Stepping Stone

Address: 7737 Skolout St, San Antonio, Texas, US

Texas + Garden Style

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

All New Roofs in 2023

$52,967 – Median Household Income in the 5-Mile Radius

Property Description

Summary: 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. Capital Expenditures:

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

Location: 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.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Garden Style
No. of Units:	80
Average Occupancy:	99
Year Built:	1984
Building Size:	56,096 Sq ft
Lot Size:	2.45 Sq ft
No. of Stories:	3
APN:	604518
Opportunity Zone:	No