Stewart Landing
$1,200,000
2502 East Franklin Avenue, Alton, TX 78573
10,800 sqft
Building Size
Details:
Description:
Stewart Landing is a 9-unit, 2018 vintage property that consists of three-bedroom units. The units contain over 1200 square feet of space including two bathrooms per unit and also a private backyard space. A new buyer has the opportunity to acquire a newly constructed asset that already has covered parking for each unit allowing new ownership to grow the NOI by implementing a charge for covered parking. Other opportunities include starting to bill back for the water/sewer/trash bill - like similar newer built properties in the area. The 3-bedroom townhome style units offer desirable features similar to what you would see in a modern-day home.
Stewart Landing resides in Alton, TX, located in the Rio Grande Valley of South Texas. Alton has a population of approx. 18,860 which has increased 301% in the past 19 years. Several large employers such as South Texas College and the University of Texas Pan-American are located within a 5-10 minute drive from the property. Alton is also proximate to three major highways: SH 107, U.S. Highway 281, and U.S. Highway 83, which has been a factor for the population increase over the years.
Stabilized asset with light value add opportunities
Opportunity to purchase below appraised value
Convenient access to South Texas College
Going in cap rate of 6% on actuals
Documents:
| Title | ||
|---|---|---|
| Stewart Landing Offering Memorandum |
Location
Gallery
