tiny properties are still up for grabs.
“It’s getting to the point that if you are going to build something in Uptown you have to tear something down,” said Jade Scott of Whitebox Real Estate. “There’s not much left to buy.”
Scott is marketing a tiny, 3,035-square-foot lot on Boll Street that’s tucked between a house and an apartment building. The asking prices is more than $800,000.
“We’ve had some kick the tires on it,” he said. “It’s investors who want to see what they can do because there isn’t any land in Uptown.”
Commercial real estate firm JLL is marketing two small vacant lots in the Turtle Creek area just north of Uptown.
The properties at Hall Street and Turtle Creek and Hood Street and Dickason Avenue together total about an acre and a half.
“The amount of growth we’ve experienced across North Texas, especially in the Uptown submarket, is unprecedented,” JLL’s Jorg Mast says in a pitch for the properties. “Over the past several years, we’ve welcomed thousands of new residents and employees from across U.S. to this historic area.
“This exclusive listing offers developers two of the final opportunities to create their own legacy within this unique and niche community.”
Because they’re so small, some of the properties up for grabs in the Uptown area don’t attract big developers.
“It can be problematic to build on some of these properties — that’s why they have not sold,” said broker Newt Walker. “But some builder will buy a little lot and put however many housing units he can put on it.
“And some people may want to build their own home, and there are not that many choices.”