Westridge Apartments

Home » All Multifamily Properties » Westridge Apartments

Address: 3033 W State Hwy 22, Corsicana, TX 75110, USA

Texas + Apartment Buildings

Created date: November 13, 2024

Date last updated: November 13, 2024

Property Description

Waller Group presents an investment opportunity to own a value-add property in a stable and growing market at an 8% cap rate price for a forward-looking T-3 based on the current move in rate and operations. Management was replaced in June of 2024 with current management, which is tracking toward a top line income of $38,660 a month before March 1st. Leasing concessions and asking rents below market were applied, reaching a property occupancy pre-leased level of 97%. This is a nearly doubled increase from 51% at takeover. If on-site maintenance did not have free rent, it would be 100%.There is room to continue to increase rents and burn off concessions with renewals. By fully implementing RUBS, the property's net operating income has the potential to significantly increase by lowering expenses and increasing the income though utility chargebacks. Currently only some units are on RUBS through the vendor NES until leases renew or roll. Utilities could also be lowered by applying a water conservation plan with low flow toilets and fixtures. The market has a strong average occupancy with no new and emerging construction. The property should be viewed as a lower risk when compared to typical assets at this age and price.There is no major deferred maintenance on the property. Management can remain in place. Payroll will likely be reduced when the property becomes fully stabilized, as the manager is also managing additional properties. Payroll will be allocated on a per unit basis instead of being allocated exclusively to this property.The property is in average condition for the age, but was updated in 1985 with custom panel cabinets, drywall and fixtures. The floorplans are open and conducive to current new construction floor plans. The owner is currently in his 80's, and due to his age is motivated to sell. The market price will be determined by competition and offer terms. A call for offers date has not yet been established, given that the property has not been formally taken to market. Offers will be considered on an "as received" basis.

Available

Request Information

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Lot Size:	68,481.00 Sq ft
Opportunity Zone:	No
Property Website	Click Here