Cushman & Wakefield San Antonio Commercial Advisors is pleased to present the exclusive listing of 30 units at Grant Avenue Apartments. Grant Avenue Apartments is a garden-style multifamily property, located in the Los Angeles Heights neighborhood of San Antonio. Built in 1960, the asset consists of 30 units within three buildings, all of which are two-story garden-style walk-ups. The asset is only one block off of busy Blanco Road, and there are three different floor plans ranging from ±550 SF to ±775 SF.
Grant Avenue Apartments represents an outstanding investment. Rents are well-below market and there is currently no RUBS in place. Taking advantage of these two opportunities, and based on a five-year hold, the asset offers potential returns of 14% cash-on-cash and an IRR of 19%.
Construction is concrete slab with brick and wood siding. Electricity is individually-metered, and rents include natural gas and water. Gas services the cooktops, hot water boiler and dryers in the laundry room. The boiler is only 3-4 years old, and two of the three buildings have new PEX piping and copper plumbing. All electrical wiring is copper. Two buildings received new pitched composition shingle roofs in 2014, and the flat modified bitumen roof was replaced on the last building in 2016.
Residents enjoy a central, gated swimming pool area, covered parking, and an onsite clothes care facility and management/leasing office. Interior amenities include a full appliance package, gas cooktops, mini blinds, lots of closets and central electric heat/AC with additional electric wall heaters in baths.
This investment is ideally located between IH-10, Hwy 281 and Loop 410 in north central San Antonio just minutes from downtown, providing easy access to all parts of the city. The immediate submarket is a dense residential area with apartment communities, single-family homes and major retail (North Star Mall and Quarry Market Place). It is just a short distance to bus transportation, groceries, and several restaurants.