Current Use by Public Records
- Apartment buildings
Property Details for 1506 3Rd St
- Year built
- 1977
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a well-maintained, four-unit apartment building located at 1506 North 3rd Street, Temple, Texas, 76501. The property, built in 1977, boasts a total of 3,372 square feet situated on a 7,753 square foot lot. The building is a two-story Class C multifamily property with a permitted commercial zoning designation. Each of the four units features two bedrooms and one bathroom, offering a functional floor plan. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $29,610, resulting in an 8% capitalization rate. A pro-forma NOI of $37,290 projects a 10% capitalization rate, indicating significant potential for increased profitability. Utilities are separately metered, with tenants responsible for their respective costs. The asking price is $369,000, translating to $92,000 per unit and $109.43 per square foot. Each unit includes two parking spaces. This stabilized investment is ideal for a variety of investors, including those seeking a buy-and-hold strategy or owner-occupancy. The property benefits from its location on a major Temple thoroughfare and the strong rental demand in the area.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Temple
- County
- Bell
- State
- Texas
- Longitude
- -97.3374
- Latitude
- 31.1123
