424 7th Ave N
Texas City, TX 77590
The Atlantis Apartments in an OZ · Multifamily Property For Sale · 12 Units
INVESTMENT HIGHLIGHTS
- $625,000 / 6.72% Cap Rate
- Opportunity Zone- Tax Benefits
- 12 Units - $52,083/Unit
- City Utilities, Master-Metered
PROPERTY FACTS
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 4,490 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1963/1967 |
| Parking Ratio | 1.78/1,000 SF |
ABOUT 424 7TH AVE N , TEXAS CITY, TX 77590
OFFERED AT $625,000 - At $625,000 / $145 PSF, the property offers a 6.72% cap rate on 2019 income and a 6.91% of proforma income for 2020. FULLY-LEASED 12-UNIT PROJECT - 12 Units built in 1963/1965 comprised of 9 efficiency studios ($542/mo.), 2 1-bed units ($668/mo.) & 1 2-bed unit ($725/mo.). Property is set over 0.29 acres and the building is 4,300 square feet. OPPORTUNITY ZONE - Property is situated within a designated Opportunity Zone which offers a prospective buyer a variety of tax benefits. CITY UTILITIES - All City Services; Water/Sewer, Electric & Gas are all master-metered; All utilities included in rent.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 11 | - | - |
PROPERTY TAXES
| Parcel Number | 7030-0133-0003-000 | Improvements Assessment | $94,746 |
| Land Assessment | $22,500 | Total Assessment | $117,246 |
ZONING
| Zoning Code | R4 |
