2402 Short Beech St - Apartments FOR SALE


Texarkana, AR 71854
$3,500,000 USD
479-388-0947
2402 Short Beech St, Texarkana, AR for Sale
$3,500,000 USD
Apartments - FOR SALE
1/15
null | 8.69% Cap Rate

2402 Short Beech St
Texarkana, AR 71854


HIGHLIGHTS

  • Well-maintained, primarily brick property with new roofs and desirable unit-mix.
  • Property has maintained a 97%+ average occupancy for the last three years due to below market rents.
  • Located in the desirable Glendale Historic District of Texarkana where remodeled homes regularly sell for over $300,000.
  • New buyer has the ability to increase rents $150+ with minimal Cap-Ex, along with significant operational upside
  • ExxonMobil is planning to build one of the world's largest lithium processing facilities in the area

OVERVIEW

“Texarkana-65” is a well-maintained, ideally located, multifamily property situated in the historic Glendale neighborhood, in Texarkana, Arkansas. The fully contiguous property consisting of 15 buildings is located at the highly-trafficked intersection of County Avenue and 24th Street on the Arkansas side of the MSA, only four blocks from the Texas state line. The property sits on +/- 4.7 acres and is about five minutes from burgeoning downtown Texarkana. Comprised of 65 units in total, the property has a desirable unit mix consisting of 40 two-bedroom units and 25 one-bedroom/one-bathroom units. With an idyllic park-like setting comprised of mature oak trees and beautifully restored homes, the property is primed for new ownership to perform a mid-level value-add repositioning (flooring, countertops, & appliances) and increase the below-market rents to competitive levels within the comp set.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$71 USD /SF

# OF UNITS

65

PRICE/UNIT

$53,846

CAP RATE

8.69%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Texarkana 65

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1953

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.67 AC

LAND SF

72,739 SF

ZONING

-

APN/PARCEL ID

3770030

ASK ABOUT THIS PROPERTY

479-388-0947

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479-388-0947

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