Renteria Apartments - images1.loopnet.com · Renteria Apartments 2201 Old Port Isabel Rd. Brownsville, TX 78521 For Info Contact: Kingside Realty • 260 S Texas Blvd Ste. 400, Weslaco,

F O R S A L E

Renteria Apartments2201 Old Port Isabel Rd. Brownsville, TX78521

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Kingside Realty • 260 S Texas Blvd Ste. 400, Weslaco, TX 78596 • 956.975.7481 kingsiderealty.com

ZACH SUNDERLAND • BROKER/OWNER956.975.7481 • [email protected]


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PROPERTY OVERVIEW

Built to last, these 16 apartments and 2 residential structures have been well managedand well maintained by the family that built them in 2004. The 16 apartments all havean identical layout (3/2, ± 900 sf) and are divided equally among two, two storybuildings. The apartments are accessible from Dana Ave, and there is a smallcommunity laundry room + manager's offices in the rear. Each apartment is assigned itsown water meter. The two residential structures were constructed in '78 and '93, andboth are accessible from Old Port Isabel Road. One building is currently being utilizedas a single family residence (1,628 sf, vintage '78), and the other is currently beingutilized as commercial/retail (408 sf, vintage '93).

PROPERTY HIGHLIGHTS

Built to last

16 identical apartment units (3/2, ± 900 sf each)

2 residential structures totaling 2,000 sf

Tenants pay water and electricity

Laundry room and small manager's office onsite

Sale Price $1,400,000

OFFERING SUMMARY

Building Size: 16,436 SF

Lot Size: 1.22 Acres

Price / SF: $85.18

Cap Rate: 6.19%

NOI: $86,699

Year Built: 2004

Zoning: A-R

Market: Rio Grande Valley

Submarket: Brownsville

Traffic Count: 23,080

Executive SummaryRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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INCOME SUMMARY 2019 PROFIT AND LOSS PER SF/M

Apartments x 16 $130,500 $0.75

2 Residential Structures $15,000 $0.61

Laundry $4,800 -

GROSS INCOME $150,300 $0.76

EXPENSE SUMMARY 2019 PROFIT AND LOSS PER SF/M

Property Taxes $15,994 $0.08

Insurance $8,654 $0.04

Repairs $19,685 $0.07

Utilities $4,218 $0.02

Other -

Management -

GROSS EXPENSES $48,551 $0.21

NET OPERATING INCOME $86,699 $0.55

2019 - Income & ExpensesRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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INVESTMENT OVERVIEW 2019 PROFIT AND LOSS

Price $1,400,000

Price per Unit $77,777

GRM 11.1

CAP Rate 6.2%

Cash-on-Cash Return (yr 1) 7.28 %

Total Return (yr 1) $47,813

Debt Coverage Ratio 1.54

OPERATING DATA 2019 PROFIT AND LOSS

Total Scheduled Income $150,300

Vacancy Cost $10,250

Gross Income $135,250

Operating Expenses $48,551

Net Operating Income $86,699

Pre-Tax Cash Flow $30,555

FINANCING DATA 2019 PROFIT AND LOSS

Down Payment $420,000

Loan Amount $980,000

Debt Service $56,144

Debt Service Monthly $4,678

Principal Reduction (yr 1) $17,258

2019 - Financial SummaryRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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INCOME SUMMARY 2021 PRO FORMA PER SF/M

Apartments x 16 $136,800 $0.79

2 Residential Structures $16,200 $0.66

Laundry $4,800 -

GROSS INCOME $157,800 $0.78

EXPENSE SUMMARY 2021 PRO FORMA PER SF/M

Property Taxes $24,692 $0.13

Insurance $8,654 $0.04

Repairs $19,685 $0.07

Utilities $4,218 $0.02

Other - -

Management $11,322 $0.06

GROSS EXPENSES $68,571 $0.35

NET OPERATING INCOME $77,754 $0.39

2021 - Income & ExpensesRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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INVESTMENT OVERVIEW 2021 PRO FORMA

