900 Ross St Vernon, TX 76384
- Apartment buildings
Current Use by Public Records
- Salon In the Village / Beauty Salon
- Red River Senior Village / Apartment Building / Apartment Complex
Property Details for 900 Ross St
- Year built
- 2004
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents the chance to acquire the Red River Senior Village & Chisolm Trail Crossing LIHTC, a Class A multifamily property located in Vernon, Texas. Comprising 104 units spread across two addresses – 900 Ross Street and 4601 College Drive – this fee-simple property boasts a total net rentable area of 93,048 square feet. Constructed in 2004 and 2007, the buildings offer a mix of one, two, and three-bedroom apartment homes, demonstrating historically high occupancy rates due to the newer vintage and limited supply within the Vernon market. The property's strong performance is reflected in its pro-forma NOI of $256,282 and a pro-forma cap rate of 5.42%. The asking price is $4,725,000, translating to a price per unit of $45,432.69. Situated in Wilbarger County, Texas, this property benefits from the state's tax-advantaged environment, adding further appeal to this compelling investment. The location in Vernon, just west of Wichita Falls, offers a strategic position within the Texas market. This is a rare opportunity to acquire a high-performing, well-maintained multifamily asset in a desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Vernon
- County
- Wilbarger
- State
- Texas
- Longitude
- -99.3045
- Latitude
- 34.1598
