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Mineola Garden & East Texas Townhomes 2 Multifamily Properties in Mineola, TX
INVESTMENT HIGHLIGHTS
- Comparable properties currently support market rental rates of up to $1.58 per square foot, providing an opportunity to raise the current rental rates
- Option to purchase additional undeveloped acreage of approximately 2.48 acres, from Ownership that is adjacent to Mineola Garden Apartments
- Convenient access to economic drivers, schools, and major employers such as Mineola ISD, Walmart, and East Texas Architectural Sheetmetal
- Potential for a new owner to increase value and rental rates by adding community amenities such as sport courts, playgrounds, or covered parking
- Located less than 30 minutes from Tyler and just over 10 minutes from Lindale
- Mineola Garden contains 24 garden style units built in 1984, and East Texas Townhomes contains 35 single-story units built in 1976
EXECUTIVE SUMMARY
Vanguard Real Estate Advisors (“VREA”) is pleased to present the exclusive opportunity to purchase Mineola Garden Apartments (24 units located at 1810 N Pacific Street, Mineola, TX) and East Texas Townhomes (35 units located at 1702 N Newsom Street, Mineola, TX) (the “Portfolio”) located in the city of Mineola, TX. The Properties are operated out of one leasing center and are just one block apart. Ownership has also indicated that all units have washer and dryer connections. The 97% occupied Portfolio has an average unit size of 843 square feet. The Portfolio is currently self-managed by Ownership, which has focused on maintaining high occupancy and not maximizing rents, providing significant upside for a new investor. There is also the ability to add value by constructing amenities such as covered parking, a playground, dog park, etc.
Mineola, which is approximately 30 miles northwest of Tyler and approximately 1.5 hours east of Dallas, has a population of 5,283 per Texas Demographic Center. Mineola's population is currently growing at a rate of 1.6% annually and has increased by 6.75% since the most recent census. Mineola ISD received an “A-“ rating per Niche.com.
Mineola, which is approximately 30 miles northwest of Tyler and approximately 1.5 hours east of Dallas, has a population of 5,283 per Texas Demographic Center. Mineola's population is currently growing at a rate of 1.6% annually and has increased by 6.75% since the most recent census. Mineola ISD received an “A-“ rating per Niche.com.
PROPERTY FACTS
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 53,458 SF |
| Number of Properties | 2 | Total Land Area | 3.56 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 53,458 SF |
| Total Land Area | 3.56 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
East Texas Townhomes
1702 N Newsome St, Mineola, TX 75773 |
Multifamily | 31,032 SF | 1976 | - |
|
Mineola Garden
1810 N Pacific St, Mineola, TX 75773 |
Multifamily | 22,426 SF | 1984 | - |
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CONTACTS
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Jordan Cortez -
Justin Tidwell -
Will Droese -
Tim Marron -
Vanguard Real Estate Advisors
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Mineola Garden & East Texas Townhomes
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