Created date: July 17, 2023
Date last updated: November 16, 2023
- Qualifies for Agency Financing at 70% LTV
- 8% Cap on T-12 (Owner Income/Normalized Expenses)
- Same Ownership for 14 Years
- $52,967 – Median Household Income in the 5-Mile Radius
The Multifamily Group is pleased to present the exclusive offering of Stepping Stone Apartments a stabilized, cash-flowing day 1 opportunity in San Antonio, Texas. Constructed in 1985, the property consists of 80 units. There are 8 one bedroom/one bath units, 48 one bedroom/one bath units, and 24 two bedroom/two bath units. Currently, the property is 99% occupied, with a strong submarket rate of 91% (Yardi). Effective rent growth has risen for the Lackland Terrace submarket at 6.5% year-over-year (Yardi). Approximately one-third of the tenants receive subsidies through Section 8 or local programs (see rent roll). This property is located in an Opportunity Zone. Stepping Stone Apartments is a stabilized, cash-flowing deal that qualifies for agency financing at 70% LTV.
- The current owner has completed the following renovations:
- Installed Standing-Seam Metal Roofs on All 5 Buildings - April 2023
- Completely Remodeled Laundry Room with All New Equipment - 2023
- New Mailboxes - 2023
- Repainted Exterior - 2022
- All Units have Low Flow Toilets, Aerators, and Ceiling Fans
This property is in high demand due to its location near Lackland Air Force Base and the Highway-90 and Loop-410 Interchange. Lackland AFB (46,000+ people) is just 3-miles southeast of the property. Stepping Stone has great visibility with 13,895 vehicles passing it per day. There are multiple restaurants within 1-mile including Subway, IHOP, Pizza Hut, and local Mexican, Greek, and Chinese restaurants. Two grocery stores and two gas stations are within 1-mile. HEB is a short 7-minute drive. A Wal-Mart Supercenter is 11-minutes away. The asset is within 15 minutes of Seaworld. Several city parks, Ingram Park Mall, and Gateway Hills Golf Course are all a 10-minute commute. Stepping Stone is within 20 minutes of historic downtown San Antonio, with a variety of restaurants, nightlife, museums, five Spanish missions, and of course, the Alamo.