Contacts
Keith Auten
Auten Realty
Property Details
- Property Type Multi-Family
- Property Size 24,886 SF
- Units 36
- Lot Size 1.2 Acre
- Cap Rate % 6.85
- Rental Income / YR 258193
- NOI / YR 157174
- Taxes / YR 29621
- Additional Rent Contact for pricing
- # of Floors 2
- Parking Spaces Avail. 45
- Parking Ratio 1.81 / 1,000 SF
- Property Tenancy Multi-Tenant
- Building Class B
- Year Built 1994
- Date Updated Aug 6, 2024
The offering is a performing thirty-six (36) apartment complex in San Benito, Texas. It is 100% occupied and is located within an opportunity zone.
The Class-B property was built in 1994. Per the County Appraisal District, the building square footage (sq ft) is approximately 23,816 plus 729 sq ft in the laundry center and 341 sq ft in the office. The lot is approximately 52,272 sq ft. The roof is pitched with composition shingles. The foundation is slab. The HVAC is provided by individual central HVAC systems. All units have individual electric hot water heaters. Electricity is individually metered and is paid for by the tenants. Water is master-metered. Gas is only for the laundry care center. Parking is off-street.
The apartment complex cash flows day one, it also offers a value-add component. The manager believes rents can be raised $95/month with some minor interior cosmetic updates (flooring, paint kitchen cabinets). Her estimated budget is +/- $2,500 - $2750/unit. There may be some older 3.5-gallon flush toilets that could be upgraded to reduce water expenses.
The property is located within an opportunity zone. The potential tax benefits are:
- Deferral of Capital Gains - Investors can defer tax on any prior eligible gain if the gain is reinvested in a Qualified Opportunity Fund (QOF) within 180 days. The deferral lasts until the earlier of the date the investment is sold or exchanged, or December 31, 2026, with taxes payable in April 2027
- Exclusion of Gains - If the QOF investment is held for at least 10 years, any additional gains from the QOF investment are excluded from taxable income. This means no capital gains tax on the appreciation of the QOF investment when it is sold or exchanged after at least 10 years
According to the Realtors Property Resource Trade Area report for San Benito, TX 78586:
- The Average Household Income is $61,508
- The Average Disposable Income is $50,742
- The Median Household Income is $40,870
- The median age is 30.9 years
- The average household size is 3.33
- The ZIP code has a Median Estimated Home Value of $197,830, which has increased 11.3% over the last twelve months
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Highlights
- Laundry Care Center
Attachments
Getting around
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42/100
Walk Score ®
-
37/100
Bike Score ®
Location
- City San Benito, TX
- Neighborhood San Benito
- Zip Code 78586
- Market McAllen
Points of Interest
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Sunoco
0.48 miles
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H-E-B Fuel
0.71 miles
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Circle K
1.28 miles
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Exxon
2.32 miles
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Valero
2.34 miles
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76
2.38 miles
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Texas Trac
4.28 miles
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Lone Star Inn - San Benito/Harlingen
1.12 miles
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Americas Best Value Inn & Suites San Benito
1.42 miles
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Hampton Inn & Suites
2.39 miles
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Americas Best Value Inn Harlingen
2.46 miles
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Candlewood Suites Harlingen
2.48 miles
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Best Western Casa Villa Suites
2.50 miles
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WoodSpring Suites
2.73 miles
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Country Inn & Suites
2.86 miles
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Super 8 by Wyndham Harlingen TX
4.78 miles
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Quality Inn
4.80 miles
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H-E-B
0.70 miles
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Walmart Supercenter
0.90 miles
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La Michoacana Meat Market
4.91 miles
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Ross
5.02 miles
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JCPenney
5.06 miles
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Bealls
5.09 miles
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Valle Vista Mall
5.18 miles
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Dillard's
5.19 miles
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Big Lots
5.21 miles
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Sears
5.28 miles
In-Depth Research Available for this Property
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Contact Listing Broker
Keith Auten
Auten Realty