Madison Chase Apartments
$5,800,000
300 Madison Avenue, Childress, TX 79201
68,880 sqft
Building Size
6.27 acres
Lot Area
Details:
Description:
Madison Chase is a very well-kept 80 unit property built in 2000. It's the newest, and only market-rate apartment complex in Childress. Rents are currently lower than most of the other properties in town, which are tax credit and subsidized. There is significant opportunity to increase rents since it's the nicest place in town and maintains high occupancy!
Childress is located at the intersection of Highways 287 and 62 and is about halfway between Amarillo and Wichita Falls, TX. The population of Childress is a little over 6,000. Because of its location, close to 31,000 vehicles per day go through Childress (childresstexas.com). There are several restaurants, hotels, and businesses in town. The property is located next to a Wal Mart, Holiday Inn, Tractor Supply, and McDonalds. There's also a regional Medical Center a few blocks away.
Opportunity to increase rents above competition, which are subsidized and tax credit properties.
Value add opportunities:
Start billing back for water/sewer/trash
Water conservation project to lower water bill
Market demographics support higher rents
Location
