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- LoopNet Team
1303 S Tennessee St
McKinney, TX 75069
Elm Street Village · Multifamily Property For Sale
·
38 Units
PROPERTY FACTS
| No. Units | 38 | Building Size | 19,331 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1953/2017 |
| Building Class | C | Parking Ratio | 0.31/1,000 SF |
| Lot Size | 1.85 AC | ||
| Zoning | BN | ||
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.85 AC |
| Building Size | 19,331 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1953/2017 |
| Parking Ratio | 0.31/1,000 SF |
| Zoning | BN |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Wheelchair Accessible (Rooms)
ABOUT 1303 S TENNESSEE ST , MCKINNEY, TX 75069
Elm Street Village community is near restaurants, retailers, industrial parks, lakes, parks, sports complexes, McKinney National Airport, and schools; such as, TUPPS Brewery, Encore Wire, The Cotton Mill, Collin Central Appraisal District, Finch Elementary School, McKinney High School, Malvern Elementary School, Wilson Creek Complex, Al Ruschhaupt Soccer Complex, Towne Lake, and Cinemark Movies 14 to name a few. New apartments that recently came online include Newsome Homes (180-units) and Davis at the Square (294-units). Present ownership has reportedly put over $121,000.00 in capital improvement, including installation of new roofs, vinyl plank flooring, new ceramic tile in the bathrooms, new plumbing and bathroom fixtures, ceiling fans, and new windows. Elm St. Village is one of the rare multifamily assets in McKinney that operates as “All Bills Paid”. Ownership reports they continue to push rents without push back and stay highly occupied. With very few multifamily properties in the McKinney area, there is little competition for rental properties, making these high rents very achievable. Being in such an unsaturated rental market, historically, there is rarely a vacancy on the property and when a vacancy does arise, it is immediately leased to a new tenant. The 1.85 acre parcel and proximity to both Downtown, and McKinney High school lends itself well for a future potential re-development for a astute investor. Investors interested in re-developing can contact the City of McKinney’s Planning & Development to weigh all possibilities and scenarios.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 14 | $640.00 | 325 - 408 |
| 1+1 | 16 | $737.50 | 536 |
| 2+1 | 8 | $900.00 | 700 |
PROPERTY TAXES
| Parcel Number | R-6558-000-0300-1 | Improvements Assessment | $1,036,028 |
| Land Assessment | $332,276 | Total Assessment | $1,106,108 |
PROPERTY TAXES
