620 Hewitt Dr Hewitt, TX 76643

Property Details for 620 Hewitt Dr

Year built

1976

Lot size

7.51 lot acres

Property size

143,280 SF

Property type

Commercial real estate

APN

318242

Description

This exceptional 151-unit apartment community in Hewitt, Texas, presents a compelling value-add opportunity. Built in 1976 and extensively renovated in 2022, the property boasts 143,280 square feet across eleven, two-story buildings situated on a 7.51-acre lot. Currently operating at 92% occupancy, the property generates a $990,000 NOI, projecting a 6.60% cap rate. Pro-forma NOI is estimated at $1,100,000, indicating a 7.10% cap rate upon full occupancy (projected November 14, 2024). The property features a mix of one, two, and three-bedroom units, including attractive townhome-style units, many of which offer strong lease histories. Amenities include a swimming pool, landscaped grounds, an on-site leasing office/clubhouse, fitness room, and laundry facilities. Located in the highly desirable Midway ISD, the property benefits from its proximity to Baylor University and Magnolia Market at the Silos, driving consistent demand. Significant value-add potential exists through interior renovations, adding washer/dryer connections, creating patios for townhome units, and constructing carports. The property's recent exterior renovation, encompassing roofs, parking lot, exterior facade, and stairways, minimizes deferred maintenance. Below-market rents offer immediate upside for the new owner. This asset represents a strong investment in a thriving Texas market. APN: 318242.

Location Insight

City

Hewitt

County

McLennan

State

Texas

Longitude

-97.2019151

Latitude

31.4763363