Raintree Apartments
610 S Madera St
Eastland, TX 76448
Highlights
- 32 Apartment Units
- 24 Self Storage Units
- Across from Eastland High School
- Only 1.5 hours west of Fort Worth on I20
Description
Raintree is a 32 unit apartment complex plus 24 self storage units. The unit mix includes 4 one bedroom units, 23 two bedroom units, 5 three bedroom units, and 24 mini storage units. The electric is separately metered and tenants pay. Owner currently pays for water/sewer/and trash. This is a value add opportunity, property currently has low occupancy, and the water bill could be allocated back to the tenants to improve NOI. The projected returns on the proforma cash flows are based on investing $5,000/unit for 28 of the units to get them made ready and upgraded to similar properties.
Eastland is between Fort Worth and Abilene on I20. The population is a little over 3,600. The property is south of downtown Eastland and directly west, across the street from the high school.
