REDUCED PRICE & VALUE ADDED...WELL PERFORMING & A NOTICEABLE PRICE REDUCTION OF A 112 UNIT MULTI-FAMILY ASSET IN KILLEEN, TEXAS WITH A STRONG ASSUMABLE LOAN AVAILABLE. EXCELLENT LOCATION NEAR SCHOOLS, SHOPPING, AND UNIVERSITIES.
BIG-TIME PRICE REDUCTION PER SELLER OF $5,800,000 FROM $6,850,000 PLUS THE BUYER PAID 5% REAL ESTATE COMMISSION...POF NEEDED
SUBJECT PROPERTY ADDRESS:
1105 NORTH 18TH STREET
KILLEEN, TEXAS 76541
KILLEEN, TEXAS IS IN THE DALLAS M.S.A AND IS 154 MILES DUE SOUTH OF DALLAS
LONG TIME OWNER OF THIS 112 UNIT MULTI-FAMILY ASSET IN KILLEEN, TEXAS, HAS GREATLY REDUCED THE PRICE FROM $6,850,000 NOW DOWN TO $5,800,000 TO PRECIPITATE A QUICK SALE. WITH A MUCH STRONGER BUYER AND PROFESSIONAL PROPERTY MANAGEMENT THE UPSIDE LOOKS TO BE OUTSTANDING FOR THE ICOMING BUYER/INVESTOR. PRICE NOW IS
AT $51,785 PER UNIT, PRICE TALKS. THAT AND A SUMMARY LOAN OF $3,393,000 WILL HAVE THE INCOMING BUYER/INVESTOR COMING IN, WHILE LESS COMING OUT OF THEIR POCKET FOR THIS 112 UNIT MONEY MAKER.
SELLER IS CALLING IT A CAREER TO POTENTIALLY MOVE WEST WHERE FAMILY AND FRIENDS LIVE.
A MAJOR UPSIDE FOR THE INCOMING BUYER OR INVESTOR IS THAT THIS SELLER HAS PERFORMED IS OWN PROPERTY MANAGEMENT, WHICH HE HAS SAID IF HE HAD TO DO IT AGAIN, HE WOULD DEFINITELY HAVE HIRED A PROPERTY MANAGEMENT COMPANY AND MADE A WHOLE LOT MORE MONEY OVER THE YEARS.
THE CURRENT OCCUPANCY IS AT 86%, WHILE THERE IS NOTICABLE VALUE ADDED IN THE RENTS BEING 15-20% UNDER MARKET RENT AND 86% OCCUPANCY, THERE IS SERIOUS MONEY BEING LEFT ON THE TABLE. THE CURRENT CAP RATE IS AROUND 6%, WITH HIGHER RENTS TO OR CLOSE TO MARKET RENT AND LEASING UP THE REMAINING VACANT UNITS 8 OR CLOSE TO AN 8% CAP RATE SHOULD BE DOTTING THE BOOKS.
THIS IS A SOLID CLASS C PROPERTY; THE SALES PRICE IS NOTICABLY BELOW PRICES IN THE KILLEEN AREA.
