Huntington Park Apartments

Address: 6250 Ivanhoe Ln, Beaumont, TX 77706, USA

Texas + Apartments

Created date: September 5, 2023

Date last updated: September 8, 2023

▶ All units appear to be $100 below market. New owner could increase NOI by bringing units to “market”. This would result in an additional $110,000 of revenue annualy.
▶ 56 out of 92 units are upgraded. Upgrading 36 units to “property’s current market rents” would increase annual NOI by nearly $50,000. In addition there are 24 units currently equipped with washer and dryers. New owner could install W/D in remaining 12 units which would result in NOI increase of $15,000 for total NOI increase of $65,000.
▶ Water conservation devices need to be installed saving an estimated $32K in water.
▶ New owner could charge for covered parking. There are 92 covered parking spots. Charging $45 for the usage of 50 would increase NOI by $27,000.
▶ Property is currently being run “all bills paid”. New owner could charge $50 per unit for valet trash and pest control increasing NOI by nearly $5,000.
▶ Property qualifies for attractive agency debt. Please contact the broker for details.

Property Description

Huntington Park is a recently renovated 92-unit, market-rate multifamily property located in Beaumont in Jefferson County, TX. Built in 1972 and situated on 4.74 acres, the garden-style property is comprised of 12, two-story brick-sided buildings with flat roofs. Huntington Park offers spacious floor plans consisting of one- and two-bedroom units. The well-appointment apartments feature fully equipped kitchens with stainless steel appliances, granite countertops, custom wood cabinets, and hardwood flooring. The grounds are lush and green and feature a clubhouse, laundry facilities, a swimming pool with sun deck, expansive courtyard areas, mature shade trees, and manicured vegetation.