Price $1,400,000

Price per Unit $77,777

GRM -

CAP Rate 5.6%

Cash-on-Cash Return (yr 1) 5.15 %

Total Return (yr 1) $38,868

Debt Coverage Ratio 1.38

OPERATING DATA 2021 PRO FORMA

Gross Scheduled Income -

Other Income -

Total Scheduled Income $157,800

Vacancy Cost $11,475

Gross Income $146,325

Operating Expenses $68,571

Net Operating Income $77,754

Pre-Tax Cash Flow $21,610

FINANCING DATA 2021 PRO FORMA

Down Payment $420,000

Loan Amount $980,000

Debt Service $56,144

Debt Service Monthly $4,678

Principal Reduction (yr 1) $17,258

2021 - Financial SummaryRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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Aerial Highlight2201 Old Port Isabel Rd. Brownsville, TX 78521


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2nd Floor Exterior

Exterior 1st Floor Hallway Exterior & Parking Side Exterior

Exterior PhotosRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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Beauty Salon Beauty Salon

House on lot

Additional PhotosRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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Living Room & Kitchen Kitchen

Bedroom 1 Bedroom 2

Interior PhotosRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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Floor PlanRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Total population 9,290 93,424 186,480

Median age 27.0 27.3 28.3

Median age (Male) 23.0 25.0 25.8

Median age (Female) 29.5 29.6 30.4

Total households 2,661 25,644 50,529

Total persons per HH 3.5 3.6 3.7

Average HH income $49,680 $44,020 $41,430

Average house value $104,504 $96,903 $95,149

Location Map & DemographicsRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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Retailer MapRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521


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TX #9009734 // TX #645169

ZACH SUNDERLAND

Broker/Owner

[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 havepursued every opportunity to develop my understanding of the real estate industry and strengthen the skills that are vital to asuccessful career in it. During the summer of 2013 I was an intern at CHRE, whose broker, Cindy Hopkins, CCIM, taught me how tocreate Broker Price Opinions utilizing data gathered from county appraisal districts, CoStar, Site to Do Business, and the TX Dotwebsite. Under her guidance, I completed more than 10 BPOs, updated her LoopNet account which featured more than 50 listings,and shadowed her when she met with clients. The most important lesson Ms. Hopkins taught me was the importance of going theextra mile. The following summer I obtained my real estate salesperson license which I immediately put to use by signing underAustin City Realty in order to lease apartments in the campus area. I facilitated upwards of 70 leases and 4 sales deal during my timewith ACR, grossing over $40,000 in commissions. Working mostly in a self directed and a “figure-it-out-for-yourself” environment, thisexperience taught me how to qualify leads, follow up with all clients wherever they may be in my sales funnel, and to always, alwaysanswer my cell phone. I have now moved back to my home town of Weslaco, located in a region called the Rio Grande Valley, whichis on the southernmost border of Texas. After two fun and instructive years of working alongside Ms. Hopkins in the capacity of brokerassociate, I decided that it was time to open up my own shop that focuses exclusively on serving the needs of multifamily investors inSouth Texas. I very much enjoy the multifamily trade, and I bring that enthusiasm to every deal that I have the pleasure of working -big or small.

EDUCATION

University of Texas at Austin - BBA in Finance

MEMBERSHIPS

SRS - Seller Representative Specialist NAR - National Association of Realtors TAR - Texas Association of Realtors BBOR - Brownsville Board of Realtors GMAR - Greater McAllen Association of Realtors

Kingside Realty260 S Texas Blvd Ste. 400

Weslaco, TX 78596956.975.7481

Advisor BioRenteria Apartments • 2201 Old Port Isabel Rd. Brownsville, TX 78521

Documents

Renteria Apartments - images1.loopnet.com · Renteria Apartments 2201 Old Port Isabel Rd. Brownsville, TX 78521 For Info Contact: Kingside Realty • 260 S Texas Blvd Ste. 400, Weslaco,