Skylane Avenue

• The SFR units offered are located in Corsicana, the County Seat of Navarro County ±50 miles south of downtown Dallas along IH-45. It has a population of around 29,000.
• Corsicana has a strong and expanding local industry providing employment for residents. The unemployment rate in Corsicana is less than the State of Texas. There is a clear housing shortage per a 2017 Housing Study which shows the ability to capture 154 new sale houses and 180 new rental units per year, but little inventory has been built since then.
• The 28 rented homes were built in 2023 and most are leased. There are three floor plans, all 3/2/2 with one story. The rents are $1.47-$1.50/sf/month. The expenses are proforma.
• Priced at $7.0MM, which indicates a going in cap rate of ±6.00%.

Property Description

This is a package of 27 SFR detached rental units built and leased in 2023 to address the city housing shortage. Leasing is on-going and they are nearly full at good rents. With pro-forma expenses, the cap rate is a little over 6.00%