This asset was purchased vacant and in need of full rehab. Over the course of the last year, the current owners infused over $350,000 of extensive interior and exterior improvements including new roofs, A/C units, hot water heaters, interior and exterior paint, new branding and signage, metal doors, double-paned windows, a courtyard pergola, BBQ pits and benches, ceramic tile or vinyl plank flooring, black appliances, countertops, backsplashes, fixtures, baths, ceiling fans, two tone paint finishes, programmable thermostats, keyless front door code entry, and more! Warranties for appliances, A/C, and hot water heaters apply. The finish out is B-Class quality!
The property has been fully stabilized since October 2018 with gross potential monthly rent of $13,650. With full stabilization now at hand, management will soon implement a rent increase from $525 to $575. Short term seller financing is available (contact broker). Also, lender has underwritten the deal at 75% LTV at 4.875% fixed; 10 yr term; 1.25 to 1.00 DTIR, 25-30 yr amortization; no prepayment penalty.
An investor has an excellent opportunity to acquire a fully rehabbed, fully stabilized turn-key B-quality asset in the heart of Killeen, Texas, a growing secondary market in central Texas, and in the middle of the North Killeen Revitalization Program area that allows for incentives to owners to redevelop or rehab their properties.
Click on the link below or copy and paste into your browser for available property information for Paloma Gardens Apartments:
https://www.dropbox.com/sh/p6bwznaeslampp8/AADtSYDYqrPPaxFBjGkcKDj4a?dl=0
