1203 S Gail Ave - Apartments FOR SALE


Monahans, TX 79756
$8,950,000 USD
628-222-2123
1203 S Gail Ave, Monahans, TX for Sale
$8,950,000 USD
Apartments - FOR SALE
1/12
null | 9.12% Cap Rate

1203 S Gail Ave
Monahans, TX 79756


HIGHLIGHTS

  • The property enjoys a central Permian Basin location, with proximity to schools, restaurants, and freeway access.
  • Well kept and maintained multi-family building with 56 units all fully occupied.
  • Tenants will have the option to enjoy furnished units, on-site laundry facilities, and tenant controlled HVAC.
  • The average household income for a 5 mile radius is $78,387.

OVERVIEW

This turnkey multi-family property, built in 2014, offers a prime location in the heart of the Permian Basin, surrounded by schools, restaurants, and major freeway access. The asset is fully occupied, with 60% of the units secured under a master lease through October 2026. A $48,000 annual rent increase is scheduled to take effect in September, enhancing the already strong cash flow. An onsite live-in manager ensures smooth operations, and all units come furnished, making the property especially attractive for corporate leasing. With rising rents in the area, a four-year utilities contract already in place, and additional income potential from monetizing the laundry facilities, this is a rare opportunity to invest in a stable, high-performing asset. The property delivers a 9% CAP rate based on current T12 financials, a 10% CAP on a T6 , and a 11 CAP on 6 months pro forma.

FOR SALE DETAILS

PRICE

$8,950,000 USD

PRICE/SF

$121 USD /SF

# OF UNITS

56

PRICE/UNIT

$159,821

CAP RATE

9.12%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2014

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.01 AC

LAND SF

87,556 SF

ZONING

B1

APN/PARCEL ID

0004790,0707298,0707299,0707300,0707301,0707302,0707303,0707304,0707305,0707306,0707307,0707308,0707309,0707310,0707311

ASK ABOUT THIS PROPERTY

Art DrozdArthur DrozdMore Info
628-222-2123

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Art DrozdArthur DrozdMore Info
628-222-2123

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