2903 Clarksville St, Paris, TX 75460

Property Details for 2903 Clarksville St

Year built

1970

Lot size

1.13 lot acres

Property type

Commercial real estate

APN

12575 / 12574

Description

This exceptional value-add multifamily investment opportunity, The Gardens Apartments, consists of a 52-unit apartment complex situated on 1.13 acres in Paris, Texas. The property comprises two, two-story buildings totaling 49,140 square feet, with 34,395 square feet of net rentable space. Built in 1970 and renovated in 2017, the complex features a mix of 32 one-bedroom and 20 two-bedroom units, averaging 666 square feet each. Currently boasting an 87% occupancy rate, the property offers significant upside potential. Recent capital expenditures include $500,000 in plumbing repairs (Pex plumbing, water line replacement, shut-off valves added), roof replacements in 2016, a new hot water boiler in 2020, and exterior repainting in 2022. The current average rent is $530 per unit per month ($0.39 per square foot), significantly below market rates, presenting a clear opportunity to increase rental income. Value-add strategies include renovating units in one building to increase rents by $400 per unit per month, increasing water RUBS, implementing water conservation measures, protesting tax expenses, charging rent for currently unutilized storage units, and enhancing marketing efforts to attract higher-paying tenants. The property benefits from a prime location near Loop-286 (over 15,000 vehicles per day), US Hwy-271, Paris Regional Medical Center, ResultsCX, Kimberly-Clark, Campbell's Soup, and a new Amazon warehouse. Its proximity to Paris Junior College and a highly-rated high school further enhances its appeal. The strong local economy, fueled by various industries and a growing population, makes this a compelling investment prospect.

Location Insight

City

Paris

County

Lamar

State

Texas

Longitude

-95.5241502

Latitude

33.65134143