Pavilion Apartments

07-22-2022
08-07-2022

425 NW Loop 286, Paris, TX 75460

  • ~$100/Month Under Market Rents – With Interior Modernization and Market the 53 Storage Units
  • 30-Year Shingles Installed in 2021, Parking Lot Replaced in 2021, Washer and Dryer Hookups in Every Unit, No Deferred Maintenance
  • 16% Cash-on-Cash Averaged Over 5 Years
  • Strategically Located at the Cross-Section of Loop-286, Hwy-271, and Hwy-82
  • Offered Free and Clear of Any Existing Debt

Property Description

Summary:

The Multifamily Group is pleased to present the exclusive offering of Pavilion Apartments, a unique, value-add opportunity in Paris, TX. Constructed in 1981, the subject consists of 24 units averaging 817 square feet. The property offers one and two-bedroom floorplans. Pavilion currently is 96% occupied with strong occupancy rates in the submarket at 96%. Effective rental rates in the Paris market rose at a 6.1% annual rate during the second quarter of 2022 (CoStar). Pavilion is being offered free and clear of any existing debt.

 

Value-Add:

There is an opportunity to add value to the property by performing light interior renovations. This would allow the new owner to increase rents to market rates. Also, the mini-storage occupancy could be raised by additional marketing to non-resident consumers.

 

Cap-Ex:

Current ownership has spent significant capital on renovations, there is no deferred maintenance and there are no down units. The composite roofs were replaced in 2021 with 30-year shingles. The parking lot was repaired and restriped in 2021. All the toilets have been replaced with low-flow units. Foundation has been worked on as needed. All of the units have individual HVAC systems; about half have been replaced in the last 5 years. Appliances in all 24 units are less than 6 years old. The wooden porches were painted in 2016.

 

Location:

The asset is located in northeast Texas, 12-miles from the TX-OK border. It is located off Loop-286 (Traffic Volume 26,158) and at the intersection of  Hwy-271 and Hwy-82. Pavilion is across the street from the largest economic driver in the city - Paris Regional Medical Center - employing over 1,000 people. It is also less than a mile from the Campbell’s Soup & Silgan Can Company. Paris Junior College is 10 minutes south of the property and enrolled over 6,000 students from 2020-2021. Paris is a Certified Texas Retirement Community by the Texas Dept. of Agriculture. These communities demonstrate they meet the living, employment, volunteer, health, entertainment, education, and safety needs of its retirees, citizens, and visitors.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
1-1 16 750 $ 0
2-2 8 950 $ 0

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
24
Average Occupancy
96%
Year Built
1981
Building Size
19,600 Sq ft
Lot Size
61419.6 acres
No. of Stories
2
APN
59197
Opportunity Zone
No
Buy Side Fee
0.01%
Price per unit
$ 0
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