Waller Group is proud to present the 100% occupied, 20-unit Somerset Apartments in Bryan, Texas. New ownership will benefit from extensive renovations as they acquire a rare turn-key property. The property’s value comes in its ready to go state. Current ownership has implemented $330k in capital improvements between 2018-2019. 19 of the 20 units are fully renovated, and ownership put an average of $10,500 into each unit. Current ownership is achieving $108,060 in NOI annually.
New ownership, based on area rent comps, can bump rents by $50 per unit, which is a $0.06 / sqft bump. With this bump, current ownership can achieve an annual pro forma NOI of $115,643. However, the benefit of the property is not the rent bumps but rather the full occupancy and low maintenance this property brings. New ownership also has the opportunity to implement additional income fees through further increasing utility billbacks, as well as application fees and parking fees. Property management is local and ownership are currently paying 4% management fees that can be extended to new ownership. All other management and maintenance has been with third-property resources (no hires).