MULTIFAMILY PROPERTY FOR SALE DE SANTI APARTMENTS · Year Built: 2007 Zoning: Commercial Market:...

Situated in a quiet corner of South-East Mercedes, this 11 unit apartment complex is less than 5minutes away from the RGV Premium Outlet Mall.

ZACH SUNDERLAND // CHRE // 312 E Harrison Ave // Harlingen, TX 78550 // 956.975.7481 // chopkinsrealestate.com

M U L T I F A M I L Y P R O P E R T Y F O R S A L E

D E S A N T IA P A R T M E N T S

MERCEDES, TX

S MILE 2 1/2 E

620

CINDY HOPKINS REAL ESTATE312 E Harrison Ave // Harlingen, TX 78550

956.975.7481 // chopkinsrealestate.com

The information contained herein was obtained from sources deemed reliable; however, CHRE makes no guaranties, warranties or representations to the completeness or accuracy thereof. The presentation ofthis real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice.

Sale Price: $650,000

Building Size: 10,500 SF

Lot Size: 0.947 Acres

Number Of Units: 11

Price / SF: $61.90

Cap Rate: 5.05%

NOI: $32,806

Year Built: 2007

Zoning: Commercial

Market: Rio Grande Valley

Submarket: Mercedes

OFFERING SUMMARY PROPERTY OVERVIEW

Located only minutes away from the Rio Grande Valley Premium Outlet Mall, thiseleven unit apartment complex is extremely well maintained and well managed. Eachunit is fully equipped with all appliances (refrigerator, stove, washer, and dryer), andevery unit features tile floors and tray ceilings. The eight 2/2s rent for $700/month,and the three 1/1s rent for $550/month. Two of the 2 bedroom units are handicapaccessible. These spacious apartments have exceptionally functional floor plans thatleave them never in want of potential lessees.

PROPERTY HIGHLIGHTS

• 5 minutes from the RGV Premium Outlet Mall

• 8 x 2/2s @ $700/month

• 3 x 1/1s @ $550/month

• Large, grassy lawn

• Tenants pay their own water bills

• Carports

• 2 Handicap accessible units

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D E S A N T I A P A R T M E N T S

EXECUTIVE SUMMARY




Sign

Fully gated/fenced with large, grassy yard Rear of apartments

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PHOTOS




Dining room, restroom, and W/D closet Fully-equipped kitchen

Tray ceiling Living room

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PHOTOS




INVESTMENT OVERVIEW 2018 ACTUAL

Price $650,000

Price per Unit $59,090

GRM 7.9

CAP Rate 5.1%

Cash-on-Cash Return (yr 1) -2.59 %

Total Return (yr 1) $11,183

Debt Coverage Ratio 0.89

OPERATING DATA 2018 ACTUAL

Gross Scheduled Income $82,200

Other Income $0

Total Scheduled Income $82,200

Vacancy Cost $6,576

Gross Income $75,624

Operating Expenses $43,094

Net Operating Income $32,806

Pre-Tax Cash Flow -$4,204

FINANCING DATA 2018 ACTUAL

Down Payment $162,500

Loan Amount $487,500

Debt Service $37,010

Debt Service Monthly $3,084

Principal Reduction (yr 1) $15,387

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FINANCIAL SUMMARY




Mercedes, TX

De Santi Apartments

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REGIONAL MAP




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AERIAL MAP




POPULATION 1 MILE 5 MILES 10 MILES

Total population 1,791 32,037 125,025

Median age 32.9 29.5 31.6

Median age (Male) 32.6 27.2 30.5

Median age (Female) 31.1 31.1 32.4

HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES

Total households 598 9,534 37,120

# of persons per HH 3.0 3.4 3.4

Average HH income $38,469 $36,562 $43,401

Average house value $84,787 $63,647 $61,024

* Demographic data derived from 2010 US Census

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DEMOGRAPHICS MAP




TX #645169

ZACH SUNDERLAND

Broker Associate

[email protected]: 956.975.7481

PROFESSIONAL BACKGROUND

I knew I wanted to pursue a career in real estate after flipping a home during my sophomore year of high school for a school project. Ithoroughly enjoyed the work, the rewards, and the fulfillment of seeing a happy family living in a project I oversaw. Since then, I have pursuedevery opportunity to develop my understanding of the real estate industry and strengthen the skills that are vital to a successful career in it.During the summer of 2013 I was an intern at CHRE, whose broker, Cindy Hopkins, CCIM, taught me how to create Broker Price Opinionsutilizing data gathered from county appraisal districts, CoStar, Site to Do Business, and the TX Dot website. Under her guidance, I completedmore than 10 BPOs, updated her LoopNet account which featured more than 50 listings, and shadowed her when she met with clients. Themost important lesson Ms. Hopkins taught me was the importance of going the extra mile. The following summer I obtained my real estatesalesperson license which I immediately put to use by signing under Austin City Realty in order to lease apartments in the campus area. Ifacilitated upwards of 70 leases and 4 sales deal during my time with ACR, grossing over $40,000 in commissions. Working mostly in a selfdirected and a “figure-it-out-for-yourself” environment, this experience taught me how to qualify leads, follow up with all clients wherever theymay be in my sales funnel, and to always, always answer my cell phone. I have now moved back to my home town of Weslaco, located in aregion called the Rio Grande Valley, which is on the southernmost border of Texas. I work with Cindy Hopkins, CCIM, and I became brokeredmyself on 9/10/18. I'm having success breaking into the multifamily trade, and, someday soon, I'd like to own, manage, and develop my ownprojects. Although I'm young, I'm hungry for success and there's nothing I love more than getting deals done!

EDUCATION

University of Texas at Austin - BBA in Finance

MEMBERSHIPS

NARTARBBORGMAR

CHRE312 E Harrison Ave

Harlingen, TX 78550956.778.3255

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MULTIFAMILY PROPERTY FOR SALE DE SANTI APARTMENTS · Year Built: 2007 Zoning: Commercial Market:...

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