615 Mccoy BlvdNew Boston, TX 75570

Property Details for 615 Mccoy Blvd

Property size (Sq ft)

8,104 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a six-unit single-family rental portfolio located in New Boston, Texas. The portfolio boasts a total of 8,104 square feet of net rentable space, spread across six properties situated in desirable locations. The current portfolio includes a mix of property sizes and features, ranging from a three-bedroom, two-bathroom home with a two-car garage to cozy two-bedroom, one-bathroom cottages. Current occupancy stands at 85%, generating a current Net Operating Income (NOI) of $46,500, representing an 11.62% capitalization rate. A pro-forma analysis projects a significant increase in NOI to $78,000, resulting in a compelling 19.50% pro-forma cap rate upon full occupancy, projected for October 11, 2024. The asking price for this fee-simple ownership opportunity is $400,000, translating to a price per square foot of $49.36. Individual unit rents range from $500 to $950 per month. This portfolio offers a unique blend of immediate cash flow and substantial value-add potential, making it an attractive investment for discerning buyers seeking strong returns in a stable market. The properties are located at 615 N McCoy Blvd, 119 SW Front, 107 N Merrill, 105 N Merrill, 201 Courthouse, and 215 Courthouse, all in New Boston, Bowie County, Texas, zip code 75570.

Location Insight

City

New Boston

County

Bowie

State

Texas

Latitude

33.4711

Longitude

-94.4094

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