Ridgecrest & Raintree Portfolio | 610 S Madera St Eastland, TX & 3700 Cactus Cove Breckenridge, TX

610 S Madera St Eastland, TX 76448

610 S Madera St, Eastland, TX, 76448
Ridgecrest Apartments
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FOR SALE
Property Type:
MultiFamily Apartments
Amount:
Please Call Broker for Price

Last Verified:
Dec 11, 2023


Description

Ridgecrest is a 48 unit complex in Breckenridge, TX that has 24 one bedroom units and 24 two bedroom units. The electric is separately metered and tenants pay. Owner currently pays for water/sewer/and trash. This is a value add opportunity, property currently has low occupancy, and the water bill could be allocated back to the tenants to improve NOI. The projected returns on the proforma cash flows are based on investing $3,000/unit for 19 of the units to get them made ready and upgraded to similar properties.

Raintree is a 32 unit apartment complex plus 24 self storage units. The unit mix includes 4 one bedroom units, 23 two bedroom units, 5 three bedroom units, and 24 mini storage units. The electric is separately metered and tenants pay. Owner currently pays for water/sewer/and trash. This is a value add opportunity, property currently has low occupancy, and the water bill could be allocated back to the tenants to improve NOI. The projected returns on the proforma cash flows are based on investing $3,000/unit for 28 of the units to get them made ready and upgraded to similar properties.

Breckenridge is located on Hwy 180, less than 2 hours west of Fort Worth, by Hubbard Creek Lake. The population is a little over 5,200. The property is located on the north side of the main east/west highway through town within walking distance of Wal Mart, Tractor Supply, and McDonalds.

Eastland is between Fort Worth and Abilene on I20. The population is a little over 3,600. The property is south of downtown Eastland and directly west, across the street from the high school.


Year Built: 1970
Building Size: 66025sq ft
Lot Size: 23351.0 acres


Documents

Ridgecrest & Raintree Offering Memorandum.pdf

Map of 610 S Madera St, Eastland, TX, 76448

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