Description:
INVESTMENT HIGHLIGHTS: Recent Foreclosure-To Be Sold at online Auction hosted by Real Insight Marketplace - Please visit the site below for all due diligence materials https://rimarketplace.com/auction/2458
1) Houston Income Properties, Inc., and KET Enterprises Incorporated, acting as exclusive advisors to the seller, are pleased to present the opportunity for qualified investors to acquire the fee-simple interest in the Royal Oaks Apartments, an 81-unit, garden style apartment complex located in McAllen, Texas. The property is a recent foreclosure and will be sold at an online auction hosted by Real Insight Marketplace. Royal Oaks Apartments is located in an "A" area of McAllen, Texas, Located in the heart of the increasingly popular area of Downtown McAllen.
2) Property Highlights - Located in and "A" area in the heart of Downtown McAllen. The property received repairs/upgrades in the last 12+ months in the amount of approximately $4500+/unit, which includes approx. $100K in exterior repairs/improvements, and $250K+ for new roofs on many of the buildings which includes the flat portion and the shingled portion of the building with new roofs. Many appliances and flooring has been replaced as well. There are 17 down units caused by a sotrm that hit the prperty in 2022 and resulted in the property being foreclosed upon by the lender. There is upside with continued exterior and interior upgrades, strong management, bringing the 17 down units on line and with the stabilization of the income.
3) Home Features - Residents enjoy cable ready units, private dining rooms, individual controlled A/C, individual electric hot water heaters, fully equipped all electric kitchens, tile floors, shower /bath combination, disposals, ceiling fans, mini blinds and a patio or balcony (Interior appointments may vary in each unit).
4) Upside Potential - The property seems to be leasing below market rents in the area, with continued improvements/upgrades and repairing the remediated 17 down units a new owner should see upside in the property.