Current Use by Public Records
- Apartment buildings
Property Details for 120 Bunkhouse Rd
- Year built
- 2015
- Lot size
- 6.26 lot acres
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 25-unit apartment building in Stephenville, Texas, situated on a 6.26-acre lot at 120 Bunkhouse Rd, zip code 76401. Built in 2015 and renovated in 2022, this Class B property boasts 16,110 square feet of net rentable space, currently operating at 100% occupancy. The property comprises three single-story buildings and includes 19 high-quality residential suites, 40 fully upgraded horse stalls, six RV spaces, a professional-grade lighted arena, a laundry facility, a modern conference room, and fully equipped office spaces. The property generates a substantial net operating income (NOI) of $401,400, with a pro-forma NOI of $1,043,600, resulting in an 8.92% cap rate and a pro-forma cap rate of 23.19%. The asking price is $4,500,000, translating to $180,000 per unit and $279.33 per square foot. The property is zoned for commercial use and benefits from a strong existing tenant base and a waiting list, suggesting significant potential for future growth and increased revenue. This turnkey operation offers immediate cash flow and represents a compelling investment in a thriving Texas market. The property's diverse revenue streams, including residential rentals, horse stall rentals, RV parking, and laundry facilities, contribute to its robust financial performance.
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
- Stephenville
- County
- Erath
- State
- Texas
- Longitude
- -98.1726
- Latitude
- 32.2294
