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1505 Park Pl
College Station, TX 77840
Park Place Apartments · Multifamily Property For Sale
·
54 Units
PROPERTY FACTS
| No. Units | 54 | Lot Size | 1.67 AC |
| Property Type | Multifamily | Building Size | 45,126 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built/Renovated | 1975/2016 |
| Building Class | B | Parking Ratio | 1.77/1,000 SF |
| Zoning | None | ||
| No. Units | 54 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.67 AC |
| Building Size | 45,126 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1975/2016 |
| Parking Ratio | 1.77/1,000 SF |
| Zoning | None |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Loft Layout
- Patio
- Vinyl Flooring
ABOUT 1505 PARK PL , COLLEGE STATION, TX 77840
PROVEN VALUE-ADD OPPORTUNITY • Current ownership has upgraded 15 unit interiors spending approximately $12,000/unit • Interior upgrades include quartz countertops, new cabinets, vinyl plank flooring, new paint, new carpet, new ceiling fans, new tile in bathrooms, and new appliances • The upgraded units are currently receiving $100-$150 rent premiums • With 39 classic units remaining, there is abundant room to capture higher rents with the continuation of the interior upgrades MINIMAL DEFERRED MAINTENANCE • The current ownership has completed multiple exterior capital projects at the Property • Exterior upgrades include new roofs, new windows, new Hardie plank siding, and new French doors HIGH BARRIERS TO ENTRY MARKET • The City of College Station has an extensive planning and zoning process making it tougher for developers to get new projects approved • Most of the land in close proximity to Texas A&M has already been developed making it tough for new projects in the area
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | 675 |
| 2+1 | 34 | - | 875 |
PROPERTY TAXES
| Parcel Number | 49282 | Improvements Assessment | $2,800,754 |
| Land Assessment | $342,289 | Total Assessment | $3,143,043 |
PROPERTY TAXES
