#1 CR 1326, Texarkana, TX

Multi-family for Sale - $1,775,912 - 34,920 Sq. Ft. on 3.2 acres


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Agent Info

NameBill Beaver

Property Info

CIMLS #1015898
Location#1 CR 1326
Texarkana TX 75501
Last UpdatedJune 13th, 2018
TypeMulti-family
Price$1,775,912
Building34,920 Sq. Ft.
Land3.2 acres
DemographicsView data

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Property Description

18 Brand New High End Duplex Units (18 Doors). I have sold a number of these developer's projects to investors over the last 7 years and they are the best built units I have marketed to date. All units are 2 bedroom, 2 bath and one of the bedrooms is a Master with a different Master Bath and a walk in closet. All counters in the house are real Granite and the appliances are excellent. Large open kitchen with granite counter tops and a large 2 car garage. The Unit Square Footage Breakdown is:

Living area 1,323 Square Feet

Garage area 431 Square Feet

Outside Patio is 130 Square Feet

Storage Space is 17 Square Feet

Total Unit Space is 1,901 Square Feet

The units are just being completed and 8 units are already leased and it is expected that by the end of July sixteen of the units will be leased. A One year lease is required with a background check and rental history. Rent is $1050 per month. The tenant mix of the other developments that I have sold for these Sellers has been very good. Their experience is that the units that have garages tend to stay almost 100% full as compared to the units without a garage. These units are very energy efficient and have an insulation board in the roof that makes the unit cooler during the summers. The location is rural and quiet but it is right on the Loop in Texarkana so it has excellent access to Interstate 30, Hwy 59 or Interstate 49. All three Interstates come into Texarkana and are accessed via the Loop.

There are 2 Fourplexes and One Six plex for a total of 18 doors (units)


Financials

The Pro-Forma Net Income is $146,512. I have used the same assumptions as in the most current MAI Appraisal. Expense Ratio is 32%. I have assumed a 5% vacancy rate. I have also used a CAP RATE of 8.25%. These assumptions are based on the MAI Appraisal and also track closely to actual historical numbers from other similar duplex developments built by the same developers that I have sold.


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