Greenwood Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30737451
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 16 Units
Building Size (RSF): 14,938 SF
Gross Building Area: See Agent
Sale Price: $675,000 - 800,000
Unit Price: $42,187.50 Per Unit
Property Use Type: Investment
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 9/13/2021

Overview / Comments

This is an ideal property for either a local investor wanting to expand their portfolio in San Angelo or a newer investor wanting to get started in multifamily. It’s maintained strong occupancy and has all classic, unrenovated units. If you stabilized current operations, the projected IRR by year 5 is 19.3%.
There is strong upside on rents if you did decide to completely renovate the units. Also, the tenants aren’t currently charged for water. Other than implementing RUBS, there are several ways to reduce expenses especially on water savings and getting repairs and maintenance in line with the market. If you implemented the value add plan, the projected IRR by year 5 is 26.0%.

Additional Details

Nearest MSA: San Angelo
County: Tom Green
Tax ID/APN: 22-41000-0011-005-00
Area Description: Greenwood Apartments is located is San Angelo, TX.  The population of San Angelo is close to 103,000.  Top Employers in the area include Goodfellow Air Force Base, Shannon Health Care System, and Angelo State University.  The property is located west about 1 mile west of Highway 87, which is a main north/south street through San Angelo, and across the street from Fannin Elementary School.
Total Number of Buildings: 1
Number of Stories: 2

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,267 51,468 88,853
Median Age: 31.99 34.51 34.55
Households: 3,018 19,511 34,259

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