Texarkana 65 | 2402 Short Beech St
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Texarkana 65 2402 Short Beech St
65 Unit Block of Flats £2,738,575 (£42,132/Unit) 8.69% Net Initial Yield Texarkana, AR 71854
Investment Highlights
- Well-maintained, primarily brick property with new roofs and desirable unit-mix.
- Located in the desirable Glendale Historic District of Texarkana where remodeled homes regularly sell for over $300,000.
- ExxonMobil is planning to build one of the world's largest lithium processing facilities in the area
- Property has maintained a 97%+ average occupancy for the last three years due to below market rents.
- New buyer has the ability to increase rents $150+ with minimal Cap-Ex, along with significant operational upside
Executive Summary
“Texarkana-65” is a well-maintained, ideally located, multifamily property situated in the historic Glendale neighborhood, in Texarkana, Arkansas. The fully contiguous property consisting of 15 buildings is located at the highly-trafficked intersection of County Avenue and 24th Street on the Arkansas side of the MSA, only four blocks from the Texas state line. The property sits on +/- 4.7 acres and is about five minutes from burgeoning downtown Texarkana. Comprised of 65 units in total, the property has a desirable unit mix consisting of 40 two-bedroom units and 25 one-bedroom/one-bathroom units. With an idyllic park-like setting comprised of mature oak trees and beautifully restored homes, the property is primed for new ownership to perform a mid-level value-add repositioning (flooring, countertops, & appliances) and increase the below-market rents to competitive levels within the comp set.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | £2,738,575 | Apartment Style | Garden |
| Price Per Unit | £42,132 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.67 AC |
| Net Initial Yield | 8.69% | Building Size | 49,145 SF |
| No. Units | 65 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1953 |
| Property Subtype | Apartment |
| Price | £2,738,575 |
| Price Per Unit | £42,132 |
| Sale Type | Investment |
| Net Initial Yield | 8.69% |
| No. Units | 65 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.67 AC |
| Building Size | 49,145 SF |
| Number of Floors | 2 |
| Year Built | 1953 |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 30 | - | - |
| 2+2 | 8 | - | - |
| 2+1.5 | 2 | - | - |
| 1+1 | 25 | - | - |
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PROPERTY TAXES
| Parcel Number | 3770030 | Improvements Assessment | £81,031 |
| Land Assessment | £11,932 | Total Assessment | £92,963 |
PROPERTY TAXES
Parcel Number
3770030
Land Assessment
£11,932
Improvements Assessment
£81,031
Total Assessment
£92,963
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Texarkana 65 | 2402 Short Beech St
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