105 N Rockisland St | Angleton, TX 77515
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105 N Rockisland St
Angleton, TX 77515
Cranbrook Court Apartments · Multifamily Property For Sale · 20 Units
Investment Highlights
- Its proximity to Highway 288 facilitates easy access, particularly to the charming downtown area of Angleton, enticing many to consider Angleton, TX
- • .08 miles – 3minutes to Brazoria County Tax Office, • 2 miles – 5 minutes to UTMB Health Angleton Danbury Campus
- • .4 miles – 1minute to Donna Ayers- Nurse practitioner • 6 miles – 2 minutes to Brazoria County Courthouse
Executive Summary
Value-Add and Stabilization Investment Deal!
Complex with 18 Units - 16 (1 bed/1 bath) and 2 (2 bed/1 bath) + Featuring a Coin-Operated Laundry Room.
This property offers an investment opportunity primed for tenant occupancy and stabilization. Each unit is equipped with individual electrical meters, enabling tenants to manage their electricity expenses. Additionally, amenities include electric ranges and refrigerators. Water costs are covered by the owner, with a separate gas meter allocated for the property's water heater.
Highlighted features consist of a relatively recent roof, installed around 20 months ago, along with a freshly paved parking lot featuring designated spaces. Ongoing unit renovations are also in progress.
Presently, the property is experiencing a vacancy rate estimated between 60% to 50%, resulting in a projected Net Operating Income (NOI) of $57,000. However, through stabilization initiatives aimed at achieving a mere 5% vacancy rate, the anticipated NOI could soar to $135,000, equating to a compelling Cap rate of 8.6%.
Don't overlook this chance to take advantage of a property with great potential for adding value and offering attractive returns. Let's analyze the figures and create a plan to turn this potential into a profitable reality as a center for generating income.
Complex with 18 Units - 16 (1 bed/1 bath) and 2 (2 bed/1 bath) + Featuring a Coin-Operated Laundry Room.
This property offers an investment opportunity primed for tenant occupancy and stabilization. Each unit is equipped with individual electrical meters, enabling tenants to manage their electricity expenses. Additionally, amenities include electric ranges and refrigerators. Water costs are covered by the owner, with a separate gas meter allocated for the property's water heater.
Highlighted features consist of a relatively recent roof, installed around 20 months ago, along with a freshly paved parking lot featuring designated spaces. Ongoing unit renovations are also in progress.
Presently, the property is experiencing a vacancy rate estimated between 60% to 50%, resulting in a projected Net Operating Income (NOI) of $57,000. However, through stabilization initiatives aimed at achieving a mere 5% vacancy rate, the anticipated NOI could soar to $135,000, equating to a compelling Cap rate of 8.6%.
Don't overlook this chance to take advantage of a property with great potential for adding value and offering attractive returns. Let's analyze the figures and create a plan to turn this potential into a profitable reality as a center for generating income.
PROPERTY FACTS In Escrow
| Price Per Unit | $77,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.40 AC |
| Sale Conditions | High Vacancy Property | Building Size | 13,080 SF |
| No. Units | 20 | Average Occupancy | 50% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1973 |
| Apartment Style | Low Rise | Parking Ratio | 1.61/1,000 SF |
| Price Per Unit | $77,250 |
| Sale Type | Investment |
| Sale Conditions | High Vacancy Property |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 13,080 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 1.61/1,000 SF |
Unit Amenities
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 18 | $740.00 | 650 |
| 2+1 | 2 | $950.00 | 700 |
PROPERTY TAXES
| Parcel Number | 0375-0186-000 | Improvements Assessment | $764,660 |
| Land Assessment | $132,510 | Total Assessment | $897,170 |
PROPERTY TAXES
Parcel Number
0375-0186-000
Land Assessment
$132,510
Improvements Assessment
$764,660
Total Assessment
$897,170
zoning
| Zoning Code | 0226 |
| 0226 |
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