519 Oak Street

Listing Details

SOLD - 26 Unit Apartment Complex for Sale

This apartment complex features 26 units in total. 22 units are one bedroom, one bath which rent for $500 per month and 4 are two bedroom, one bath which rent for $550 per month. 19 of the 26 units have been remodeled and the units not yet updated are in good condition. The landlord pays all utilities. All electric water heaters with timers to cut costs. There have been some electrical upgrades, new energy efficient windows, and all units are cooled by window units and heated by wall heaters. 100% occupied and the owner has a list of clients waiting for a vacancy! This property also features security cameras which provide full surveillance with a 13 camera system and one access point. Roof is 10 years old. There is an office on site as well as a laundry area for tenants. Owner also nets an income of an average of $400 per month on the vending machines and laundry room usage. That amount is not included in the numbers provided above. The property has a minimal encroachment of flood zone on 6 feet of the rear alley side of the property. Owner currently pays $927 a year for $250,000 in coverage. The property has never flooded or come close. Lynch Surveying has FEMA records on property.

Landon Huffer

Landon@schimmingcompany.com

903-701-8012

Features

  • The Property is occupied at 100% with a waiting list.
  • Complex contains 26 units; 22 one bedroom leases for $500/month and 4 two bedroom leases for $550/month. 
  • Small office for owner/manager.
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