2928 W Louisiana Ave
Midland, TX 79701
West Park Apartments · Multifamily Property For Sale
·
82 Units
Property Facts
| No. Units | 82 | Lot Size | 3.22 AC |
| Property Type | Multifamily | Building Size | 77,970 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1961 |
| Building Class | C | Parking Ratio | 1.64/1,000 SF |
| Zoning | MF1 | ||
| No. Units | 82 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.22 AC |
| Building Size | 77,970 SF |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.64/1,000 SF |
| Zoning | MF1 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Fitness Center
- Tennis Court
- Maintenance on site
About 2928 W LOUISIANA AVE , MIDLAND, TX 79701
West Park Apartments, located in the attractive northwest sub-market of Midland, offers new investors a chance to acquire an 82-unit multifamily asset with significant upside through renovations. The Property consists of 24 one bedroom units, 52 two bedroom, and six three bedroom units. The Midland and Odessa apartment rental markets boasted stunning rental increases of 38.8% and 36.6%, respectively for June 2018. These were the 1st and 2nd highest annual rent growths in the country. Also noteworthy is the disparity between Midland-Odessa and the rest of the nation as Lancaster, California, the nation’s 3rd largest increase, rose by only 10.2%. Additionally, occupancy for the Midland-Odessa market currently stands at 95.6%.Centrally located in Midland, just two miles from downtown, residents of West Park enjoy quick and convenient access to major thoroughfares Loop 250 and Highway 158, which connects to Interstate 20. The Property is also located a half mile from Midland Memorial Hospital and Lamar and Sam Houston Elementary schools. Additionally, West Park benefits from close proximity to shopping, churches, and major employment centers. West Park Apartments is being offered to the market free-and clear of existing debt allowing new ownership to maximize returns with a new loan. Contact Greysteel Debt and Structured Financing team to discuss competitive financing options.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 755 |
| 2+1 | 28 | - | 950 |
| 2+2 | 24 | - | 1,023 |
| 3+2 | 6 | - | 1,450 |
Property Taxes
| Parcel Number | R000020-358 | Improvements Assessment | $3,432,702 |
| Land Assessment | $373,590 | Total Assessment | $3,806,292 |
Property Taxes
