8000 Midcrown Dr San Antonio, TX 78218-2311

Property Details for 8000 Midcrown Dr

Year built

1974

Lot size

9.64 lot acres

Property size

5,168 SF

Property type

Office Properties & Spaces

APN

15894-000-0500

APU

158940000500

Description

This exceptional value-add multifamily investment opportunity presents a rare chance to acquire Alamo Estates, a 208-unit apartment complex situated on a 9.64-acre lot in San Antonio, Texas. The property boasts 164,785 net rentable square feet across 37 buildings, each two stories high. Built in 1974 and renovated in 2020, the Class B property currently enjoys a 93.3% occupancy rate (as of June 3, 2024), generating a pro-forma NOI of $1,600,000. The average unit size is 792 square feet. This offering includes a loan assumption opportunity with a favorable 4.21% fixed interest rate, extending to October 2031, and an approximate $11 million balance. The property is zoned MF-33 and benefits from a prime location with excellent access to major highways (Loop 410, I-35, and I-10), placing it near significant employment centers including HEB Distribution Centers, Walmart, Home Depot, and Amazon Fresh Food DC. Recent capital improvements exceeding $1.8 million have enhanced the property's appeal, including exterior modernization and the addition of amenities such as a resort-style pool, fitness center, outdoor kitchen, dog park, and playscape. Current rents are approximately $200 below market rates, offering substantial upside potential through rent increases and value-add renovations, such as kitchen and bathroom upgrades, washer/dryer installations, technology enhancements, and the addition of package lockers. This property presents a compelling investment prospect with significant potential for strong returns.

Location Insight

City

San Antonio

County

Bexar

State

Texas

Longitude

-98.38

Latitude

29.5075

CBSA code

41700

CBSA name

SAN ANTONIO, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments