972-379-9862
1507 E 15th St, Plano, TX for Sale
Apartments - FOR SALE
1/24
null | Request Cap Rate

1507 E 15th St
Plano, TX 75074
Downtown Plano


HIGHLIGHTS

  • Same Ownership for 19+ Years
  • $1MM in Upside Through Renovating Units, Reducing the Water Bill, and Installing Carports
  • 95% Occupied
  • Roofs Were Replaced in 2017 With EPDM Vinyl for Both Buildings
  • $90,000+ Median Area Income in a 3-Mile Radius (Yardi*)
  • Walking Distance of Historic Downtown Plano

OVERVIEW

Summary: The Multifamily Group is pleased to present the exclusive offering of the Oakview Apartments, a unique, value-add opportunity in Plano, Texas. Constructed in 1969 (13 units) and 1970 (6 units), the property consists of 19 units spread between two buildings. Floorplans include a studio, one-bedroom and two-bedroom options with an average unit size of 715 sq. ft. Oak View is currently 95% occupied, matching the strong occupancy rates in the submarket. Effective rent growth is projected to rise another 3.9% year-over-year (Yardi). The Oakview Apartments are being offered free and clear of existing debt. Capital Expenditures: - May 2025: Parking Lot was Resealed/Striped - 2025: 6u Bldg had its exterior painted - 2025: 13u Bldg doors were painted - 2017: Roof replacement with EPDM vinyl for both buildings - All toilets have been replaced with 1.6 liters per flush - 13u Bldg HVACs are all 2 years old with heat pumps - 6u Bldg all have tile flooring - All 4 boilers are less than 5 years old Value-Add: - Interior renovations offer significant upside, as all units have potential for upgrades. - There is opportunity to launch a water conservation program to lower the water bill (See quote on pages 11-12). - Build carports and rent them to tenants. Location: Plano continues to thrive as a premier destination for businesses and residents alike, with its population already exceeding 300,000 and projected to reach nearly 400,000 by 2035, according to the U.S. Census Bureau. Several major companies, such as Simplilearn, KFC, Simpson Strong-Tie, Sally Beauty Holdings, Westwood Professional Services, and Fisher Investments, have all recently relocated their headquarters or significant operations to Plano. The surrounding area boasts a $91,496+ median income within a three-mile radius and an A-rated school district (Plano ISD), making it highly desirable for families and professionals. With walkable access to Historic Downtown Plano and 19 years of consistent ownership, this property is positioned to benefit from both strong market fundamentals and value-add upside.

FOR SALE DETAILS

PRICE

Request Info for Price

# OF UNITS

19

CAP RATE

Request Cap Rate

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Oakview Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1969

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.43 AC

LAND SF

18,731 SF

ZONING

-

APN/PARCEL ID

R-0370-002-001B-1

ASK ABOUT THIS PROPERTY

Chase DavisThe Multifamily GroupMore Info
972-379-9862

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

Chase DavisThe Multifamily GroupMore Info
972-379-9862

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