1001 Mineral Wells Street Terrell, TX 75160-3900
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Texas Apartments |
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Price: US$ 3,350,000.00
No. Of Units: 126
Price Per Unit: US$ 26587.00
Price Per Square Foot: US$ 27.76
Status: Sold
Category: For Sale
Type: DFW/Metro - Multifamily
Sub-Type: Multifamily - Garden/Low-Rise
Property Uses: Investment Property
No. Stories: 2
Commission Split: 2%
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Cap Rate: 10.89%
Construction Status:
Existing
Year Built: 1972
Building Size: 120,676
Lot Size: 9.27 Acres
Occupancy: 90+%
No. of Buildings: 23
GLA (Gross Leasable Area): 118
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Documents:
·Offering Memorandum
·Property Disclosure
Property Description:
Texas Apartments is an all-bills-paid family-oriented, C- Class, 126 unit residential community located in the secondary market of Terrell, TX. Built in 1972, it features spacious 1, 2, 3, and 4 bedroom townhouses with an average unit size of 942+/- SF. The grounds spread across 9.27+/- acres and include a playground, picnic tables, and large laundry facility with ample parking.
The property lies within Terrell?s TIF district which takes up approximately 4,500 acres, making it the single largest rural TIF district in the state. Based on estimates from the city, the TIF will generate $158 million dollars in public improvements during its 30-year life.
As announced in October of 2009, tax increment financing (TIF) has spurred the development of a new 100-bed Baylor hospital at the intersection of Spur 577, SH 80 and I-20 in Terrell. When complete, the hospital would be the largest regional medical facility serving Kaufman County and the East Texas region west of Tyler. The hospital will anchor additional medical, office, retail, hotel and other commercial development on surrounding properties.
According to TIF application filings, the development should create about 10,000 new jobs for the city, where employment is currently about 7,000. Highlights:
·Class C- Property
·Approximately 32 Miles East of Dallas
·Property Owned Laundry Equipment
·Over 10.5 CAP
·Value-Add Off-line Units
·Thriving Secondary Market
Listing Company: W Brokerage Group
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