The Waller Group Properties is proud to present the 99.4% occupied, 44 building, 166 unit Mabank portfolio along the Cedar Creek Lake. The Cottage Row Apartments in Mabank comes with a storage building in the back.
140 of the units (38 buildings) are located in Mabank, 14 units (4 buildings) are located in Athens, 8 units (1 building) are located in Gun Barrel City, and 4 units (1 building) are located in Malakoff. 127 units, representing 76.5% of all units, are within 0.4 miles of each other, and 140 units, representing 84.3% of all units, are within 2 miles of each other.
60 units (36% of all units) were built in 2019, while 141 units (85% of all units) were built in 2001 or later.
The portfolio is currently achieving $1,086,934 in annual NOI. New ownership, based on area rent comps, can raise rents by $115 / unit, which is a $0.12 / sqft bump. With this bump, new ownership can achieve an annual NOI of $1,193,539. Additionally, there is the opportunity to raise additional income fees through implementing a ratio utility billing system, application fees, parking fees, and pet fees. Another cost saving opportunity would be through water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
Management is local and includes 4 full time staff members, consisting of 1 porter, 2 maintenance technicians, and 1 A/C technician (equating to roughly 6.0% of EGI). Current management can be extended to new owner. Proforma financials were underwritten with a 3.0% management fee on top of the existing 4 staff payroll.