Waller Group is proud to present the 18-unit value-add 200 W Schuster apartments in El Paso, Tx. Current ownership is selling for retirement.
New ownership has the opportunity to implement interior renovation program with black or stainless-steel appliances, granite counter tops, and upgrading the parking lot. Current rent comparables achieving top of the market rent in the sub-market contain on-site laundry facilities, black appliances, and HVACs, but lack granite counter tops, stainless steel appliances, or W/D connections. An additional income opportunity would be adding in-unit stackable or full-size W/D units and charging $50 month. Current ownership is achieving $58,668 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $345 unit, which is a $0.51 sqft rent bump. With this bump, new ownership can achieve an annual NOI of $120,260.
The property is currently managed by the ownership’s property management group. Proforma financials were underwritten with a 5.0% management fee.