34
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$1,760,000
Est. payment /mo
17,258 SqFt
Price Dropped by $90K
1400 SAINT MARYS ST Beeville, TX 78102
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Key Details
Property Type Commercial
Sub Type Commercial Improved Prop
Listing Status Active
Purchase Type For Sale
Square Footage 17,258 sqft
Price per Sqft $101
MLS Listing ID 1965603
Construction Status Brick
Year Built 1974
Annual Tax Amount $2
Lot Size 1.070 Acres
Property Sub-Type Commercial Improved Prop
Property Description
PRICE CUT! Presenting Sebastian Estates: A rare 24-unit value-add play in Beeville offered at an attractive $73,333/door at a 8.26 PCT CAP Rate (proforma). Twenty-four large 2-bed/1-bath units at 814 sf, all single-level (tenants love this!), durable metal roofs, separately metered power. 1.07 acres with on-site parking. On-site laundry facility provided at no cost to residents (potential to convert to coin-operated for additional income). Beeville's tenant base is anchored by recession-resistant employers: TDCJ McConnell Unit (~540 staff), Coastal Bend College, Beeville ISD, and Eagle Ford energy. With effectively no new multifamily supply in the pipeline, in-place rents average $855 against $950 market, and 42 PCT of units are already leased at $900, the rent lift is real and achievable. Bring the bottom of the rent roll up and stabilize from 88 PCT occupancy, and the value-add play is self-executing.
Location
State TX
County Bee
Area 3300
Zoning COMMERCIAL
Direction N
Interior
Heating Central
Cooling Central
Exterior
Garage Spaces 48.0
Utilities Available Electricity, Water, Sewer
Amenities Available Not Applicable/None
Roof Type Metal
Building
Story 1
Foundation Slab
Level or Stories 1
Construction Status Brick
Schools
School District Beeville Isd
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Erion Shehaj • Signature Real Estate • (713) 952-3200
NEARBY SCHOOL & BUSINESS
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