UPDATED:
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 21,510 sqft
Price per Sqft $110
Subdivision Fritts Add
MLS Listing ID 7697685
Year Built 1973
Annual Tax Amount $55,000
Tax Year 2025
Lot Size 0.434 Acres
Acres 0.4336
Property Sub-Type Apartment
Source actris
Property Description
The property consists of 24 identical one-bedroom, one-bathroom units, each approximately 500 square feet, creating a highly efficient operating model with a single floor plan, consistent maintenance requirements, and straightforward renovation execution. The community is currently 87.5% occupied, with the next lease already signed.
Based on the seller's underwriting, stabilized NOI is projected at approximately $182,000, representing an estimated 7.3% yield on total project cost in a market where comparable assets continue to trade near 5.5% capitalization rates.
The existing loan balance of approximately $1.050 million represents roughly 43% leverage, requiring approximately $1.35 million of equity to complete the assumption. This structure is particularly attractive for 1031 exchange buyers, private investors seeking immediate financing certainty, and equity-rich operators looking to capitalize on below-market debt that is increasingly unavailable in today's lending environment.
The OM, current rent roll, trailing financials, and loan assumption package are available upon execution of a Confidentiality Agreement. Property tours are available by appointment only. Offers will be reviewed as received.
All information contained herein has been obtained from sources deemed reliable but has not been independently verified.
Location
State TX
County Travis
Interior
Heating Ductless, Electric
Cooling Wall/Window Unit(s)
Flooring Tile, Vinyl
Fireplace No
Exterior
Utilities Available Cable Available, Electricity Connected, High Speed Internet, Natural Gas Connected, Phone Available, Sewer Connected
Total Parking Spaces 26
Building
Foundation Slab
Sewer Public Sewer
Water Public
Structure Type HardiPlank Type,Stone
New Construction No
Others
Special Listing Condition Standard
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