The Waller Group is proud to present the 4-unit, fourplex in Mabank, TX, along Cedar Creek Lake. This property is a rare off-market opportunity that was previously a part of a larger portfolio. The property was built in 1976.
The fourplex consists of the following unit mix:
· 1 BD / 1 BA (800 SF) – 2 units – $500 current rent – $550 market rent (proforma)
· 2 BD / 1 BA (1,100 SF) – 2 units – $375 current rent – $750 market rent (proforma)
The rent comps include 400 W Front St, Trinidad, TX and the Wheeler Apartments at 200 Sunset St, Malakoff, TX.
The 2/1 units have washer and dryer in unit, while the 1/1 units have W/D connections. The fourplex has central heat and air. The age of the roof is unknown. No current survey exists. Owner has not seen the property.
Based upon current collections annual rental income is $15,300, which equates to $7,650 in annual NOI, based upon T-2 rental income and a 50% expense ratio. New ownership, based on area rent comps, can raise rents up to $188 / unit, which is a $0.20 / sqft bump. With this bump, new ownership can achieve annual rental income of $31,200, which equates to an annual NOI of $15,600. Additionally, there is the opportunity to raise additional income through application fees, late fees, and pet deposits/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.