Current Use by Public Records
- Apartment buildings
Property Details for 501 Co Rd
- Year built
- 2015
- Lot size
- 10.50 lot acres
- Property type
- Apartment buildings
Description
This exceptional 10-unit apartment building presents a compelling value-add investment opportunity in Stephenville, Texas. Situated on a spacious 10.5-acre lot at 501 Co Rd 423, zip code 76401, this 2015-built Class C property boasts 10,800 square feet of net rentable space and currently enjoys 100% occupancy, generating a strong NOI of $160,000. Each unit features two bedrooms and two bathrooms, and the property includes 25 parking spaces. The property includes 40 horse stalls that generate additional rental income. Conveniently located just five minutes from Stephenville and less than ten minutes from Tarleton State University, this property benefits from a high demand for rental units, particularly given its proximity to the Tarleton Equine Facility. Water, trash, and sewer are included in the rent. The property also features a roping arena and an additional five acres of undeveloped land offering significant potential for expansion or alternative uses. The current rents are below market value, presenting a clear path to increase profitability. This is a rare opportunity to acquire a well-located, income-producing multifamily property with significant upside potential in a growing Texas market. The property is being sold free and clear, without a ground lease. Inside and outside pets are welcome.
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
- Stephenville
- County
- Erath
- State
- Texas
- Longitude
- -98.2804
- Latitude
- 32.2913
