Driftwood Apartments

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Address: 1421 Maryland Dr, Corpus Christi, TX 78415
Created date: December 7, 2023
Date last updated: December 8, 2023
  • – Property has undergone a renovation of over $2.05MM within the last 3 years
  • – New ownership, based on area rent comps, can raise rent rents by an average of $141/ unit
  • – Property consists of 20 4-plexes, 20 cottage-style units with detached garages
  • – Approximately 80% of the units have updated black appliances
  • – 39 of the 40 roofs have been replaced and have the associated wind certificates
  • – Property is located near numerous grocery and retail options, including HEB

Property Description

Waller Group is proud to present the 101-unit, value-add Driftwood Apartments in Corpus Christi, TX. This workforce housing community is composed of 20 4-plexes, 20 cottage-style units with detached garages, and is in an Opportunity Zone. Driftwood Apartments provides a new owner with the opportunity to improve operations while continuing to generate cash flow. Current ownership is selling to allocate proceeds to additional projects.
Driftwood has recently undergone a renovation of over $2.05MM within the last 3 years.
Exterior renovations Include the following: -39 of the 40 roofs have been replaced and have the associated wind certificates. -Ownership invested over $70,521 to restore the parking area and repair concrete pathways. -Copper electrical wiring can be found throughout. -$252,956 has been invested to repair/replace plumbing with PVC/PEX Supply; a significant number of plumbing lines replaced other lines are cast iron.
Interior renovations include the following: -All new Mini splits & Wall Mount HVAC Equipment. -Updated flooring with vinyl plank or refinished hardwood. -New bath vanities and upgraded lighting. -Kitchens have resurfaced countertops and refurbished cabinets. -Approx. 80% of the units have updated black appliances. -Ownership invested over $47,986 in water heaters.
New ownership has the opportunity to build and capitalize on the renovations. The onsite laundry room facility along with two units will require a finish out.
Current ownership achieves $468,084 in annual net operating income. New ownership based upon similar area rent comps can raise rent rents by an average of $141/ unit which is a $0.25/ sqft bump. With this bump in rents can achieve an annual NOI of $629,030.
The property is currently managed by a full-time onsite manager and maintenance tech. Current management is willing to stay on for the new owner. Proforma financials were underwritten with an mgmt. fee of 3% and contract services & payroll expense of over $134,323.

Key Property Information

Listing Status: Unavailable
Listing Type: Call for offers
Multifamily type: Apartments
Price: $6,200,000
No. of Units: 101
Average Occupancy: 8
Year Built: 1948
Lot Size: 57,239.00 Sq ft
Opportunity Zone: Yes
Price per unit: $61,386
Property Website Click Here
Address: 1421 Maryland Dr, Corpus Christi, TX 78415, Corpus Christi, TX 78415, USA
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