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Skylane Ave Corsicana, TX 75109

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For Sale
$6,700,000

27 single-family rental units built in 2023 in Corsicana, TX.

Property size:
39,150 SF

Property Features for Skylane Ave

General Information

Size
39,150 SF

Building Details

Year built
2023

Source: Wayne Burgdorf, CCIM Agent Wayne Burgdorf, CCIM

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

27 Detached Rental Units Package

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%.
Location Intelligence

Current Use by Public Records

Single family properties

Map

City
Corsicana
County
Navarro
State
Texas
Longitude
-96.3417
Latitude
32.0533

FAQs

What type of property is this?
Single family property - 27 single-family rental units built in 2023 in Corsicana, TX.
Where is this single family property located?
The property is located at Skylane Ave Corsicana, TX.
What is the asking price?
The asking price for this property is $6,700,000.
What are key features of this property?
This property features: - Package of 27 newly built (2023) detached single-family rental units.; - Located in Corsicana, experiencing a housing shortage and economic development.; - High occupancy rate with strong rental income potential.
More about this property
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