129 Stewart Bend Ct, Azle, TX 76020
- Residential income homes
- 20,480 SF
Current Use by Public Records
- Residential income homes
Property Details for 129 Stewart Bend Ct
- Year built
- 2006
- Property type
- Residential income homes
Description
This exceptional multifamily investment opportunity presents eight duplex buildings totaling sixteen units situated in Azle, Texas. Built in 2006 and comprehensively renovated in 2023, this Class B property boasts 20,480 square feet, with 16,200 square feet of net rentable space. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $180,339, representing a 6.01% cap rate. Pro forma projections indicate a potential NOI of $210,096 and a 7.00% cap rate, showcasing significant upside potential. Each unit is a 2 or 3-bedroom duplex, with current rents averaging $1450 for 3-bedroom units and $1250 for 2-bedroom units. The property's prime location within established residential neighborhoods like DR Horton, Antares, and Verulux, coupled with its proximity to Eagle Mountain Lake, shopping, and dining, ensures strong tenant demand. The asking price is $3,000,000, translating to $187,500 per unit and $146.48 per square foot. A new roof was installed in 2023. The seller is open to selling a minimum of three duplexes (six units) individually, each priced at $375,000. This presents a unique opportunity for both large-scale investors and those seeking a smaller portfolio entry point. The property is zoned residential.
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Location Insight
- Map
- Local Demand
- City
- Azle
- County
- Parker
- State
- Texas
- Longitude
- -97.5547625
- Latitude
- 32.8861659
