4601 Alta Mesa BlvdFort Worth, TX 76133

Property Details for 4601 Alta Mesa Blvd

Year built

1968

Lot size

1.66 AC

Property size (Sq ft)

72,112 SF

Property type

Apartment buildings

Description

This exceptional 43-unit apartment building, situated on a 1.66-acre lot in Fort Worth, Texas, presents a compelling value-add investment opportunity. Built in 1968, the property boasts 72,112 square feet of total space, with 37,450 square feet of net rentable area. Currently operating as an "all bills paid" complex, it enjoys a 91% occupancy rate, exceeding the submarket average. The property comprises four, two-story buildings, featuring a mix of one to three-bedroom units averaging 871 square feet. Significant capital expenditures over the past five years include renovations to 39 units, new exterior lighting and camera systems, updated staircases and railings, 40% exterior step replacement, and the installation of new double-pane windows and solar screens throughout. The parking lot was resurfaced in 2022. Further value-add potential exists through the upgrade of four remaining units, the addition of washer/dryer hookups, carports, and water-conserving fixtures. The property is conveniently located less than 12 miles from downtown Fort Worth, with easy access to major roadways including Chisholm Trail Parkway, I-20, and SW Loop-820. The surrounding area offers a median household income exceeding $66,997 within a 3-mile radius. This property is available for purchase either free and clear or with an assumable Freddie Mac loan at a 4.02% interest rate. The property has shown an average cash-on-cash return of 11% on assumption or 9% free and clear over the past five years.

Location Insight

City

Fort Worth

County

Tarrant

State

Texas

Latitude

32.6479

Longitude

-97.3942

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