3201 N 3rd St
Abilene, TX 79603
Blue Cedar Apartments · Multifamily Property For Sale · 36 Units

The Waller group is pleased to bring this 36 unit Abilene multifamily property to market. 17 of these units have one 1 bedroom and 1 bathroom and 19 have 2 bedrooms with 1 bathroom. The property comes with community amenities like the courtyard with a playground and over 2,000 square feet of underutilized storage spaces. Suggested Interior improvements of approximately $2,000 per unit that would include flooring, countertops, paint, and plumbing fixtures, which would enhance the marketability to meet the proforma rent increases. Exterior painting and work on the parking lot would also be valuable improvements, suggested demo of the exterior wood fencing which is not necessary to compete in the market. There is storage space available on the property that can generate at least $500 per month in additional revenue. All offers will be considered and there is some flexibility in price with strong contract terms. Seller has provided all expense data and financial information is fragmented, especially utility expenses since 1 bedroom units are rented all bills paid and others are not, per the owner. The property is currently self managed and owner is not managing efficiently. NAA averages were used for expenses in Pro-Forma. Property may qualify for agency debt since current occupancy is apx 90%, however seller prefers to sell all 3 properties together as a portfolio sale, a bridge loan with rehab funds would be recommended and then a refinance with agency debt upon stabilization within 12-18 months. Recent capital improvements include full roof replacement on all buildings in 2015. Financial model includes NAA estimates in proforma, increased property taxes, and management expenses which are based on NAA estimates.