1605 Water St Kerrville, TX 78028

This exceptional 47-unit apartment building, known as the Lux Riverside, presents a compelling value-add investment opportunity in Kerrville, Texas. Situated at 1605 Water St, 78028, this one-story, 27,470 square foot complex was built in 1965 and boasts waterfront views. The property comprises a mix of one-bedroom/one-bathroom units and studios, with an average unit size of 584 square feet. Residents enjoy access to desirable amenities including a landscaped courtyard, on-site laundry facilities, and a designated picnic area. The property's location offers proximity to major Kerrville employers, within less than two miles. Financial projections indicate a strong potential return on investment, with an estimated Year 1 cash-on-cash return of 8.6%. Further revenue generation opportunities exist, adding to the overall attractiveness of this investment. Detailed financial information is available upon request. This property offers a unique blend of established income generation and significant upside potential in a desirable Texas location. The property's waterfront setting and convenient amenities contribute to its appeal, making it an attractive option for investors seeking a strong value-add opportunity in the Kerrville market.