1623 Aquarena Springs Dr San Marcos, TX 78666
- Apartment buildings
- 43,500 SF
- 2.50 lot acres
Current Use by Public Records
- El Monty Apartments / Apartment Building
- DesignNet Web / Marketing Agency / Advertising Agency
- Spring West Apartments / Apartment Building
Property Details for 1623 Aquarena Springs Dr
- Year built
- 1983
- Lot size
- 2.50 lot acres
- Property size
- 43,500 SF
- Property type
- Apartment buildings
Description
El Monty Apartments presents a compelling investment opportunity in the thriving San Marcos, Texas market. This 70-unit apartment complex boasts a desirable location less than two miles from Texas State University, the fourth largest university in Texas, and minutes from downtown San Marcos and the San Marcos River. Built in 1983, the property comprises two two-story garden-style buildings on a 2.495-acre lot, totaling 43,500 square feet. The complex features a mix of one-bedroom/one-bathroom and two-bedroom/two-bathroom units, each equipped with individual HVAC and water heaters, wood-look plank flooring, updated black kitchen appliances, and outdoor closets. Interior finishes include two-tone paint, vertical and mini-blinds, and laminate countertops. Community amenities include a central courtyard with a pool, grilling area, and picnic tables, along with a management office and laundry room (not included in the unit count). The property currently enjoys 95.7% occupancy (as of October 1, 2024) and benefits from recent capital improvements including a new roof, painting, parking overlay, lighting, and signage. An attractive Freddie Mac loan assumption is available with a 3.40% interest rate, 30-year amortization, and a maturity date of May 2029. The approximate loan balance is $5,040,000. The property's proximity to major employers, abundant retail options, and popular attractions like the San Marcos River and Premium Outlets Mall, positions it for continued strong performance in a growing market. While the majority of units have been updated to a standard package, further upgrades could enhance rental rates, given the property's current affordability within the market. The balanced unit mix (57% one-bedroom and 43% two-bedroom units) caters to both student and workforce housing demands.
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
- San Marcos
- County
- Hays
- State
- Texas
- Longitude
- -97.9157
- Latitude
- 29.8944
