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Cross Timbers at Grand Street 2601 N Grand St 136 Unit Apartment Building For Sale Amarillo, TX 79107
Investment Highlights
- ATTRACTIVE ASSUMABLE DEBT – FIXED 3.57% RATE
- OPTIMAL UNIT MIX – LARGER FLOOR PLANS DRIVE REVENUE
- LIMITED MARKET COMPETITION – STRONG RENT & OCCUPANCY STABILITY
Executive Summary
ATTRACTIVE ASSUMABLE DEBT — FIXED 3.57% RATE
The Property offers an assumable Freddie Mac loan at a favorable
3.57% fixed interest rate with approximately 39 months of fixed-rate term
remaining, after which the loan transitions to a floating rate.
The current balance is just south of $5.5 million. This is a rare
opportunity to capitalize on an extraordinarily cheap debt, resulting in
stronger cash flows.
LIMITED MARKET COMPETITION — STRONG RENT &
OCCUPANCY STABILITY
Positioned in North Amarillo, Cross Timbers has little competition
compared to the other submarkets across the city. Cross Timbers should
benefit from this supply constraint with strong occupancy, retention, and
rental rates.
OPTIMAL UNIT MIX —LARGER FLOOR PLANS DRIVE REVENUE
With a well-balanced unit mix of 32 one-bedroom units, 80 two-bedroom
units, and 24 three-bedroom units, Cross Timbers caters to a broad
tenant base, including families and professionals seeking more space.
Larger units and bedroom counts not only command premium rent but
also contribute to longer lease durations and reduced turnover costs,
ensuring sustained operational efficiency.
The Property offers an assumable Freddie Mac loan at a favorable
3.57% fixed interest rate with approximately 39 months of fixed-rate term
remaining, after which the loan transitions to a floating rate.
The current balance is just south of $5.5 million. This is a rare
opportunity to capitalize on an extraordinarily cheap debt, resulting in
stronger cash flows.
LIMITED MARKET COMPETITION — STRONG RENT &
OCCUPANCY STABILITY
Positioned in North Amarillo, Cross Timbers has little competition
compared to the other submarkets across the city. Cross Timbers should
benefit from this supply constraint with strong occupancy, retention, and
rental rates.
OPTIMAL UNIT MIX —LARGER FLOOR PLANS DRIVE REVENUE
With a well-balanced unit mix of 32 one-bedroom units, 80 two-bedroom
units, and 24 three-bedroom units, Cross Timbers caters to a broad
tenant base, including families and professionals seeking more space.
Larger units and bedroom counts not only command premium rent but
also contribute to longer lease durations and reduced turnover costs,
ensuring sustained operational efficiency.
Property Facts
| Sale Type | Investment | Lot Size | 8.00 AC |
| No. Units | 136 | Building Size | 122,298 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1981 |
| Building Class | B | Parking Ratio | 1.97/1,000 SF |
| Zoning | MF1 - Multifamily | ||
| Sale Type | Investment |
| No. Units | 136 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 8.00 AC |
| Building Size | 122,298 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1981 |
| Parking Ratio | 1.97/1,000 SF |
| Zoning | MF1 - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Ice Maker
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 32 | - | 625 |
| 2+2 | 80 | - | 899 |
| 3+2 | 24 | - | 1,104 |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | R-073-0500-5000-0 | Improvements Assessment | $4,628,032 |
| Land Assessment | $121,968 | Total Assessment | $4,750,000 |
Property Taxes
Parcel Number
R-073-0500-5000-0
Land Assessment
$121,968
Improvements Assessment
$4,628,032
Total Assessment
$4,750,000
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Cross Timbers at Grand Street | 2601 N Grand St
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