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- LoopNet Team
429 Johnson St
Longview, TX 75602
Park Place Apartments · Multifamily Property For Sale
·
24 Units
PROPERTY FACTS
| No. Units | 24 | Lot Size | 1.03 AC |
| Property Type | Multifamily | Building Size | 20,030 SF |
| Property Subtype | Apartment | Average Occupancy | 87% |
| Apartment Style | Low-Rise | No. Stories | 2 |
| Building Class | C | Year Built/Renovated | 1974/2017 |
| Zoning | MF - Residential | ||
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.03 AC |
| Building Size | 20,030 SF |
| Average Occupancy | 87% |
| No. Stories | 2 |
| Year Built/Renovated | 1974/2017 |
| Zoning | MF - Residential |
AMENITIES
UNIT AMENITIES
- Heating
SITE AMENITIES
- Laundry Facilities
- Security System
- Storage Space
ABOUT 429 JOHNSON ST , LONGVIEW, TX 75602
Physically speaking, Park Place’s parking surface has been updated, all three of its buildings have mono-pitched roofs, the foundation is concrete slab with little to no deferred maintenance. The stairwell platforms were replaced and balustrades were brought up to spec. All 4 buildings were recently painted. The roof on building number three was replaced in 2017 including the roof of the laundry facility and the office. All the units have individual HVAC units. There is an on-site laundry facility with three washers and two industrial dryers, which is owned by a third party of which the income is split 60% to the third party and 40% to PPA. Residents pay electricity, and the owner pays for water, sewer and gas for the laundry facility. Although the asset is operationally stable, there is a lot of room for potential upside through increasing rents and reducing loss to lease as current residents renew their leases.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | $475.00 | 611 - 838 |
| 2+1 | 8 | $575.00 | 839 |
PROPERTY TAXES
| Parcel Number | 64183 | Improvements Assessment | $1,121,130 |
| Land Assessment | $7,290 | Total Assessment | $1,128,420 |
PROPERTY TAXES
