Cross Keys Apartments

1222 South Abe Street, San Angelo, TX

$2,200,000

Price

30,018 sqft

Building Size

40

Units

Gallery
Street
Map
Overview
Building Size
30,018 sqft
Units
40
Year Built
1967
Floors
2
Description

Cross Keys is a 40 unit property located in San Angelo, TX.  This is late 60s, two-story, courtyard style property with a mix of 24 one bedroom units, and 16 two bedroom units.  There is also a mix of one story flat units, and two story studio units.  It's currently operated as an all bills paid property.  Exterior construction is stone and wood.  Current owner has owned the property for over 20 years.    


San Angelo is located in central Texas and has a population of close to 104,000.  Top employers in the city include: Angelo State University, Goodfellow Air Force Base, and Shannon Medical Center. The median income in the 1 mile radius of the property is $55,583 which is more than enough to support rent increases on renovated units.  Cross Keys is located a few blocks south of downtown on Bryant Ave / Hwy 87.    


Location supports higher rents: $510 rent gap based on 30% affordability factor    
Lots of visibility and high traffic count: Over 28,000 vehicles per day pass by the apartments    
Value add opportunities: RUBS, water conservation, and rent bumps on renovated units    
    
Projected 5 Year Levered IRR    22.8%
Projected Value Add IRR    35.9%
Projected Value Add    $1,390,000

Documents
Location
Gallery