The Waller Group is proud to present the 95.0% occupied, 40- unit stabilized portfolio in Wichita Falls, TX. Current ownership has renovated the property by adding a new roof in this year, changing out the Federal Pacific panels, replacing aluminum wiring, replacing the water heater in 2019, adding a new chiller tower in 2020, upgrading the pool to a saltwater pool, adding a new pool deck/pool lining, adding a new exterior property gate, and upgrading flooring in some units. The property is available because current ownership is looking to reinvest proceeds.
Current ownership is achieving $184,901 in annual NOI. New ownership, based upon area rent comps, can raise rents by $202 / unit, which is a $0.21 / sqft bump. With this bump, new ownership can achieve an annual NOI of $267,644. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, 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 portfolio is currently self-managed. The current owner has agreed to stay on to manage the property for 1 year at 7.0% of EGI.