4502 Corona Dr
Corpus Christi, TX 78411
Embassy House · Multifamily Property For Sale · 176 Units

Well Maintained Asset with Excellent Value-Add Opportunity ­36 units have been upgraded with faux wood plank flooring, black appliance packages, resurfaced countertops, and painted cabinets ­A future owner has the ability to continue this interior value-add program, along with adding 2 inch blinds, 6 panel doors, and fenced in yards on the first floor units for additional rent premiums ­Class A properties in South Side Corpus Christi with high end interior finishes are achieving effective rents of up to $1,339 ($1.43 PSF), providing a significant delta between new product and potential upgrade rents ­95 of the 176 units (54%) come equipped with W/D connections, thereby giving a future owner the opportunity to increase rents by installing or renting out W/D units. Surrounding properties in the submarket are achieving up to $50 monthly rental increases for this feature. ­In addition to the aforementioned interior upgrades, ownership has spent over $680,000 ($3,800/unit) on various capital improvements throughout the property including roof replacement/repairs, siding replacement, exterior paint, fence upgrades, pavement repairs, pool upgrades, HVAC upgrades, landscaping improvements, electrical upgrades, and new fitness equipment ­Further value can be created by repositioning/expanding the common area amenity set with the addition of a covered summer kitchen area or conversion of the sports courts to a community gathering area