Catylist ID:
#30720651
| Catylist Listing ID: | 30720651 |
| Property Subtypes: | Low-Rise/Garden |
| Number of Units: | 232 Units |
| Building Size (RSF): | 167,907 SF |
| Gross Building Area: | See Agent |
| Sale Price: | See Agent |
| Property Use Type: | Investment |
| Sale Terms: | Other |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/12/2021 |
Overview / Comments
|
The Go-Getters Team at KW Commercial have been exclusively retained by seller to offer Shadow Bay Apartments. They are a well maintained asset with immediate value add potential. Due to the current condition of the units, the next operator will be left with a clean, ready to lease proeprty. There is only 1 down unit on the entire property. 231 units are rentable as is. This property currently operates 25% below expected market performance. The current situation with forbearance due to COVID has weakened the current operation. Over $3M in CAPEX has been injected into Shadow Bay since 2014 (see CAPEX log) New owners are granted a property in great condition ready to be leased after forbearance has been lifted. |
Attachments & Media
Additional Details
| Nearest MSA: | Bay City |
| County: | Matagorda |
| Tax ID/APN: | 12502 |
| Community Amenities: | Outdoor Pool, Recreation Room, Tennis Courts, Play Ground |
| Number of Stories: | 2 |
| Year Built: | 1978 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 7,964 | 17,158 | 17,955 |
| Median Age: | 35.47 | 35.45 | 35.93 |
| Households: | 3,196 | 6,448 | 6,787 |
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