1818 S Harrison

• Great location across from Angelo State University
• Under $32k / unit with average rents of $728/mo
• Market occupancy is 91%
• 3.6% average market rent growth since 2016

Property Description

Cliffhouse is a 60 unit property located in San Angelo, TX. It's a three story building, with 1 Bed / 1 Bath units. A laundry facility is on-site. Some units are furnished. Recent big ticket cap ex items completed by the seller include replacing the staircases, and redoing the electric system and breakers. There is a LURA on the property that expires in Dec 2032. The low income rates for the LURA units only differ from the market rates at the property by $5 so it doesn't negatively impact the property. This is a good opportunity for someone to maximize operations at the property under the current LURA and then convert it to a market rate property when it expires.