1604 L Ave | Plano, TX 75074
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- LoopNet Team
1604 L Ave
Plano, TX 75074
Magnolia on 16th · Multifamily Property For Sale
·
42 Units
INVESTMENT HIGHLIGHTS
- Five minute walk to Downtown Plano and DART Rail Station
- Boost Rental Revenue by $10,800 Annually with Additional Unit - Convert leasing office into 1 BR unit ($2,000) to achieve $900/month or $10,800/year
- Increase Occupancy to Meet Historical Market Averages - Plano T12 average occupancy 93% while Grindstone is only 71% occupied
- Upgrade Remaining 40% of Units to Maximize Income - Upgraded units achieve up to $100 monthly premiums
- Multiply Reserved Parking Income by Increasing Monthly Fee - 10 covered spaces for $10/month - increase to $40/month
- Plano Named 3rd "Best Place to Live in America", one of the "Safest Cities in America" and "Best Run Cities in America"
PROPERTY FACTS
| No. Units | 42 | Lot Size | 1.48 AC |
| Property Type | Multifamily | Building Size | 33,350 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1965/1980 |
| Building Class | B | Parking Ratio | 1.02/1,000 SF |
| Zoning | MF-1 | ||
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.48 AC |
| Building Size | 33,350 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1965/1980 |
| Parking Ratio | 1.02/1,000 SF |
| Zoning | MF-1 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 42 | - | - |
PROPERTY TAXES
| Parcel Number | R-0160-006-001A-1 | Improvements Assessment | $0 |
| Land Assessment | $571,824 | Total Assessment | $829,759 |
PROPERTY TAXES
Parcel Number
R-0160-006-001A-1
Land Assessment
$571,824
Improvements Assessment
$0
Total Assessment
$829,759
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