Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1609 Hill St Three Rivers, TX 78071

    For Sale
    $2,195,000

    28-Unit Value-Add Multifamily Investment

    Property size:
    16,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 28-unit apartment building presents a compelling value-add opportunity in Three Rivers, Texas. Built in 2013, the property boasts 16,000-16,300 square feet across two, two-story buildings situated on a 39,664 square foot lot zoned for commercial use. Currently operating at 61% occupancy, the property generates a current NOI of $84,794, representing a 3.86% cap rate. However, a pro-forma analysis projects a significant increase to an 8.56% cap rate and $188,000 NOI. All 28 units are fully furnished and feature granite countertops, solid wood doors, and no carpet, appealing to a wide range of tenants. Conveniently located off Highway 281, just three miles from the intersection of Highway 281 and I-37, and 1.5 miles from the Valero Refinery, the property benefits from its proximity to the Eagle Ford Shale, an area experiencing a housing shortage for oil workers. The asking price is $2,195,000, translating to $78,392.86 per unit. This presents a rare chance to acquire a well-maintained multifamily asset with substantial upside potential in a high-demand market. Each unit includes a laundry room.

    Property Features for 1609 Hill St

    General Information

    Property type
    Multifamily properties
    Square Feet
    16,000 SF
    Class
    B

    Building Details

    Year Built
    2013
    Buildings
    2
    Stories
    2
    Units
    28

    HighLights

    • $2,195,000 asking price for this value‑add multifamily investment opportunity.
    • 28‑unit apartment building with a 61% occupancy rate.
    • Currently generating $84,794 NOI, with a pro‑forma NOI of $188,000 and a pro‑forma cap rate of 8.56%.
    • Features 16,000‑16,300 square feet across two, two‑story buildings on a 39,664 square foot lot in Three Rivers, TX.
    • Built in 2013, the property includes furnished units with granite countertops and solid wood doors; no carpet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Eagle Ford Apartments Furnished Apartment Building

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Building Supply Hair Salon Wholesale Shop Nail Salon Clothing Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Three Rivers
    County
    Live Oak
    State
    Texas
    Longitude
    -98.176347
    Latitude
    28.4763946

    Nearby Comparable

    • $195,000
      1.16 Acres

      Cleared Commercial Lot in Texas

      Cleared 1.16-acre commercial lot ready for development.
      1310 Harborth Ave, Three Rivers, TX 78071
      View Details
    • $1,200,000
      16,750 SF

      Three Rivers Warehouse - 17 Acres

      Industrial warehouse, 16,750 SF, 6 dock doors.
      3248 Hwy Frontage Rd, Three Rivers, TX 78071
      View Details
    • $1,200,000
      16,750 SF

      Three Buildings on 18 Acres

      Three industrial buildings on a large, fenced lot near IH-37.
      3248 Highway 37 Access, Three Rivers, TX 78071
      View Details
    • $700,000
      75.00 Acres

      Prime Land Near Three Rivers

      75 acres with highway frontage, utilities, near Three Rivers.
      6266 Highway 281, Three Rivers, TX 78071
      View Details
    • $445,000

      Choke Canyon Estates Property

      Property located in Choke Canyon Estates, Three Rivers, Texas.
      100 Choke Canyon Ests, Three Rivers, TX 78071
      View Details

    Nearby Similar for Sale

    • $1,200,000
      16,750 SF

      Three Buildings on 18 Acres

      Three industrial buildings on a large, fenced lot near IH-37.
      3248 Highway 37 Access, Three Rivers, TX 78071
      View Details
    • $445,000

      Choke Canyon Estates Property

      Property located in Choke Canyon Estates, Three Rivers, Texas.
      100 Choke Canyon Ests, Three Rivers, TX 78071
      View Details
    • $1,200,000
      16,750 SF

      Three Rivers Warehouse - 17 Acres

      Industrial warehouse, 16,750 SF, 6 dock doors.
      3248 Hwy Frontage Rd, Three Rivers, TX 78071
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 28-Unit Value-Add Multifamily Investment
    Where is this multifamily property located?
    The property is located at 1609 Hill St Three Rivers, TX.
    What is the asking price?
    The asking price for this property is $2,195,000.
    What are key features of this property?
    This property features: $2,195,000 asking price for this value-add multifamily investment opportunity.; 28-unit apartment building with a 61% occupancy rate.; Currently generating $84,794 NOI, with a pro-forma NOI of $188,000 and a pro-forma cap rate of 8.56%.
    Request Owner's contact information
    1609 Hill St Three Rivers, TX 78071
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1609 Hill St
    Three Rivers, TX 78071
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1609 Hill St Three Rivers, TX 78071
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.