932 7Th AveTexas City, TX 77590
- Apartment buildings
- 0.29 AC
Property Details for 932 7Th Ave
- Year built
- 1970
- Lot size
- 0.29 AC
- Property type
- Apartment buildings
Description
This exceptional 14-unit apartment building, located at 932 7th Ave N in Texas City, Texas, presents a compelling investment opportunity. Built in 1970 and renovated in 2021, this Class C multifamily property sits on a 0.287-acre lot and comprises three, two-story buildings. Currently boasting 78.57% occupancy, the property offers 14 units at a price of $70,000 per unit, totaling an asking price of $980,000. The property's pro-forma cap rate is 8.43%, indicating strong potential for return on investment. Its strategic location near major petrochemical employers ensures consistent tenant demand. Significant value-add potential exists through various strategies, including raising rents to market rates, implementing a $25 monthly premium for the existing 10 carports, offering in-unit washer/dryer rentals at $50 per month, and introducing a $35 monthly utility billback program. These initiatives are projected to generate substantial additional annual income. The property's solid foundation and recent renovations provide a stable, cash-flowing asset with considerable upside for the discerning investor. The property's address is 932 7th Ave N, Texas City, TX 77590.
Location Insight
- City
- Texas City
- County
- Galveston
- State
- Texas
- Latitude
- 29.3917
- Longitude
- -94.9084
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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