901 W 7th Street, Texarkana, TX
Multi-family for Sale - $1,050,000 - 42,148 Sq. Ft. on 0.83 acres
Agent Info
steven koutsantonis |
Property Info
CIMLS# | 1157527 |
Location 901 W 7th Street Texarkana TX 75501 | |
Updated | April 3rd, 2024 |
Type | Multi-family |
Price | $1,050,000 |
Building | 42,148 Sq. Ft. |
Land | 0.83 acres |
Property Description
Property Highlights:
⦁ Location: The Sands is perfectly positioned in the vibrant heart of Texarkana, surrounded by a myriad of local hotspots, including diverse dining options, entertainment venues, hospitals, and more. Its close proximity to Texarkana Region- al-Webb Field Airport and Texarkana State College amplifies its appeal, ensuring a consistent influx of potential tenants.
⦁ Occupancy: Will be offered with 100% occupancy, this 19-unit multifamily complex stands as a stabilized asset, ripe to value add. With an estimated
$150,000 to convert to multifamily, there's substantial upside potential in given conversion would provide a 8.25-9% Cap Rate Value and higher ARV.
⦁ Market Potential: 7th Street is on the cusp of revitalization, marking this as an opportune moment to invest in robust, cash-flowing real estate within a high-de- mand market.
Texarkana Market Insights:
Property Address: 901 W. 7th Street, Texarkana TX 75501
Parcel ID: 8209-1/208244
Gross Leasable Area: Lot Size 5,994 Sq. Ft.:
No. of Buildings/Stories: Year Built/Renovated: One Building/ One
Story 1957 / 2012 / 2024
Traffic Counts: 11,301 VPD
Occupancy:100%
Type of Ownership: Fee simple
Tenant Count:19 units
Lease Type:1 year
Parking: 19
Roof: Shingles
Utilities: Central Heat and Hot Water Systems
Construction:
Bowie County 8209-1/208244
Shingles Central Heat and Hot Water Systems Wood Frame and Masonry
⦁ Rental Market: The Texarkana rental market has seen a notable uptick in median rent prices, now at $1,095, reflecting a $220 increase from the previous year. This trend indicates a tightening market with growing demand, suggestive of a broad- er housing need and potential shortage.
Financials
⦁ Economic Development: Texarkana is witnessing significant economic development, underscored by Exxon's recent investments in the area, signaling strong employment prospects and economic growth. Such developments are likely to further drive demand for housing, making Magnolia Manor an even more attractive investment.
⦁ Housing Market: With an average house price of $141K and a median listing price of $274.9K, Texarkana's housing market is showing signs of growth and competitiveness, further emphasizing the investment appeal of Magnolia Manor.
Conclusion:
The Sands Apartment Complex presents a compelling investment opportunity in Texarkana, Texas. With its prime location, full occupancy, and significant value-add potential, it offers a pathway to robust cash flow in a market primed for growth. Cedar William invites prospective investors to seize this moment to acquire a key asset in a thriving community, set against a backdrop of economic expansion and housing demand.
Price:$1,050,000
Price PSF: $175
Price Per Unit: $55000
Occupancy: 100%
GOI: $186,399
Expenses: $58,468
2024 NOI: $229,200
2025 GRM: 5.6
2025 Cap Rate: 14.1%
Asking Price
$1,050,000
Cap Rate
11.2%