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Ashley Brockman

ashleybrockmanrealtor@gmail.com +1(210) 850-1008

$ 1,825,000

Est. payment | -/mo

4,394 SqFt

Save

$ 1,825,000

Est. payment | -/mo

Save

4,394 SqFt

Key Details

Property Type Commercial

Sub Type Commercial Improved Prop

Listing Status Active

Purchase Type For Sale

Square Footage 4,394 sqft

Price per Sqft $415

MLS Listing ID 1965722

Construction Status Wood,Brick

Year Built 1980

Annual Tax Amount $2

Lot Size 1.950 Acres

Property Sub-Type Commercial Improved Prop

Property Description

PRICE CUT! Presenting The Thomas Apartments: A rare 24-unit value-add play in Beeville offered at an attractive $76,000/door at a 7.92 PCT CAP Rate (proforma). Twenty-four large 2-bed/1-bath units at 990 sf, in 6 separate two-story buildings with durable metal roofs and separately metered power on just under 2 acres of land. Washer and dryer connections in each unit. Beeville's tenant base is anchored by recession-resistant employers: TDCJ McConnell Unit (~540 staff), Coastal Bend College, Beeville ISD, and Eagle Ford energy. With effectively no new multifamily supply in the pipeline, in-place rents average $873 against $950 market, and 46 PCT of units are already leased at $900, the rent lift is real and easily achievable. Bring the bottom of the rent roll up and stabilize from 80 PCT occupancy, and the value-add play is self-executing. If you'd like to acquire more units, this property can also be purchased as a package with MLS 72383419 for $3.77M.

Location

State TX

County Bee

Area 3300

Zoning COMMERCIAL

Direction E

Interior

Heating Central

Cooling Central

Exterior

Garage Spaces 48.0

Utilities Available Electricity, Water, Sewer

Roof Type Metal

Building

Story 2

Foundation Slab

Level or Stories 2

Construction Status Wood,Brick

Schools

School District Beeville Isd

Others

Acceptable Financing Sale Only, Cash, Conventional

Listing Terms Sale Only, Cash, Conventional

LERA MLS - Local Expertise Regional Access / SABOR

Listed by Erion Shehaj • Signature Real Estate • (713) 952-3200

Schools and Properties Nearby

Find out why customers are choosing LPT Realty to meet their real estate needs

+1(210) 850-1008

ashleybrockmanrealtor@gmail.com

Learn More About LPT Realty

600 CROCKETT ST Beeville, TX 78102