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2903 Clarksville StParis, TX 75460

52-unit apartment complex, value-add opportunity

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional value-add multifamily investment opportunity, The Gardens Apartments, consists of a 52-unit apartment complex situated on 1.13 acres in Paris, Texas. The property comprises two, two-story buildings totaling 49,140 square feet, with 34,395 square feet of net rentable space. Built in 1970 and renovated in 2017, the complex features a mix of 32 one-bedroom and 20 two-bedroom units, averaging 666 square feet each. Currently boasting an 87% occupancy rate, the property offers significant upside potential. Recent capital expenditures include $500,000 in plumbing repairs (Pex plumbing, water line replacement, shut-off valves added), roof replacements in 2016, a new hot water boiler in 2020, and exterior repainting in 2022. The current average rent is $530 per unit per month ($0.39 per square foot), significantly below market rates, presenting a clear opportunity to increase rental income. Value-add strategies include renovating units in one building to increase rents by $400 per unit per month, increasing water RUBS, implementing water conservation measures, protesting tax expenses, charging rent for currently unutilized storage units, and enhancing marketing efforts to attract higher-paying tenants. The property benefits from a prime location near Loop-286 (over 15,000 vehicles per day), US Hwy-271, Paris Regional Medical Center, ResultsCX, Kimberly-Clark, Campbell's Soup, and a new Amazon warehouse. Its proximity to Paris Junior College and a highly-rated high school further enhances its appeal. The strong local economy, fueled by various industries and a growing population, makes this a compelling investment prospect.

Highlights

  • Long-term family ownership (20+ years).
  • Below-market rents: $530/unit/month ($0.39/SF).
  • $2.5M+ in potential value-add improvements.
  • Roofs replaced in 2016; exterior repainted in 2022.
  • New Amazon warehouse (48,000 SF) under construction in Paris, TX.
  • A-rated Paris High School (Niche).

Property Details for 2903 Clarksville St

Property type
Apartment buildings
Square Feet
49,140 SF
Class
C
Year Built
1970
Buildings
2
Stories
2
Lot Size (sq. ft)
49,223 SF
Units
52

Location Insight

City
Paris
County
Lamar
State
Texas
Latitude
33.65134143
Longitude
-95.5241502
2903 Clarksville St, Paris, Texas

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2903 Clarksville St
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