Multifamily Investment Opportunity
Price
$6,800,000
60 Units
Introducing Paloma Gardens Apartments, a stunning 60-unit multifamily property located in the heart of Killeen, Texas. This spacious 5.22-acre property features 11 buildings, comprising 40,100 sq ft of rentable space. The exterior of each building is beautifully finished with brick veneer or wood with wood trim, and the pitched roofs lend a touch of elegance to the complex.
Each of the 60 units is equipped with individual HVAC, ensuring that residents enjoy complete control over their indoor climate. The electric meters are also separate, making it easy for residents to pay their own bills. Additionally, all units come with stackable washer and dryer units, offering unparalleled convenience and comfort.
The property offers a mix of one and two-bedroom townhome floor plans, with an average unit size of 668 sq ft. In addition to the residential units, there is an additional 1,300 sq ft of commercial space that can be leased out to businesses. There is also ample space to add a fitness center in the leasing office building, making it an ideal choice for health-conscious tenants.
Built in 1964 and renovated in 2002, this property has been well-maintained and features all-new interior and exterior upgrades from studs up. The foundation is slab, and the building class and area class are both C.
Paloma Gardens Apartments offers an excellent investment opportunity, with its master-metered water/sewer system, individual hot water, and a low-maintenance design. With 11.49 units per acre, this property boasts a spacious lot size of 227,383 sq ft, offering ample outdoor space for residents to relax and unwind.
Don't miss this chance to invest in a thriving property with great potential for growth and profitability. Contact us today to schedule a viewing of Paloma Gardens Apartments.
Paloma Gardens Apartments has recently undergone a full facelift upgrade, with a total of 46 of the 60 units already upgraded. The exterior of the complex has received new roofs, parking lots, A/C units, leasing office, exterior paint, picnic areas, and more. The interiors of the units have also been upgraded with vinyl plank flooring, electrical, plumbing, cabinets, kitchens with black/stainless steel appliances, hot water heaters, countertops, bathrooms, fixtures, toilets, doors, built-in micro-waves, and more. Each unit also includes a stackable washer/dryer and has been freshly painted.
This extensive upgrade project represents a capital expenditure of $1.5M, with 20 units now featuring small fenced backyards, which could be charged a premium. Additionally, the property includes a commercial unit leased for $1,300 and has space for a fitness center (to be completed).
Paloma Gardens Apartments is home to a dog park and several picnic areas, providing plenty of outdoor space for residents to relax and unwind. Currently, the upgraded units are 100% occupied at target market rents, and new leases are quickly signed as soon as units become available.
Originally built in 1966 (40 one bedrooms) and 2002 (20 two-bedroom townhomes), this property has a lot of potential for growth and profitability. The "AS-IS" appraised value is $6.6M, with an expected stabilized value of $7M+ after the remaining 14 units have been upgraded.
The seller is seeking equity to finish the remaining units, making this an excellent investment opportunity for those looking to capitalize on the property's growth potential. Contact us today to schedule a viewing of Paloma Gardens Apartments in Killeen, Texas. Please submit all offers directly to sarter@promiselandrealtyllc.com
Additional Information available with NDA and Proof Of Funds.
Exterior Features
Roof upgrades
Parking lot reseal and restripe
HVAC (split system)
Hot water heaters
Front doors
Fenced yards (select units)
Exterior lighng throughout
Landscaping and Picnic areas upgraded
Exterior wood and trim replaced and painted
Old laundry facility ready for fitness center conversion
Leasing office updated
Dog park area added
Interior Features
Redesigned kitchens in 2‐story townhomes. Carpet upstairs in bedrooms
Kitchen countertops
All appliances (black or stainless steel)
Baseboards
Ceiling fans
Studs up redesign of one and two bedroom townhomes
Electrical upgraded
Plumbing upgraded
Paint and trim
Stackable washers and dryers connecons with washers/dryers in‐
Vinyl plank flooring throughout one bedroom units and downstairs included
60 Units
Class C
Garden Style
Value-Add
Vintage - 1964
2842 Cedar Circle, Killeen, Texas 76543
Gross Income - $519,204
Expenses - $228,454
NOI - $290,750
Cap - 4.27%
Pro Forma NOI - $485,545.78 (4th Yr)
Pro Cap - 7.14%
Occupancy - 78.3%
Asking - $6,800,000
Price Per Door - $113,333
+ 3% Buyer's Fee
Highlights:
- $1.5M in capital expenditures completed
- 14 Units remain to be upgraded (approximately $15K/unit)
When finished the will be rented for $975/Mth
- With high demand, units pre-lease before available
- Recapture utilities with RUBBS
- Bring all units to market rent
- Add property amenities
- Property received full interior and exterior “studs up” facelift in 2022
- Appraisal value at $7M+ upon full stabilization
"Your #1 Source for Off Market Investment Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*