Summary: The Multifamily Group is pleased to present the exclusive offering of ICON, a unique, value-add opportunity in San Antonio, Texas. Constructed in 1980, the property consists of 240 units and offers one and two-bedroom floorplans. The property is currently 75% occupied, with strong occupancy rates in the submarket at around 90%. ICON has an assumable Fannie Mae loan with ~$11,180,000 remaining, and a 5.01% interest rate. It can also be purchased with fresh debt. Capital Expenditures: - The current ownership has spent over $5.1MM in renovations including: - $376,000 invested in new roofing across the property - $2.1 million in interior upgrades, including renovating to 200 of the units - $1.5 million spent on exterior enhancements, including a full repaint in 2022 - One boiler was replaced within the last 3 months; the second is approximately 4 years old - Ask a TMG broker for a full breakdown Value-Add: - Rent out washers and dryers, connections in every unit - Launching a Water Conservation Program to lower the water costs by an estimated $112,000/year (See quote on pages 13-14) - Build Carports and rent them out to tenants - Develop the vacant land to either rebuild 16 units that burned in 2023 or create new amenities such as pickleball courts, or a community area with park benches, a fire pit, and/or a pergola - View in-depth analysis on pages 11-12 of the OM Location: ICON is situated in San Antonio’s desirable North Central neighborhood, where the median household income exceeds $65,000 (Yardi). The property offers convenient access to major retailers and dining, including H-E-B, Walmart Supercenter, Chick-fil-A, and Starbucks, all just a short drive away. More than 100,000 residents live within a 3-mile radius, and the property is located within the highly acclaimed North East ISD. Additionally, it is only 2.5-miles from the San Antonio International Airport.