Cliffhouse Apartments
1818 S Harrison
San Angelo, TX 76904
Highlights
- Great location across from Angelo State University
- Under $32k / unit with average rents of $728/mo
- Market occupancy is 91%
- 3.6% average market rent growth since 2016
Description
Cliffhouse is a 60 unit property located in San Angelo, TX. It's a three story building, with 1 Bed / 1 Bath units. A laundry facility is on-site. Some units are furnished. Recent big ticket cap ex items completed by the seller include replacing the staircases, and redoing the electric system and breakers. There is a LURA on the property that expires in Dec 2032. The low income rates for the LURA units only differ from the market rates at the property by $5 so it doesn't negatively impact the property. This is a good opportunity for someone to maximize operations at the property under the current LURA and then convert it to a market rate property when it expires.
San Angelo is located in central TX between Austin and Midland. It's about 200 miles southwest of Fort Worth, and 200 miles northwest of Austin. Cliffhouse is across the street from Angelo State University. The enrollment at ASU is approximately 10,500 students. Other top employers for San Angelo include Shannon Health System and Goodfellow Air Force Base. The population of San Angelo is close to 100,000.
