Waller Group is proud to present the 100% occupied, 42-unit Cedar Knoll Apartments in Lindale, Texas. This property gains its value as a turn-key investment. New ownership will be able to acquire a stabilized property with no deferred maintenance that boarders the booming small city of Tyler. New ownership also has the opportunity to build an additional 8 units.
Current ownership has begun to stabilize rents as well, and has already increased other income line and utility reimbursements. They are achieving just under $29,010 a month in gross rental revenue, and is currently achieving an annual NOI of $235,149. They are already achieving near top of the market 1 bed rents, but new ownership can raise rents on the 2 bed units by at least $0.18 / sqft, from $0.89 / sqft to $1.06 / sqft. Based on rent comps, new ownership can achieve a Proforma NOI of $264,552. Current management is compensated at a 5% fee, and consists of 2 office workers who do leasing and accounting, and one maintenance man. They have no one on payroll, and for larger projects they hire out. Current management has offered to stay with new ownership.