Cushman & Wakefield San Antonio Commercial Advisors is pleased to exclusively offer the La Bella Apartments, a garden-style asset located in the Monticello Park neighborhood of San Antonio. Built in 1960, La Bella consists of 24 units in three buildings with brick and cement composite exteriors. There are five different floor plans including efficiencies, 1-bed and 2-bed options ranging from approximately 480 SF to 750 SF.
La Bella Apartments represents an outstanding investment. Rents are below-market and there is currently no RUBS in place. With light interior and exterior renovations, and based on a five-year hold, the asset offers potential returns of 14% cash-on-cash and an IRR of 18%.
Originally, there were two addresses, one on Club Drive and one on Fredericksburg Road. The 11 units on Club Drive are built with concrete slab foundations and flat roofs. Central HVAC is provided by roof-mounted condensing units and gas furnaces, and the owner pays the master-metered gas. The gas boiler providing hot water for all 11 units is only 3-4 years old.
The Fredericksburg building is constructed with pier-and-beam foundation and pitched composition shingle roofs. It has window AC units and electric wall-mounted heat. Natural gas is individually-metered and paid by the tenants. The four small one-bed units share a single gas water heater, as do the laundry room and the two efficiency units above it. Each remaining unit has its own gas water heater.
All roofs were replaced in the last three years. Electricity is individually-metered, and all electrical wiring is copper. Natural gas services all stoves and the dryers in the laundry room, and rents include water.
Common amenities include a central, gated swimming pool area, an onsite management office and a clothes care facility. There is also plenty of covered parking, continuously monitored by the digital surveillance system. Unit interiors feature a mix of vinyl plank, carpet and ceramic tile flooring, full appliance packages with gas stoves, and spacious floor plans with ample closets and built-ins. There are also 14 individual storage closets that can be rented for additional income.
This prime location right on Fredericksburg Road offers multiple public transportation options, including express access to downtown and the Medical District. It is directly across the street from an HEB Grocery and Starbucks, and an easy walk to food, coffee, shopping and many other conveniences. Its easy access to I-10 makes it very convenient to reach all parts of the city.
