23 UNITS - CONSERVATIVE AFTER RENOVATION ​​​​​​​PROFORMA CAP - 13% LIST PRICE: $1,299,000 ☆☆☆ NORTH TEXAS STREET, TEXAS CITY, TX

CARVER APARTMENTS - 23 UNITS - CONSERVATIVE AFTER RENOVATION ​​​​​​​PROFORMA CAP - 13% LIST PRICE: $1,299,000 206 NORTH TEXAS STREET, TEXAS CITY, TX Summary Sale Price $1,195,000 Building Size 15,000 Lot Size 23,224 SF APN R132059; R132111 Year Built 1971 Occupancy 0.01 Click Here for More Information Property Description This VALUE ADD investment opportunity located in the Texas City, TX submarket. The Carver Apartments is a 23 Unit complex that is currently vacant. The current owner has decided to sale instead of continuing to fight with the city. In 2019, Texas City placed a substandard lien on the property and required the owner to bring the bldg. up to 2015 property code. At the time, the building was in good shape, 100% occupied and well managed. The owner disputed the substandard lien in court. The case is still in court with a trial date in the coming months. However, the city has agreed to work with a new owner on compliance issues. Therefore, the current owner had decided to sale in its as/is condition. The owner has provided extensive documentation as to the current condition of the property from contractors and professional engineers. Although work is needed, the property is in decent condition and had been maintained even while empty. Please see the attached notes on each bldg. and what the owner has done over the last 4 years in terms of improvement. At very conservative rent projections, this property is at 13% CAP RATE! It will not last long! Brent Powell 713-489-1775 888-659-3242