Magnolia Flats 3102 Hillcrest Dr
54 Unit Apartment Building $5,500,000 ($101,852/Unit) 6.14% Cap Rate San Antonio, TX 78201
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INVESTMENT HIGHLIGHTS
- Magnolia Flats, 3102 Hillcrest Drive, is a 54-unit apartment complex on 1.57 acres that is completely debt-free and had renovations made in 2022.
- Best amenities in the submarket, including a large swimming pool, covered parking, an on-site laundry facility, a dog park, and an open courtyard.
- Great access to Interstates 410 and 10, easily reach several highly rated grade schools, UT Health San Antonio, USAA HQ, and San Antonio Airport.
- Value-add opportunity as light unit renovations could bring in an extra $50 to $100 a month per unit as area demand continues to thrive.
- Located near H-E-B, Walmart Supercenter, Target, H & M, San Antonio Aquarium, Planet Fitness, Office Depot, dozens of restaurants, and so much more.
- Call now or message to speak to the owner directly.
EXECUTIVE SUMMARY
All Agents Welcome Call for Offers December 18th 2024.
Magnolia Flats, located at 3102 Hillcrest Drive presents the opportunity for investors to stake a claim in the flourishing Balcones Heights area. The seven-building community comprises 54 multifamily units and 47 storage units for rent, boasting an impressive occupancy rate of 96% as of April 2024. Magnolia Flats is situated on 1.57 acres with 73 parking spaces, 29 of which are assigned covered parking spots.
Interior upgrades include laminate wood flooring, gas stoves, dishwashers, brushed nickel fixtures, and generous walk-in closets. The quality of the living spaces continues outside the units with best-in-market amenities, including an on-site leasing office, a sparkling pool, barbecue grills, picnic tables, a playground, a pet park, package lockers, and an on-site laundry facility. Magnolia Flats was built in 1963 and underwent a significant renovation in 2022 but there is ample upside potential in rents and value-add opportunities through simple upgrades.
Magnolia Flats is perfectly positioned to cater to demand drivers. Professionals prefer to live in this area as major employment centers are nearby, such as Methodist Hospital, South Texas Medical Center, St. Mary’s University, Humana, and the USAA Headquarters, all of which are located within about 4 miles of the community. Commuters will have easy access to employers further out as well since two of the market’s most important arteries, interstates 10 and 410, cross about a mile away.
Magnolia Flats, located at 3102 Hillcrest Drive presents the opportunity for investors to stake a claim in the flourishing Balcones Heights area. The seven-building community comprises 54 multifamily units and 47 storage units for rent, boasting an impressive occupancy rate of 96% as of April 2024. Magnolia Flats is situated on 1.57 acres with 73 parking spaces, 29 of which are assigned covered parking spots.
Interior upgrades include laminate wood flooring, gas stoves, dishwashers, brushed nickel fixtures, and generous walk-in closets. The quality of the living spaces continues outside the units with best-in-market amenities, including an on-site leasing office, a sparkling pool, barbecue grills, picnic tables, a playground, a pet park, package lockers, and an on-site laundry facility. Magnolia Flats was built in 1963 and underwent a significant renovation in 2022 but there is ample upside potential in rents and value-add opportunities through simple upgrades.
Magnolia Flats is perfectly positioned to cater to demand drivers. Professionals prefer to live in this area as major employment centers are nearby, such as Methodist Hospital, South Texas Medical Center, St. Mary’s University, Humana, and the USAA Headquarters, all of which are located within about 4 miles of the community. Commuters will have easy access to employers further out as well since two of the market’s most important arteries, interstates 10 and 410, cross about a mile away.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Title and Insurance
- Miscellaneous
- Investigations
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $5,500,000 |
| Price Per Unit | $101,852 |
| Sale Type | Investment |
| Cap Rate | 6.14% |
| No. Units | 54 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.57 AC |
| Building Size | 42,407 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2022 |
| Parking Ratio | 1.72/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Kitchen
- Refrigerator
- Oven
- Yard
SITE AMENITIES
- Laundry Facilities
- Playground
- Pool
- Grill
- Wheelchair Accessible
- Pet Play Area
- Renters Insurance Program
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $840.00 | 650 |
| 1+1 | 37 | $940.00 | 550 - 815 |
| 2+1 | 15 | $1,095 | 958 |
| 3+1 | 1 | $1,270 | 1,100 |
Walk Score®
Very Walkable (77)
NEARBY AMENITIES
RESTAURANTS |
|||
|---|---|---|---|
| Jim's Restaurant | - | - | 7 min walk |
| Luby's | - | - | 7 min walk |
| Cafe Rosa | Cafe | - | 8 min walk |
| Babe's | Pizza | $ | 11 min walk |
| Garibalis Mexican Restaurant | Mexican | $ | 11 min walk |
RETAIL |
||
|---|---|---|
| Dollar General | Dollar/Variety/Thrift | 8 min walk |
| CVS Pharmacy | Drug Store | 13 min walk |
| Gold's Gym | Fitness | 14 min walk |
HOTELS |
|
|---|---|
| SpringHill Suites |
112 rooms
3 min drive
|
| Clarion |
122 rooms
5 min drive
|
| La Quinta Inns & Suites |
112 rooms
5 min drive
|
| Marriott |
297 rooms
5 min drive
|
PROPERTY TAXES
| Parcel Number | 05894-123-0010 | Total Assessment | $3,450,000 (2023) |
| Land Assessment | $326,220 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,123,780 (2023) | Tax Year | 2024 Payable 2024 |
ZONING
| Zoning Code | R-4 (R-4 zones allow for the apartment buildings, townhouses, & other multifamily structures.) |
