93 Unit Stabilized Apartment Portfolio | Killeen & Copperas Texas

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Address: 211 Hold St, Killeen, TX 76541, USA
Created date: January 31, 2024
Date last updated: March 25, 2024

Great unit mix variety of 1, 2, 3 Bedrooms
Professionally Managed portfolio mostly on the same block or street
Majority of buildings are contiguous via multiple parcels.
Scaled investment within a strong rental market.
Larger & mid-size complexes mixed with quad / duplexes
Growing market between Austin & Waco, TX
Immediate economies of scale within a market
Below market rents with true-upside

 

Portfolio Description

Everything is bigger in Texas! This is an excellent opportunity for an investor to acquire a 93 unit stabilized apartment portfolio with upside within a strong rental market with 97-99% market occupancy rates. The portfolio of units are third party professionally managed, spread across six (6) separate locations, all within 10 minutes from each other. Sixty (60) of the units are only a mile apart with the remainder in close proximity. The apartments are primarily a Garden-Style Brick construction ranging in vintage from 1965-1978. The majority of the buildings are comprised of brick with pitched composition roofs, central HVAC, metered electrical, and ample parking. Each unit is equipped with a refrigerator, stove, oven, and individual hot water heater. Furthermore, many of the units feature washer and dryer hook-ups which is a highly desired amenity by tenants. The portfolio unit mix break down is as follows: (58) - 1 Bed / 1 Bath (25) - 2 Bed / 1 Bath (5) - 2 Bed / 1.5 Bath (5) - 3 Bed / 2 Bath Economies of scales makes it extremely efficient to manage, collect rents, increase income, stabilize expenses, and obtain better pricing for labor, maintenance, repairs, and materials. The rents are well below market and with more modern renovations to units that turn over, the rents could be increased substantially creating a higher rental rate trend. Killeen + Copperas Cove Portfolio Breakdown: *211-228 Hold St. (6 Buildings; Total: 40 Units; Average Year Built: 1969) 211 Hold St.: 2 Units 219 Hold St.: 4 Units 221 Hold St.: 4 Units 223 Hold St.: 4 Units 224 Hold St.: 14 Units 228 Hold St.: 18 Units *4304-4306 Lake Rd. (2 Buildings; Total: 16 Units; Year Built: 1977) 4304 Lake Rd.: 8 Units 4306 Lake Rd.: 8 Units *805 & 807 W Hallmark Ave. (2 Buildings; Total: 12 Units; Year Built: 1965) 805 W Hallmark Ave.: 6 Units 807 W Hallmark Ave.: 6 Units *806 & 808 Safady St. (2 Buildings; Total: 8 Units; Year Built: 1965) 806 Safady St.: 4 Units 808 Safady St.: 4 Units *1203 Willow Springs Rd. (1 Building; Total: 3 Units; Year Built: 1976) *201 W Lincoln Ave., Copperas. (1 Building; Total: 10 Units; Year Built: 1975) *1306 Brown Dr., Copperas. (1 Building; Total: 4 Units; Year Built: 1978) *In Association with Scott Reid & ParaSell, Inc. A Licensed Texas Broker Lic. #9009637 ParaSell, Inc. Scott Reid TX Lic.#739436 TX Broker Lic.#9009637 (949)942-6578

Portfolio Key Information

Listing Status: Available
Listing Type: Highest & best offer
Price: $ 6,500,000
No. of Units: 93
Cap Rate: 6.49%
GRM /GIM: 8.94
Building Size: 57509 Sq ft
No. of Stories: 2
Opportunity Zone: No
Price per unit: $69,892
Address: 211 Hold St, Killeen, TX 76541, USA

FINANCIAL DETAILS

Income/expense info: Pro Forma
Financial year: 2023
Gross income: 713928.0
Effective Gross income: 705121
Operating expenses: 283286
Net operating income: 421835

Additional contacts

Full name Phone number Email address
Scott Reid (949)942-6578 [email protected]

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