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27-Unit Apartment Complex Now Under Contract for $910K

27-Unit Apartment Under Contract for $910K

9850 La Branch Dr
Corpus Christi, TX 78410

• Price: $910K
• Retail Value: $1.1M based on local market CAP of 8.0%
• Rent Increase Upside..
• 100% Occupancy
• 1960 Build
• NOI on Actuals: $93K

Investment Opportunity

·         Purchase Price: $910K + Assignment Fee

o    Purchase Price Includes a large lot ($55K Value)

·         Building Class: C

·         Location Class: C

·         Market Retail Value: $1.1M based on local market CAP of 8.0%

·         Excellent opportunity for an investor to get on board with a stable property which offers a significant upside with rent increases

Investment Benefits

·   Great Location: Corpus Christi is one of the top hottest Real Estate markets in TX

·   28 min drive from St Leo University Corpus Christi

·   17 min drive from Del Mar College

·   20 min drive from Texas State Aquarium

·   14 min drive from Corpus Christi International Airport

·   Corpus Christi, TX is one of the fastest growing communities in the Nation

·   Recent Upgraded Interiors

·   Excellent Professional Property Management available

·   Sale of Property Includes Large lot ($55K Value)

·   Market Retail Value: $1.1M based on local market cap of 8.0%

 

·   Recent Upgraded Interiors

·   Excellent Professional Property Management available

·   Sale of Property Includes Large lot ($55K Value)

·   Market Retail Value: $1.1M based on local market cap of 8.0%

·   Rent Increase Upside

·   100% Occupancy

·   Cash-on-Cash Return: 28%

·   1960 Built

·   Additional Revenue from Onsite Coin Laundry

·   CAP Rate on Actuals: 10%

·   NOI on Actuals: $93K

·   Major Employers: Naval Air Station Corpus Christi, Corpus Christi Army Depot, CHRISTUS Spohn Health System, Corpus Christi Independent School District, Stripes Convenience Stores and AEP Texas

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DealsMarco Zacarias