1) Located in the city of Laredo in the southwest quadrant of Texas in the county of Webb. Rancho Viejo sits just minutes from the World Trade Bridge and the Laredo Land Port that surrounds it. Port Laredo is known as North America's #1 busiest inland port making Laredo a global center for trade, transportation and manufacturing offering logistics solutions for importing and exporting commodities via both land and air. The port is #1 for US exports and ranked #3 among all land, air and sea ports. Laredo is ranked #1 as the safest large city in Texas.
2) The property was built as Condos and has individual property tax appraisals, is individually metered and has individual electric hot water heaters. The community is made up of 52 Condo units of which the seller owns 44 of the units. The remaining 8 units are owned individually by 6 different owners. The seller leases back two of the units and rents them out above the lease amount for additional income. There is an HOA in place and the seller charges fees to the 6 units mentioned above at $75/Unit/Mth.
3) The current owner recently completed an $800k+ rehab which includes; Exterior - Roof replacement, painting all buildings, resurfacing the pool and putting in a new pool pump, added multi-colored LED pool lights, added 16 Wi-Fi exterior cameras surrounding the property, new mail boxes, installed new exterior handrails and repaired stairs and walkways where needed, parking lot / sidewalk repairs, added exterior lighting, new access gate and fencing, landscaping. Interiors - blinds, full interior paint, many new appliances some cabinet and countertop repair/replacement, new flooring, new HVAC's, new fixtures, washer and dryer hook-ups in all units, replaced many toilets, replaced all water heaters, refinished / replaced shower/bathtubs.
4) Rent and Occupancy Growth - The population growth in Texas cities has been steady, this trend should continue due to a lower cost of living and lower taxes. Texas has seen the highest influx of out-of-staters than any other state in the US. In addition, corporate move-ins are on the rise as well. This should sustain rent growth in major Texas cities well into the future. Upside - It is the broker's opinion, that with continued interior and exterior upgrades, the property could see upside in the rents. The Laredo multi-family market is a strong rental market with average occupancy in the 95%+ range.