42
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$1,920,000
Est. payment /mo
4,394 SqFt
New
600 CROCKETT ST Beeville, TX 78102
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Key Details
Property Type Commercial
Sub Type Commercial Improved Prop
Listing Status Active
Purchase Type For Sale
Square Footage 4,394 sqft
Price per Sqft $436
MLS Listing ID 1965722
Construction Status Wood,Brick
Year Built 1980
Annual Tax Amount $2
Lot Size 1.950 Acres
Property Sub-Type Commercial Improved Prop
Property Description
Presenting The Thomas Apartments: A rare 24-unit value-add play in Beeville offered at an attractive $80,000/door at a 7.53 PCT CAP Rate (proforma). Twenty-four large 2-bed/1-bath units at 990 sf, in 6 separate two-story buildings with durable metal roofs and separately metered power on just under 2 acres of land. Washer and dryer connections in each unit. Beeville's tenant base is anchored by recession-resistant employers: TDCJ McConnell Unit (~540 staff), Coastal Bend College, Beeville ISD, and Eagle Ford energy. With effectively no new multifamily supply in the pipeline, the rent gap closes on its own merits. In-place rents average $873 against $950 market, and 46 PCT of units are already leased at $900, proving the rent lift is real, not aspirational. Bring the bottom of the rent roll up and stabilize from 80 PCT occupancy, and the value-add play is self-executing. If you'd like to acquire more units, this property can also be purchased as a package with MLS 72383419 for $3.77M.
Location
State TX
County Bee
Area 3300
Zoning COMMERCIAL
Direction E
Interior
Heating Central
Cooling Central
Exterior
Garage Spaces 48.0
Utilities Available Electricity, Water, Sewer
Roof Type Metal
Building
Story 2
Foundation Slab
Level or Stories 2
Construction Status Wood,Brick
Schools
School District Beeville Isd
Others
Acceptable Financing Sale Only, Cash, Conventional
Listing Terms Sale Only, Cash, Conventional
Listed by Erion Shehaj • Signature Real Estate • (713) 952-3200
Nearby Locations
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