1113 S Betty Ave

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Address: 1113 S Betty Ave, Monahans, Texas, US
Created date: February 12, 2024
Date last updated: February 12, 2024
  • - High rental demand with low competing supply
  • - Continued RUBS implementation
  • - Central location within Monahans
  • Performance Metrics:
  • - Projected 5 Year Average Cash on Cash Return 9.0%
  • - Projected 5 Year Levered IRR 18.7%
  • - Value Add $692,000
  • - Owner T&I adjusted Cap Rate 9.2%

Property Description

The 130-units of the Pecan & Villa Apartments are comprised of two communities that are operated together as one. The 80-units at the Pecan Apartments were built in 1984 while the 50-units at the Villa Apartments were built in 1972. The properties consist of 1-3 bedroom floorplans, two on-site laundry rooms, one leasing office and two shimmering pools. Since taking ownership back in 2013, the current owners have updated all of the interior units and roofs to highlight some of the substantial capex completed. The property's high occupancy speaks to the basic economics of the limited supply of this product type compared to the high demand for workforce housing within the market. The city of Monahans is located south of Lubbock and is directly off of Interstate-20 which runs from the Dallas-Fort Worth metroplex through Abilene, Midland, and Odessa before reaching El Paso, TX. About a 40-minute drive from Odessa, Monahans itself is known as the "Center of the Permian Basin." The Permian Basin is responsible for more than 60% of Texas' oil production and it is home to 16% of the U.S. oil reserves. Outside of mining, other top industries include healthcare, transportation/warehousing, food services/sales and more. The median household income in Monahans is $65,438.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
No. of Units: 130
Year Built: 1984
Lot Size: 111,300.00 Sq ft
Opportunity Zone: No
Property Website Click Here
Address: 1113 S Betty Ave, Monahans, TX 79756, USA
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