96 Unit Apartment Complex for Sale – $8,900, 000.00 – Carrizo Springs, Texas
“In the Heart of the Eagle Ford Shale”
La Villita in an artistic gem in the middle of the South Texas Eagle Ford Shale Boom. The project was originally a 24 acre mixed use development containing both commercial pad sites and multi-family. Only one pad site remains (well positioned for urgent care or other types of health care services or restaurants). Six of the Seven retail pads completed in June of 2011 have sold or are under contract. Unlike many of the commercial sites in Carrizo Springs & The Eagle Ford Shale, this property’s infrastructure includes city water, sewer, grades, and power. If your group is considering the idea of developing Multifamily or Hotels in the Eagle Ford Shale, this project could potentially save years of time and significant expense to bring in infrastructure.
$8,900,000.00 recently built Multi Family deal in the heart of the Eagle Ford Shale drilling. $90,819.00 in monthly net income. 96 units. $110,400 is the monthly lease rate with the administrative company which leases it on a 3 year term to lease to oil field service companies. The tenants lease from the administrative company. In addition to the aggressive terms with potential upside on renewal, 48 additional apartment units can be built on the property which already has the parking lot in place. There is a 3000 sq ft single story home on an acre which could be a great club house or office as well. The first 48 units were moved into on April 8, 2012. All apartments were complete on June 15, 2012.[Galleries 44 not found]
This 96 unit apartment complex consists of four buildings with 24 apartments each.
Eagle Ford Shale News Links:
(4) three story buildings of 24,782 s.f.each. Total Complex SF = 97,128 SF
(6) one bedroom, (12) two bedroom, and (6) three bedroom units.
24 Total Single Bedroom, 48 Two Bedroom, and 24 Three bedroom units.
Hard Plank Exterior Siding
30 Year Architectural Shingles
Fiberglass Solid Core Entry Doors With Peepholes
Black Applicances HOT Point GE: Refrigerator, Stove, Dishwater, and Microwave
Washer and Dryer included in each unit
Flooring: Commercial Vinyl (Made to look like wood) throughout.
Ceiling fans in all bedrooms
Cable/Internet in all bedrooms and living
Oil rubbed bronze fixtures
Oil Rubbed bronze door handles
High End (Level 3) Formica Countertops
9 ft. ceilings
Orange Peel Textured Walls
Paint Grade Colonial Doors
Stained Oak Cabinets.
Outdoor barbeque and Patio Area
Lower Maintenance Landscaping
According to owner, property meets all ADA regulations
Property Management/Tenant Lease:
1215 Ervendberge Avenue
New Braunfels, TEXAS 78130
The complex is leased to Team Housing for 3 years with a 2 year option to extend.
1st Year—-$110,400 gross rental income each month (rummored to have 100% mark up)
2nd/3rd year—-At the end of the each calendar year, the lease market will be reevaluated, but will not fall below 90% of the lease value for the 1st year.
Contact a Eagle Ford Shale Commercial Real Estate Expert Today:
Contact Luke LeGrand, ePRO via email @ email@example.com or call 210-843-5853
Contact Link LeGrand, CCIM via email @ firstname.lastname@example.org or call 210-789-5465