29 unit multifamily apartment complex located just outside of Galveston. Premium location. 6.16% Cap Rate! The subject property is just a 23 minute drive from the Seawall. Rent could be raised quite a bit to reach market competition. Positive reviews of the apartments from tenants online. The manager has expressed interest in staying onsite for new ownership.
Value Add: There is enough room to add an additional 6 units to the property. All of the Central air and heat systems have been replaced with high-efficiency units. Most of the interior units have been completely re-positioned with premium finishes including stainless appliances and new fixtures. Owner is adding a coin serviced laundromat on the property.
6.16% Cap Rate
29 Units
7.5 miles to Texas City's oil/gas district
16 miles to Downtown Galveston
Average Occupancy 100%

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