Skylane Ave Corsicana, TX 75109

This offering comprises a package of 27 single-family detached rental units, constructed and leased in 2023 to address the local housing shortage. Located in Corsicana, approximately 50 miles southeast of downtown Dallas in Navarro County, these units are nearing full occupancy with strong rental rates. Based on pro-forma expenses, the capitalization rate is slightly above 6.00%. Corsicana, the county seat of Navarro County, has an active Economic Development Corporation that attracts new industry and jobs, contributing to a significant housing shortage. The city's population is approximately 29,000. The local industry is strong and expanding, providing employment opportunities for residents, with an unemployment rate lower than the state average. A 2017 housing study indicated the potential to capture 154 new sale houses and 180 new rental units annually; however, limited inventory has been developed since then. The 27 rental homes were built in 2023 and feature three distinct one-story floor plans, each with three bedrooms, two bathrooms, and a two-car garage. Rents range from $1.47 to $1.50 per square foot per month. The asking price is $6,700,000, reflecting an initial capitalization rate of approximately 6.00%.