Willow Park Apartments | 2410 N Willis St
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Willow Park Apartments 2410 N Willis St
41 Unit Apartment Building For Sale Abilene, TX 79603
Investment Highlights
- 21%+ Cash-On-Cash Averaged Over 5 Years
- Owner Has Spent Over $365K On Capital Expenditures
- Quick Access to Hwy-277 and Interstate-20 for Work, School and Shopping
- 75% Are 2-Bedroom Units
- $85 Under Comparable Market Rents
- Abilene’s Population - 129,043 (US Census - July 2023)
Executive Summary
Summary:
The Multifamily Group is pleased to present the exclusive investment opportunity of Willow Park Apartments, an all-bills-paid property in Abilene, Texas. Built in 1973, this property features 41 units with an average size of 811 square feet, offering a mix of one and two-bedroom floorplans. Notably, 75% of the units (31) are two-bedrooms. The property is currently 93% occupied, consistent with the strong 93% occupancy rate in the submarket (CoStar). With rents currently $85 below market value, there is potential for an immediate revenue increase of $3,485 per month, equating to an annual boost of $41,820.
Capital Expenditures:
Owner has spent over $365K.
Location:
Willow Park is ideally situated in North Abilene, with quick access to Hwy-277 and Interstate-20, making commuting to work, school, and shopping effortless. The area is experiencing significant growth, with Develop Abilene attracting companies like Amazon, Blue Cross Blue Shield (BCBS), ABI Windows, and several food processing plants. Two of Abilene’s largest employers, Hendrick Medical Center and Dyess Air Force Base, are easily accessible from the property.
Shopping options like Edgewood Shopping Center and The Shops of Northpark are close by, and Willow Park is within walking distance of the middle school and less than 2-miles from the elementary and high schools. Abilene Christian University, Hardin-Simmons University, and Texas State Technical College are all easily accessible, as is Abilene Regional Airport.
The vibrant downtown cultural district, steeped in frontier history, is a mere 10-minute drive from Willow Park and features museums, performing arts centers, live music venues, shopping, and dining. Since 2015, Abilene has hosted the annual Children’s Art & Literacy Festival, drawing visitors from across the nation and earning the city its title as the “Storybook Capital of America.”
The Multifamily Group is pleased to present the exclusive investment opportunity of Willow Park Apartments, an all-bills-paid property in Abilene, Texas. Built in 1973, this property features 41 units with an average size of 811 square feet, offering a mix of one and two-bedroom floorplans. Notably, 75% of the units (31) are two-bedrooms. The property is currently 93% occupied, consistent with the strong 93% occupancy rate in the submarket (CoStar). With rents currently $85 below market value, there is potential for an immediate revenue increase of $3,485 per month, equating to an annual boost of $41,820.
Capital Expenditures:
Owner has spent over $365K.
Location:
Willow Park is ideally situated in North Abilene, with quick access to Hwy-277 and Interstate-20, making commuting to work, school, and shopping effortless. The area is experiencing significant growth, with Develop Abilene attracting companies like Amazon, Blue Cross Blue Shield (BCBS), ABI Windows, and several food processing plants. Two of Abilene’s largest employers, Hendrick Medical Center and Dyess Air Force Base, are easily accessible from the property.
Shopping options like Edgewood Shopping Center and The Shops of Northpark are close by, and Willow Park is within walking distance of the middle school and less than 2-miles from the elementary and high schools. Abilene Christian University, Hardin-Simmons University, and Texas State Technical College are all easily accessible, as is Abilene Regional Airport.
The vibrant downtown cultural district, steeped in frontier history, is a mere 10-minute drive from Willow Park and features museums, performing arts centers, live music venues, shopping, and dining. Since 2015, Abilene has hosted the annual Children’s Art & Literacy Festival, drawing visitors from across the nation and earning the city its title as the “Storybook Capital of America.”
Property Facts
| Sale Type | Investment | Lot Size | 2.65 AC |
| No. Units | 41 | Building Size | 33,234 SF |
| Property Type | Multifamily | Average Occupancy | 93% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1973/2005 |
| Building Class | C | Parking Ratio | 1.5/1,000 SF |
| Sale Type | Investment |
| No. Units | 41 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.65 AC |
| Building Size | 33,234 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2005 |
| Parking Ratio | 1.5/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Microwave
- Eat-in Kitchen
- Hardwood Floors
- Refrigerator
- Range
- Carpet
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 645 |
| 2+2 | 31 | - | 864 |
PROPERTY TAXES
| Parcel Number | 70275 | Improvements Assessment | $915,204 |
| Land Assessment | $50,796 | Total Assessment | $966,000 |
PROPERTY TAXES
Parcel Number
70275
Land Assessment
$50,796
Improvements Assessment
$915,204
Total Assessment
$966,000
zoning
| Zoning Code | multifamily (MULTIFAMILY) |
| multifamily (MULTIFAMILY) |
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Willow Park Apartments | 2410 N Willis St
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