1083 Co RdRainbow, TX 76077

Property Details for 1083 Co Rd

Year built

2001

Lot size

3.82 AC

Property size (Sq ft)

12,636 SF

Property type

Apartment buildings

Description

This exceptional 15-unit apartment building, known as Riverside Cottages, presents a compelling investment opportunity in Rainbow, Texas. Built in 2001, the property boasts a total of 12,636 square feet situated on a generous 3.82-acre lot. The building comprises thirteen individual structures, each a single story, offering a unique and desirable living environment. The property enjoys 100% occupancy, generating a strong net operating income (NOI) of $149,650, translating to a 9.65% capitalization rate. The asking price is $1,550,000, or $103,333 per unit, representing a compelling price per square foot of $122.67. The unit mix includes nine one-bedroom, one-bathroom units (777 sq ft each), one larger one-bedroom, one-bathroom cottage suite (1310 sq ft), one one-bedroom, one-and-a-half-bathroom unit (970 sq ft), and four two-bedroom, one-bathroom units (841 sq ft each). Located at 1083 Co Rd 315, Rainbow, TX 76077, this property offers significant potential for investors seeking a stable, high-performing multifamily asset in a desirable Texas location. The property's strong performance and attractive unit mix make it an ideal addition to any investment portfolio. This Class B property is ready for immediate income generation.

Location Insight

City

Rainbow

County

Somervell

State

Texas

Latitude

32.273

Longitude

-97.6668

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