1113 Betty Ave Monahans, TX 79756
- Commercial real estate
Current Use by Public Records
- Monahan's Affordable Homes / Mobile Home Dealer
- Pecan Place Apartments / Apartment Complex
- Maneja Mi Carro / Car Rental Agency
Property Details for 1113 Betty Ave
- Year built
- 1984
- Property type
- Commercial real estate
Description
This exceptional 130-unit multifamily investment opportunity in Monahans, Texas, presents a compelling return. Priced at $8,000,000, the property boasts 71,742 net rentable square feet across eight buildings, each two stories high. Built in 1972 and 1984, the complex comprises the Pecan and Villa Apartments, offering a mix of one- to three-bedroom floor plans. The property features two on-site laundry rooms, a leasing office, and two swimming pools. Significant capital expenditures have been made, including interior unit renovations and roof replacements. Located conveniently off Interstate-20, the property benefits from high rental demand and low competition in a strong workforce housing market. The trailing twelve months' gross income totaled $1,160,000. Projections indicate a 13.5% Year 1 cash-on-cash return and a 25.3% five-year levered IRR. Further value-add potential is estimated at $1,484,000, with an owner-adjusted cap rate of 9.0%. Monahans, situated near Odessa and Midland, is a key location in the Permian Basin, benefiting from a robust economy driven by oil production and other diverse industries. The median household income in Monahans is $65,438, supporting strong rental demand. This property offers a rare combination of immediate cash flow and significant long-term growth potential.
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
- Monahans
- County
- Ward
- State
- Texas
- Longitude
- -102.89140186408
- Latitude
- 31.583493671639
