600 E Crockett St - Apartments FOR SALE


Beeville, TX 78102
$1,920,000 USD
713-922-2702
600 E Crockett St, Beeville, TX for Sale
$1,920,000 USD
Apartments - FOR SALE
1/52
null | 7.53% Cap Rate

600 E Crockett St
Beeville, TX 78102


HIGHLIGHTS

  • Value Add at $80k/door
  • 7.53% Cap Rate (proforma)
  • Supply Constrained
  • Recession resistant tenant base

OVERVIEW

Presenting The Thomas Apartments: A rare 24-unit value-add play in Beeville offered at an attractive $80,000/door at a 7.53% CAP Rate (proforma). Twenty-four large 2-bed/1-bath units at 990 sf, in 6 separate two-story buildings with durable metal roofs and separately metered power on just under 2 acres of land. Washer and dryer connections in each unit. Beeville's tenant base is anchored by recession-resistant employers: TDCJ McConnell Unit (~540 staff), Coastal Bend College, Beeville ISD, and Eagle Ford energy. With effectively no new multifamily supply in the pipeline, the rent gap closes on its own merits. In-place rents average $873 against $950 market, and 46% of units are already leased at $900, proving the rent lift is real, not aspirational. Bring the bottom of the rent roll up and stabilize from 80% occupancy, and the value-add play is self-executing.

FOR SALE DETAILS

PRICE

$1,920,000 USD

PRICE/SF

$64 USD /SF

# OF UNITS

24

PRICE/UNIT

$80,000

CAP RATE

7.53%

% LEASED

79%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Thomas Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1980

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.94 AC

LAND SF

84,506 SF

ZONING

-Multi family

APN/PARCEL ID

20190

ASK ABOUT THIS PROPERTY

Erion ShehajSignature Real EstateMore Info
713-922-2702

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Erion ShehajSignature Real EstateMore Info
713-922-2702

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