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Independence Meadows Apartments 1002 SE Martin Luther King Rd 42 Unit Apartment Building For Sale 7.70% Cap Rate Smithville, TX 78957
INVESTMENT HIGHLIGHTS
- Independence Meadows Apartments in Smithville, TX | 45 Miles Southeast of Austin | 4th Largest City in Texas.
- Underwent Full Mark-to-Market Restructuring in 2018 | Green Initiative | Use Agreement in Place Through 2048.
- Located 22 Miles Southeast of Bastrop SpaceX Facility | Expected to Increase by 1M Square Feet | $280M in Capital Investment.
- 100% Project Based Section 8 Subsidy Contract | Renewed Under Option 3b in 2018 for 20 Years.
- Oversized 7.15 Acre Parcel | Favorable Unit Mix 62% of Units are 2 & 3 Bedrooms.
EXECUTIVE SUMMARY
SAB Capital presents Independence Meadows Apartments, an elderly-designated multifamily community located approximately 45 miles southeast of Austin, Texas.
The 42-unit property is supported by a Project-Based Section 8 HAP contract, renewed under Option 3b in 2018 for a 20-year term.
Originally constructed in 1980, the property underwent substantial renovations in 2019 through the Mark-to-Market Green Initiative program. Improvements included energy and water efficiency upgrades. The property spans 7.15 acres and consists of 22 buildings. The unit mix includes 16 one-bedroom, 16 two-bedroom, and 10 three-bedroom units.
The property includes a leasing office and playground. The buildings feature masonry construction and pitched asphalt shingle roofs.
The 42-unit property is supported by a Project-Based Section 8 HAP contract, renewed under Option 3b in 2018 for a 20-year term.
Originally constructed in 1980, the property underwent substantial renovations in 2019 through the Mark-to-Market Green Initiative program. Improvements included energy and water efficiency upgrades. The property spans 7.15 acres and consists of 22 buildings. The unit mix includes 16 one-bedroom, 16 two-bedroom, and 10 three-bedroom units.
The property includes a leasing office and playground. The buildings feature masonry construction and pitched asphalt shingle roofs.
PROPERTY FACTS
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.70% | Lot Size | 7.15 AC |
| No. Units | 42 | Building Size | 33,600 SF |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1981/2019 |
| Apartment Style | Garden |
| Sale Type | Investment |
| Cap Rate | 7.70% |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.15 AC |
| Building Size | 33,600 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1981/2019 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | 724 |
| 2+1 | 11 | - | 1,052 |
| 3+2 | 11 | - | 1,342 |
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PROPERTY TAXES
| Parcel Number | 17058 | Improvements Assessment | $3,202,167 |
| Land Assessment | $0 | Total Assessment | $3,202,167 |
PROPERTY TAXES
Parcel Number
17058
Land Assessment
$0
Improvements Assessment
$3,202,167
Total Assessment
$3,202,167
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Independence Meadows Apartments | 1002 SE Martin Luther King Rd
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