5024 Old Bastrop Hwy San Marcos, TX 78666

Property Details for 5024 Old Bastrop Hwy

Year built

2015

Lot size

20.01 lot acres

Property size

1,842 SF

Property type

Commercial real estate

APN

R151726

APU

R151726

Description

This exceptional 17-unit student housing community in San Marcos, Texas, presents a compelling investment opportunity. Built between 2014 and 2022, the property comprises 17 free-standing, single-family homes, each boasting a spacious 4-bed/4-bath floor plan averaging 1,860 square feet. Residents enjoy private patios, fenced backyards with scenic views, and complimentary high-speed internet and cable. The 31,620 square-foot complex sits on 40 acres, offering a unique, low-density living experience. Shared ownership in the adjacent Parker's Pond provides residents with access to a stocked catch-and-release fishing pond. Located just 15 minutes from Texas State University and downtown San Marcos, the property benefits from its proximity to the Tanger Outlet Malls, offering over 240 stores and restaurants. Currently operating at 100% occupancy (as of June 1, 2024), the property offers significant revenue upside potential. Rental rates are below market value, allowing for substantial increases. Additional revenue streams can be generated by implementing charges for trash and utilities. Furthermore, approved plans for an additional 13 homes are included, providing further expansion opportunities. The property benefits from a partial agricultural tax exemption, potentially extendable through a lease agreement on the floodplain area used for cattle ranching. The property is zoned ETJ (Extraterritorial Jurisdiction) and has APN numbers R151726 and R151727. This fee-simple ownership presents a rare chance to acquire a thriving, expandable student housing community in a high-demand location.