1031 N Sumner St - Apartments FOR SALE


Pampa, TX 79065
$2,950,000 USD
806-358-7151
1031 N Sumner St, Pampa, TX for Sale
$2,950,000 USD
Apartments - FOR SALE
1/80
null | 9.43% Cap Rate

1031 N Sumner St
Pampa, TX 79065


HIGHLIGHTS

  • Strong in-place yield
  • High occupancy
  • Below market rents
  • Value-add upside
  • Stable secondary market

OVERVIEW

The Courtyard Apartments are a 48-unit multifamily asset located one block off of Pampa's main north/south thoroughfare Highway 70. The apartments are less than a mile from the geographic center of the City of Pampa. The property is surrounded by other similar style rentals and residential homes. The property is easily accessible to Highway 70 and Highway 60. Nearby businesses include, AutoZone, Pantex Federal Credit Union, EZ Pawn, Hobby Lobby, Tractor Supply, Walmart and numerous regional and national restaurants and hotel chains. The property offers investors a stabilized, high-yield investment with strong in-place cash flow and measurable upside potential. The property is currently operating at 98% occupancy with consistent rent collections and diversified tenant base. Based on trailing twelve-month operations, the asset generates $369,502 in gross income and $278,047 in net operating income, delivering strong current yield. With in-place rents below market levels and operational efficiencies available, investors have the opportunity to increase NOI through rent growth, expense optimization, and improved tenant quality. This offering presents a rare opportunity to acquire a cash-flowing asset at a double-digit going-in yield in a supply-constrained secondary market.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$119 USD /SF

# OF UNITS

48

PRICE/UNIT

$61,458

CAP RATE

9.43%

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Courtyard Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1979

PARKING SPACES

80

LAND DETAILS

LAND ACRES

1.53 AC

LAND SF

66,647 SF

ZONING

F1

APN/PARCEL ID

110307201671400000000

ASK ABOUT THIS PROPERTY

Kirk ChudejFIMC Commercial RealtyMore Info
806-358-7151

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Kirk ChudejFIMC Commercial RealtyMore Info
806-358-7151

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.