The Waller Group is proud to present the 100.0% occupied, 40-unit stabilized property in Laredo, TX. Current ownership has replaced HVAC units as needed, FDC riser rooms demolished and replaced with cinder block construction, and water heater room added for laundry center. The property has central HVAC, with the compressors located behind the buildings. The property is available because current ownership is looking to reinvest profits elsewhere.
Current ownership is achieving $198,380 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $81 / unit, which is a $0.14 / sqft bump. With this bump, new ownership can achieve an annual NOI of $220,391. Additionally, there is the opportunity to implement additional income fees through trash billbacks, application fees, late fees, pet deposits/fees, pet monthly fees, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
The property is currently self-managed. Current owner is willing to stay on to manage the property after sale for approximately $1,250 / month. Current/proforma financials were underwritten with a 5.0% management fee.