Property Map
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Courtesy of Copernicus Realty, Tallyn Guerra {attribution_contact}
Description
A 60-unit apartment complex is currently available for a 1031 Exchange. This property boasts a recently installed roof, updated windows, and improved exterior elements Each apartment has been renovated to include new countertops, ceramic tiles, LED light fixtures, and private patios. Financing is facilitated through Freddie Mac, offering an assumable loan with a fixed APR of 4.50% for 10 years (with 6-7 years remaining) and decreasing prepayment penalties over time. The property maintains consistently low vacancy rates: 3.59% in 2023, 3.10% in 2022, and 2.98% in 2021. Please note that there are separate meters for the electric. Proforma- 1 beds. $775 to $795 2 beds. $895 to $945. The market rate totals come to $44,720, divided by the total square footage of 27,720. This yields a market price of $1.66 per square foot.
Property Details and Features
Listing
- Listing date: 2024-02-01 06:00:00
- 245 days on market
- 245 cumulative days on market
Location
- County: Bexar
- Area: 0700
Building
- Apartment is 27,720 square feet
- Built in 1976
- Approximate age: 48
- Building/center name: CASABLANCA APARTMENTS
- Wood
- Stucco
- 2 buildings
Roof
- Composition
Interior Features
- Ceiling height: 8
Cooling
- Window
Heating
- Window Unit
Property
- Zoning: R6
Schools
- School district: Northside
Miscellaneous
- Gross income: 505000.00
- Net operating income: $256,665
- Monthly lease: $42,000
- Insurance: 24725.38
- None
- Actual
- None
- No
- None
- Maintenance: 62000.00
- 30 drive-in doors
- 60 rentals
- 80 parking spaces
- 60 units
- Other expense: 44311.00
- Other tax: 11331.74
Taxes
- Total tax: $55,722
- Annual tax: $55,722
- City tax: $13,140
- County tax: $6,704
- $24,546 school tax
- Property Tax ID: 155960530783
Utilities
- Gas and electric: 42900.45
- Waste removal: 6007.44
- Electricity
- Gas
- Water
- Telephone
- Sewer