Multifamily Apartment Complex for Sale in Hitchcock

6205 Jackson Rd., Hitchcock, TX

$2,975,000

Price

19,608 sqft

Building Size

1.29 acres

Lot Area

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Street
Map
Overview
Building Size
19,608 sqft
Lot Area
1.29 acres
Units
30
Year Built
1975
Floors
2
Parking Spots
40
Description

29 unit multifamily apartment complex located just outside of Galveston. Premium location. 6.16% Cap Rate! The subject property is just a 23 minute drive from the Seawall. Rent could be raised quite a bit to reach market competition. Positive reviews of the apartments from tenants online. The manager has expressed interest in staying onsite for new ownership.
Value Add: There is enough room to add an additional 6 units to the property. All of the Central air and heat systems have been replaced with high-efficiency units. Most of the interior units have been completely re-positioned with premium finishes including stainless appliances and new fixtures. Owner is adding a coin serviced laundromat on the property.


Subject property is roughly 7.5 miles from Texas City's Oil/Gas District, and 16 miles to Galveston, and just over 35 miles to Houston More than 55% of households are married couple families; 36%are couples with no children living at home. Average household size is slightly smaller at 2.43. Most households have one or two vehicles. Nearly 60%have attended college or hold a degree. Unemployment is lower at 8%, but so is labor force participation at 60%.

Highlights
  • 6.16% Cap Rate
  • 29 Units
  • 7.5 miles to Texas City's oil/gas district
  • 16 miles to Downtown Galveston
  • Average Occupancy 100%
Documents
Location
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