Current Use by Public Records
- Apartment buildings
Property Details for 104 South St
- Year built
- 1984
- Lot size
- 0.46 lot acres
- Property type
- Apartment buildings
Description
This exceptional 4-unit apartment building in Clarksville, TX, presents a compelling value-add investment opportunity. Situated on a 0.46-acre lot at 104 W South St, this 4,416 square foot property boasts a strong current income stream and significant future development potential. Built in 1984 and renovated in 2008, the two-story building features four one-bedroom units, each currently generating $650 in monthly rent, for a total annual gross income of $31,200. The property benefits from separately metered units, minimizing operational overhead and maximizing efficiency. The current occupancy rate is 80%, projected to reach full occupancy by October 20, 2024. The Net Operating Income (NOI) is currently $25,200, with a pro-forma NOI of $26,200, resulting in a current cap rate of 8.40% and a pro-forma cap rate of 8.73%. The asking price is $299,999, translating to $67.93 per square foot and $74,999.75 per unit. The substantial lot size offers a unique opportunity for expansion, allowing for the construction of additional units to further enhance the property's value and rental income. This property is ideal for investors seeking a blend of immediate cash flow and long-term appreciation in a stable, high-demand market. The property is classified as a Class C multifamily investment and is currently owned by Cultivated Homes, LLC.
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
- Clarksville
- County
- Red River
- State
- Texas
- Longitude
- -95.0512
- Latitude
- 33.6159
