Current Use by Public Records
- Residential income homes
Property Details for 0 Skylane Ave
- Year built
- 2023
- Lot size
- 5.80 lot acres
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a portfolio of 27 newly constructed single-family rental homes located in Corsicana, Texas, within Navarro County. Built in 2023, these properties boast a combined 39,100 square feet of net rentable space, spread across 5.8 acres and zoned R2 Residential. Each of the 27 one-story buildings features a 3-bedroom, 2-bathroom, 2-car garage floor plan, ranging from 1401 to 1500 square feet. Currently operating at 65% occupancy, the portfolio generates a Net Operating Income (NOI) of $420,200, resulting in a 6.27% capitalization rate. The asking price is $6,700,000, translating to approximately $248,148.15 per unit. Situated in a master-planned development encompassing 280 acres, this portfolio benefits from a strategic location approximately 50 miles southeast of Dallas, along IH-45. Corsicana's expanding industry and employment, coupled with a significant housing shortage, create a robust rental market. The seller is considering a 12-month guarantee of 100% income occupancy. The properties are part of a larger development including commercial sites and an apartment complex. This is a stabilized investment with strong potential for future growth in a high-demand market. The portfolio is classified as Class B multifamily.
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
- Corsicana
- County
- Navarro
- State
- Texas
- Longitude
- -96.506
- Latitude
- 32.0746
