Current Use by Public Records
- Apartment buildings
Property Details for 1083 Co Rd
- Year built
- 2001
- Lot size
- 3.82 lot acres
- Property type
- Apartment buildings
Description
This exceptional 15-unit apartment building, known as Riverside Cottages, presents a compelling investment opportunity in Rainbow, Texas. Built in 2001, the property boasts a total of 12,636 square feet situated on a generous 3.82-acre lot. The building comprises thirteen individual structures, each a single story, offering a unique and desirable living environment. The property enjoys 100% occupancy, generating a strong net operating income (NOI) of $149,650, translating to a 9.65% capitalization rate. The asking price is $1,550,000, or $103,333 per unit, representing a compelling price per square foot of $122.67. The unit mix includes nine one-bedroom, one-bathroom units (777 sq ft each), one larger one-bedroom, one-bathroom cottage suite (1310 sq ft), one one-bedroom, one-and-a-half-bathroom unit (970 sq ft), and four two-bedroom, one-bathroom units (841 sq ft each). Located at 1083 Co Rd 315, Rainbow, TX 76077, this property offers significant potential for investors seeking a stable, high-performing multifamily asset in a desirable Texas location. The property's strong performance and attractive unit mix make it an ideal addition to any investment portfolio. This Class B property is ready for immediate income generation.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Rainbow
- County
- Somervell
- State
- Texas
- Longitude
- -97.6668
- Latitude
- 32.273
