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Cash Flowing Texas Apartment Building

Recent Capital Upgrades of Over $1,000,000
2 Story * 544 Units * 3 Pools * Amenities

Asking $6,500,000

Building Size: 374,308 SF
Year Built: 1979
Lot Size: 24.02 AC
Units: 544
Price/Unit: $12,867.65

Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Property Use Type: Investment

Occupancy: 60%
CAP Rate: 12.72%

Description:
• Recent renovations make this an attractive investment property to buy and hold.
• This property is Cash Flowing and offers a great upside to increase revenue.
• The largest employer by sales is only 2 miles away from the apart complexes.

This property is being offered at a deeply discounted price ($12,867/unit) in comparison to its stabilized value. The property is currently performing significantly below its comparable competition and a new owner/management regime should have the ability to add value by bringing the property inline within its submarket.

The owner recently completed over $1,000,000 in capital upgrades to the property including but not limited to all new exterior HardiPlank siding, re-striping of all parking lots, resurfacing of 3 swimming pools, interior rehabs and balcony repair. Its location is approximately 55 miles from a major city and accessible to a few State Highways. Real estate taxes based on 2009 tax assessed value of $6,778,170 and tax rate of 2.6432%