Skylane Ave Corsicana, TX 75109

Property Details for 0 Skylane Ave

Year built

2023

Lot size

5.80 lot acres

Property size

39,000 SF

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.

Location Insight

City

Corsicana

County

Navarro

State

Texas

Longitude

-96.506

Latitude

32.0746