Windward II Condominiums 4288 Bass Pro Dr
28 Unit Apartment Building $3,250,000 ($116,071/Unit) 6.35% Cap Rate Garland, TX 75043
INVESTMENT HIGHLIGHTS
- The Windward II Condominiums are a 28-unit complex with a strong unit mix.
- Significant upside via $245 worth of room to increase rents.
- Developed as condos, all units have ample closet space, W/D, some have wet bars, and wood fire places.
- The exterior has been fully renovated with a new roof, siding replaced, and the majority of the HVAC and water heaters recently replaced.
- Top story units are all loft style with 20-foot-high ceilings.
EXECUTIVE SUMMARY
Windward II Condominiums is a 28-unit complex located less than 2 miles from Lake Ray Hubbard in Garland, TX. The area is a hub of waterfront activities, golf courses, parks, restaurants/nightlife, shopping, and other entertainment amenities. It is conveniently located 40 minutes away from both DFW International Airport and Dallas Love Field Airport and just 17 miles east of downtown Dallas near the Intersection of Interstate 30 and the President George Bush Turnpike. The subject property is situated two miles from the upcoming billion-dollar mixed-use Sapphire Bay development featuring a one-of-a-kind waterfront resort destination.
Windward II Condominiums are a 5-minute drive to Sapphire Bay, home to a full-service marina and a billion-dollar mixed-use development that will be branded as “a unique, experiential, water-themed destination.” The community will be anchored by Sapphire Bay Resort, which will join Hyatt’s Destination Hotels brand, a six-acre crystal lagoon, spa, conference center, 1.4 million square feet commercial lease space, and a surf and beach club featuring a competitive quality surfing venue. Sapphire Bay Marina members will have direct access from the Marina District, and Lake Ray Hubbard boaters, sailors, and PWC enthusiasts will have access to the development amenities through the marina.
Broker of Record
Patrick Graham, License No. 9005919 (TX) | (866) 889-0550 | Matthews Real Estate Investment Services, Inc | 8300 Douglas Ave., Ste. 750, Dallas, TX 75225
Windward II Condominiums are a 5-minute drive to Sapphire Bay, home to a full-service marina and a billion-dollar mixed-use development that will be branded as “a unique, experiential, water-themed destination.” The community will be anchored by Sapphire Bay Resort, which will join Hyatt’s Destination Hotels brand, a six-acre crystal lagoon, spa, conference center, 1.4 million square feet commercial lease space, and a surf and beach club featuring a competitive quality surfing venue. Sapphire Bay Marina members will have direct access from the Marina District, and Lake Ray Hubbard boaters, sailors, and PWC enthusiasts will have access to the development amenities through the marina.
Broker of Record
Patrick Graham, License No. 9005919 (TX) | (866) 889-0550 | Matthews Real Estate Investment Services, Inc | 8300 Douglas Ave., Ste. 750, Dallas, TX 75225
PROPERTY FACTS
| Price | $3,250,000 |
| Price Per Unit | $116,071 |
| Sale Type | Investment |
| Cap Rate | 6.35% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.08 AC |
| Building Size | 23,990 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1983/2019 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 28 | - | - |
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PROPERTY TAXES
| Parcel Number | 26178300010031000 | Improvements Assessment | $2,073,650 |
| Land Assessment | $376,350 | Total Assessment | $2,450,000 |
ZONING
| Zoning Code | Z85 |
