Located at 409 Northridge Drive in Quitaque, Texas, this multi-family property comprises of two buildings totaling 7,924 square feet on 0.85 acres, and offers units made up of four 1-bedroom apartments and six 2-bedroom apartments. With a total of 10 units, rents currently range from $599 for 1-bedroom units to $799 for 2-bedroom units.
The property is not located within a FEMA flood zone, ensuring added security for potential buyers.
The buildings are serviced by both gas and electricity, with the seller covering water and trash services. Although the property is being sold as-is without any plans for renovation or updates, it holds significant potential, especially considering that all the units could qualify for Section 8 housing. Four of the units are currently occupied, generating $1,575 per month in rent, while four units are vacant, offering an opportunity for new tenants and increased cash flow.
Currently, there is no on-site management, and the complex lacks an office, laundry area, or activity room. The complex is managed off-site by the owner's company, simplifying day-to-day operations for an investor seeking a hands-off approach. With a solid rental history and potential for further improvement, this property offers great value for anyone looking to invest in a growing community.