Texas Apartments, Inc | 421 E Worth St
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Texas Apartments, Inc 421 E Worth St
32 Unit Apartment Building $4,700,000 ($146,875/Unit) Grapevine, TX 76051
Investment Highlights
- Incredible location two blocks from downtown Historic Grapevine
- Easy Access to major transportation arteries and close proximity to TEXRail, Grapevine Main, Harvest Hall & Hotel Vin, Lake Grapevine
- History of strong demand and leasing in the area.
- 100% Occupancy
- Value-add potential through continued unit upgrades and offers significant upside through rent growth opportunities
- Prominent location serving established residential market
Executive Summary
Located in the heart of Historical Downtown Grapevine, this thirty-two-unit complex was constructed in 1972, the building consists of eight two-bedroom units and twenty-four one-bedroom units. Residents enjoy the property’s great location within a two-blocks to Main Street offering quaint shops, restaurants, and entertainment at your fingertips. The location is a walker’s paradise with excellent running and bike trails throughout the city and surrounding Lake Grapevine. Lake Grapevine is a short car ride north where you can enjoy boating activities and fishing. Easy access to the TEXRail, Grapevine Main, Harvest Hall & Hotel Vin from the property and DFW International Airport is only a ten-minute drive. This is a tremendous opportunity to own a thirty-two-unit complex in the original Historic Township of Grapevine. All the units are separately metered for electricity. If you are seeking a fantastic opportunity in a quaint & walkable small town but with big city amenities, this is property is for you. The property is being sold in “as is” condition and is priced accordingly. The apartment market in downtown Grapevine is competitive with its consistently high rent-growth due to high demand for rental properties and limited supply.
Property Facts
| Price | $4,700,000 | Building Class | C |
| Price Per Unit | $146,875 | Lot Size | 1.11 AC |
| Sale Type | Investment | Building Size | 21,872 SF |
| No. Units | 32 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1972 |
| Apartment Style | Low Rise | Parking Ratio | 2.19/1,000 SF |
| Price | $4,700,000 |
| Price Per Unit | $146,875 |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.11 AC |
| Building Size | 21,872 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 2.19/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | $1,050 | 640 |
| 2+1 | 8 | $1,250 | 740 |
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Walk Score ®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 04546954 | Improvements Assessment | $4,322,758 |
| Land Assessment | $258,770 | Total Assessment | $4,581,528 |
PROPERTY TAXES
Parcel Number
04546954
Land Assessment
$258,770
Improvements Assessment
$4,322,758
Total Assessment
$4,581,528
zoning
| Zoning Code | R7.5/SF, Grapevine |
| R7.5/SF, Grapevine |
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Texas Apartments, Inc | 421 E Worth St
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