PRICE CUT! Presenting The Thomas Apartments: A rare 24-unit value-add play in Beeville offered at an attractive $76,000/door at a 7.92 PCT CAP Rate (proforma). Twenty-four large 2-bed/1-bath units at 990 sf, in 6 separate two-story buildings with durable metal roofs and separately metered power on just under 2 acres of land. Washer and dryer connections in each unit. Beeville's tenant base is anchored by recession-resistant employers: TDCJ McConnell Unit (~540 staff), Coastal Bend College, Beeville ISD, and Eagle Ford energy. With effectively no new multifamily supply in the pipeline, in-place rents average $873 against $950 market, and 46 PCT of units are already leased at $900, the rent lift is real and easily achievable. Bring the bottom of the rent roll up and stabilize from 80 PCT occupancy, and the value-add play is self-executing. If you'd like to acquire more units, this property can also be purchased as a package with MLS 72383419 for $3.77M.
Courtesy of Signature Real Estate
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