0.2 Acres in Vernon, TX - $90,000
This apartment complex has eight units, including four upstairs and four downstairs. They all have the following features:
- one bedroom
- one bathroom
- separate living room
- separate kitchen
The four upstairs have CH/A individual units; the four downstairs have window units and space heaters. Flooring includes plank hardwoods, carpet, and vinyl. All applicances owned will be included with units.
The property is located in an excellent neighborhood, on a quiet street. Directly across the street to the north is the First Baptist Church, which takes up two blocks. Surrounding it on all other sides are well kept residential homes. The property is zoned for multi-family housing by the city.
Per the county tax appraisal district, the building has 6,080 square feet of space. It is a very solid building, with a mason veneer exterior. There are two downstairs entrances, an upstairs...
Per the county tax appraisal district, the building has 6,080 square feet of space. It is a very solid building, with a mason veneer exterior. There are two downstairs entrances, an upstairs fire escape, and a central hallway with staircase. The building has three utility closets for maintenance storage and two gas water heaters for the units. The landlord pays the water for the apartments (four units per water heater), plus the gas line for the water heaters only and the hallway light.
The units will rent for $300-350/month, or $33,600/year max.
Landlord's utilities will vary with occupancy, estimated at $350-750/month, or $9,000/year max.
Property taxes are $2,750/year.
Return on investment (ROI) should be 15-20%, depending on individual insurance coverage, maintenance, and occupancy levels.
Asking Price: $90,000, or $11,250/unit
An additional duplex property on an adjoining lot is available for sale, which has two 1 BD/1BTH units and three garage storage units. The apartments will produce $300-350/month rents as well, but the landlord pays no utilities. The three garage units can be rented for $50/month, so the total maximum rents from the duplex are $10,200/year. This can be purchased with the eight-plex ONLY for $30,000, so the package deal for both would be $120,000, or $12,000/unit.
The town of Vernon has around 11,000 residents and several large employers, such as a Tyson food plant, Walmart, state hospital, general hospital, community college, two car dealerships, four banks, and two grocery stores, in addition to steady oil field and agricultural work. This property is a good investment for either the out-of-town or local investor. It would well for an onsite owner, to live in one of the apartments and rent the others, or could be used as a halfway house or other non-profit housing facility.
Call owner/agent Ben Belew at cell phone (940) 357-9940 for more details.
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