301 Avenue HVan Vleck, TX 77482

Property Details for 301 Avenue H

Year built

1977

Property size (Sq ft)

20,909 SF

Property type

Apartment buildings

Description

This exceptional 11-unit apartment building in Van Vleck, Texas, presents a compelling investment opportunity. Boasting a 10.57% cap rate and 100% occupancy as of September 4, 2024, this stabilized, Class C property generates a substantial net operating income (NOI) of $140,568 annually. The 20,909 square foot building, constructed in 1977 and renovated in 2023, comprises nine one-bedroom/one-bathroom units and two two-bedroom/1.5-bathroom units. All units are fully furnished and equipped with appliances, central air, and tiled floors. The property features a private fenced community. Its prime location in Van Vleck, near major refineries like Tenaris and Phillips 66, ensures consistent demand. Many tenants receive weekly housing stipends of $350-$500 from their employers, contributing to the property's strong, year-round cash flow. The flexible weekly and monthly rental agreements further enhance occupancy rates. This turnkey property offers a significant return on investment, benefiting from Matagorda County's robust economic growth and the high concentration of refinery workers in the area. The asking price is $1,330,000, translating to approximately $120,909 per unit. This represents a rare opportunity to acquire a high-performing multifamily asset in a thriving market.

Location Insight

City

Van Vleck

County

Matagorda

State

Texas

Latitude

29.016

Longitude

-95.8909

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