1609 Hill St Three Rivers, TX 78071
- Commercial real estate
- 16,000 SF
Current Use by Public Records
- Eagle Ford Apartments / Apartment Complex / Housing Complex
Property Details for 1609 Hill St
- Year built
- 2013
- Property size
- 16,000 SF
- Property type
- Commercial real estate
Description
This exceptional 28-unit apartment building presents a compelling value-add opportunity in Three Rivers, Texas. Built in 2013, the property boasts 16,000-16,300 square feet across two, two-story buildings situated on a 39,664 square foot lot zoned for commercial use. Currently operating at 61% occupancy, the property generates a current NOI of $84,794, representing a 3.86% cap rate. However, a pro-forma analysis projects a significant increase to an 8.56% cap rate and $188,000 NOI. All 28 units are fully furnished and feature granite countertops, solid wood doors, and no carpet, appealing to a wide range of tenants. Conveniently located off Highway 281, just three miles from the intersection of Highway 281 and I-37, and 1.5 miles from the Valero Refinery, the property benefits from its proximity to the Eagle Ford Shale, an area experiencing a housing shortage for oil workers. The asking price is $2,195,000, translating to $78,392.86 per unit. This presents a rare chance to acquire a well-maintained multifamily asset with substantial upside potential in a high-demand market. Each unit includes a laundry room.
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
- Three Rivers
- County
- Live Oak
- State
- Texas
- Longitude
- -98.176347
- Latitude
- 28.4763946
