620 Hewitt Dr Hewitt, TX 76643

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.