2903 Clarksville St Paris, TX 75460

Property Details for 2903 Clarksville St

Year built

1970

Lot size

1.13 lot acres

Property size

49,140 SF

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