10 Cap Multi-Family Temple TX

Posted by George Alexander on Saturday, May 11th, 2019 at 2:19pm.

10 CAP | 16 Unit Multi-Family | 1310 S 23rd ST | Temple, TX | $704,620

10 CAP. 16 Unit Multi-Family. 88 percent occupancy.
2017 Tax Return $70,462 NOI. Proforma $29,603 Net Cash Flow.
No rent increase since 2017. Increase rents 5% and lease 2 vacant units to increase Net Cash Flow by 65% to $48,941.  
At 5 MIN drive time, 31,966 daytime workforce vs. 13,468 residents indicating unmet demand for local housing. % of daytime workforce vs. residents is 65% higher at 5 MIN drive time vs. Temple. Adjoining census tracts to north and east are HUD Qualified Census Tracts confirming unmet local demand for low income housing.
On site manager in lieu of rent.
18,900 SF lot. Not in Flood Zone. Temple ISD.
56 Walkscore. Under 1 MI to Scott & White and VA Hospitals and Scott & White Santa Fe Clinic. Just over 1 MI to Children’s Hospital and Temple Mall. 1.4 MI to I35 at Central AVE. 1.4 MI to US190 at 31st ST.

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For More Information

Don Stefanov, GRI, ABR
Managing Partner – SWPRE Fredericksburg
m  +1 830.998.5677
o   +1 830.900.0266
e    don@swpre.com
w   https://donstefanov.swpre.com/

Investor Model & Financial Key Indicators

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Aerials

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Unmet Housing Demand Indicators

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Additional Research & Analysis

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Bell Central Appraisal District Data

 

Owner:  LAUGHLIN REAL ESTATE MANAGEMENT LLC SERIES WINDCREST APARTMENTS

Address: 1310 S 23rd ST, Temple, TX 76504

Legal:
Property ID: 63138
Legal Description: TAL-COE PLACE, BLOCK 022, LOT 10, 12, PT 8, (S 35' OF 8), VILLA SIXTEEN APTS & BUSINESS PERSONAL PROPERTY
Geographic ID: 0120150000

Improvements*:

Style: 2 story
Configuration: Multi-family
Units: 16
Year Built: 1975
HVAC Living Area: 7,228 SF | 671.5 m2*
Asphalt Paving: 5,125 SF | 476.13 m2*
*m2 calculations by SWPRE 

Land
Size*: 0.43 acres | 18,900 SF |  0.1755 hectares | 1,755.9 m2
Frontage: 135'
Depth: 140'
*Calculations by SWPRE 

Property Taxes:

Paid 2018
: $7,142.51
2018 taxes without exemptions: $7,142.51
Tax Rate: 12.73298
Exemptions: No

Zoning: MF-2* 
*from City of Temple Planning & Zoning

Drive Time, Walk & Radii Maps

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Google Driving Maps

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Directions

1.4 MI from US 190 (SE HK Dodgen Loop) at 31st ST
Travel N on 31st ST 1.1 MI
Turn right (E) on Ave M 0.3 MI
Turn right (S) on 23rd ST
Property on your right
Google Map link 

1.4 MI from I35 at Central AVE
Travel E of Central AVE 0.1 MI
Turn right (S) on 31st ST 0.9 MI
Turn left (E) on Ave M 0.3 MI
Turn right (S) on 23rd ST
Property on your right
Google Map link

3% Buyer Broker Commission

Only requirements for payment of 3% buyer broker commissions: Texas Broker License and submit contract that escrows, closes and funds.

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