Property details

Texas 200+ Unit Multifamily For Sale, Southwest Region

Property Description

Texas 200+ Unit Multifamily For Sale

Just off the major "loop" and within walking distance to major retailers at the only shopping mall in the region.

Located on the coastal plains of Texas between Corpus Christi and Houston. Best quality apartment complex in the city

NOI is year 2016 budget.

RECOURSE Loan in place: Current loan balance approx. $18,225,000, 4.75% interest, 25-yr Am, Annual debt service $1,246,836. Annual Cash Flow $384,831. Cash on Cash: 4.44%. 4-year loan term.

The $18.225 million construction lender will consider assumption and modification of terms to assist buyer.






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Highlights

Status:
Available
Price:
$26,900,000
PSF:
$123
Cap Rate:
6.06%
Annual Rent:
$1,631,667
 

Property Information

Building Size:
219,516 sq.ft.
Property Type:
Apartments
Industry Type:
Apartment - Multifamily
Units/Spaces:
264
Year Built:
2014
Land Area:
15.25 acres
Purchase Tenure:
Fee Simple
 

Existing financing information

Original loan amount:
$18,225,000
Interest rate:
4.75%
Amortized over:
300 years
Annual Debt Service Pmts:
$1,246,836
Annual Cash Flow:
$384,831
Cash on Cash Return:
4.44%

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.