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401 Main St 20 Unit Apartment Building $870,000 ($43,500/Unit) 9.14% Cap Rate Brownwood, TX 76801
Investment Highlights
- Fully occupied 10-unit property with strong rent growth
- Prime Main Street location near downtown amenities
- Separately metered utilities for higher NOI and easy management
- Recent $124K renovations including HVAC, LVP flooring, and appliances
- Each unit features 2 bed/1 bath layout with full appliance package
- Significant upside potential supported by downtown revitalization and regional economic growth
Executive Summary
Cash-flowing 10-unit property with strong occupancy in an unbeatable downtown Brownwood location.? All utilities separately metered and paid by tenants.? The property offers multiple value add strategies including conversion to 20 units and/or STR/boutique hotel.? The property is sitting on a 0.5 acre lot in a prime location on Main St, offering excellent visibility and unbeatable convenience for tenants.? 5 minute walk to the Howard Payne University campus and 7 min min drive to Hendrick Medical Center.? $120k+ of improvements in recent years including updated electrical, plumbing, LVP flooring, new parking lot, and more.? All units have identical layout - 2 bed 1 bath and 720 sqft - perfect size for single, retiree, or small family.? The layout is a perfect fit for conversion to 20 units.? Seller is getting bids on conversion, ask listing agent for details.? Location of the property offers significant upside potential supported by Brownwood downtown revitalization project.? Last but not least, enjoy the effective property tax rate of 0.6% with ultra-low tax appraised value! Contact listing agent for details.? **NO SELLER FINANCING, NO WHOLESALE OFFERS, AGENTS AND END-BUYERS ONLY**
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$132,000
|
$18.49
|
| Other Income |
$3,000
|
$0.42
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$135,000
|
$18.91
|
| Taxes |
$5,784
|
$0.81
|
| Operating Expenses |
$20,000
|
$2.80
|
| Total Expenses |
$25,784
|
$3.61
|
| Net Operating Income |
$109,216
|
$15.30
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $132,000 |
| Annual Per SF | $18.49 |
| Other Income | |
|---|---|
| Annual | $3,000 |
| Annual Per SF | $0.42 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $135,000 |
| Annual Per SF | $18.91 |
| Taxes | |
|---|---|
| Annual | $5,784 |
| Annual Per SF | $0.81 |
| Operating Expenses | |
|---|---|
| Annual | $20,000 |
| Annual Per SF | $2.80 |
| Total Expenses | |
|---|---|
| Annual | $25,784 |
| Annual Per SF | $3.61 |
| Net Operating Income | |
|---|---|
| Annual | $109,216 |
| Annual Per SF | $15.30 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer Hookup
- Ceiling Fans
- Refrigerator
- Range
- Lawn
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | $850.00 | 720 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 55806 | Total Assessment | $439,920 (2025) |
| Land Assessment | $31,950 (2025) | Annual Taxes | $5,784 ($0.81/SF) |
| Improvements Assessment | $407,970 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
55806
Land Assessment
$31,950 (2025)
Improvements Assessment
$407,970 (2025)
Total Assessment
$439,920 (2025)
Annual Taxes
$5,784 ($0.81/SF)
Tax Year
2026
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401 Main St
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