505 Wayside Dr
Bryan, TX 77802
Shamrock Village Apartments · Multifamily Property For Sale · 30 Units

The Shamrock Village Apartments is a 3 building, 30 unit property comprised of 1 bed/1 bath units. The property is currently operating at full occupancy with an NOI of $99,285 at an actual cap of 6.62%. The owner currently pays all basic utilities - water, trash, electric. There is a laundry facility onsite with leased machines to Coinmach. The oldest roof was replaced in 2008, while the other two building had the roof replaced in 2013. 23 units have been renovated with new flooring, cabinets, light fixtures, windows, and HVAC for approximately $11,200/unit. All three rent comps have washer/ dryer connections and individually metered utilities. Strong value-add plays include: Implementing RUBS at 80% of the utility expense will save an additional $34,723/year. Water conservation programs could be implemented with the installation of low flow toilets and shower heads. The 7 remaining units can be renovated for a total cost of approximately $45,500. Average effective rents at the property are $1.12/sf while the average of move-in rates are $1.25/sf. Increasing all rents to this rate after renovations are completed will realize an additional $42,356 in annual NOI. Location The College station - Bryan metro is primarily a student housing market for Texas A&M University, which has a current enrollment of over 68,000 students. The total population in the metro is over 266,000 as of 2018, while the average household income within 1 mile of the property is $57,794. Employment growth in this market has been steady over the last few years, posting 2.7% growth annually over the last three years. The National average over the same time period is 1.7%. Effective Rent Growth has risen 1.5% in the market over the last 12 months.