2002 20Th St Huntsville, TX 77340
- Commercial real estate
- 63,510 SF
Current Use by Public Records
- Avenue Townhomes / Apartment Complex
Property Details for 2002 20Th St
- Year built
- 2018
- Property size
- 63,510 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 22-unit Class B multifamily townhome community in Huntsville, Texas, situated near Sam Houston State University. Built in 2018, the property boasts six two-story buildings encompassing 63,510 square feet on a sizable lot of equal size. The property features 24,706 net rentable square feet, with each of the 22 units offering approximately 1,123 square feet of living space. Units include modern finishes and two spacious master suites, each with a private tiled bath. Currently operating at 72% occupancy (as of January 1, 2024), this property offers significant upside potential through increased occupancy and optimized management. The current asking price is $3,450,000, representing a price per unit of $156,818.18 and a current cap rate of 5.00%, with a pro-forma cap rate projected at 7.65% and a pro-forma NOI of $264,000. The property benefits from its proximity to major employers including Sam Houston State University, the Texas Department of Criminal Justice, Huntsville ISD, and Huntsville Memorial Hospital, ensuring a strong tenant pool. This value-add investment requires minimal capital expenditures, presenting a compelling opportunity for significant cash flow growth. The property's strong location and large, desirable units command above-average rental rates within the Huntsville market. Creative financing options may be available.
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
- Huntsville
- County
- Walker
- State
- Texas
- Longitude
- -95.5623637
- Latitude
- 30.7127343
