1203 Gail Ave Monahans, TX 79756
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 1203 Gail Ave
- Year built
- 2014
- Property type
- Commercial real estate
Description
This exceptional 56-unit apartment complex in Monahans, Texas, presents a compelling investment opportunity. Built in 2014, the property comprises 14 buildings featuring a mix of 20 two-bedroom units (1,000 sq ft each) and 36 three-bedroom units (1,200 sq ft each). The asking price is $8,950,000, offering a strong 7.51% capitalization rate. A significant portion of the units are currently leased to Vista Sand Company under a recently extended two-year lease agreement with annual rent increases. This provides immediate and predictable cash flow. The property benefits from a stable West Texas market with historically low vacancy rates. Tenants are responsible for their electricity costs, while the owner covers water and common area electricity. Each building includes its own laundry facilities, and all units are fully furnished. The convenient location off Interstate 20 provides easy access to Midland and Odessa. The property's strong historical occupancy and financials, combined with the long-term lease agreement and low maintenance requirements, make it an attractive investment prospect. The Class B building offers a solid return on investment in a consistently performing market.
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
- -102.8961961
- Latitude
- 31.5809565
