Reply to: [EMAIL PROTECTED] Date: 2005-12-17, 10:01PM CST
Texarkana, Texas, with a current population of 135,000 is expecting rapid growth in the near future for the following reasons: 1)Interstate 49 is nearing completion, which will intersect Interstate 30. Check your map for cities situated on an interstate intersection. 2) The two largest colleges in Texarkana currently only have an enrollment of about 5,000. Texas A&M- Texarkana is about to break ground on a new, major 4-year university with a projected enrollment of 50,000 which will greatly increase demand for apartments in the area. Local tycoons Ross Perot and Truman Arnold (check their resumes) have generously donated to ensure this school is among the best in the nation. 3) The regional airport is adding an additional terminal for increased traffic. These three factors give Texarkana the potential to be a major hub and, unlike many of the metros currently, it IS a buyer's market. Go here to view the current real estate report for the area: http://recenter.tamu.edu/mreports/Texarkana.html ABOUT THE APARTMENTS 94% OCCUPIED COMPLEX #1- 39 UNITS 16- 1/1 $375 MO 20- 2/1 $450 MO 1- 2-1 $500 MO 1- 2/2 $525 MO 1- 3/2 $600 MO 39 UNITS- $16,625 MO COMPLEX #2- 12 UNITS 12- 2/1 $425 MO 12 UNITS- $5,100 MO COMPLEX #3- 8 UNITS 8- 2/1 $400 MO 8 UNITS- $3200 MO COMPLEX #4- 4 UNITS 4- 2/1 $425 MO 4 UNITS- $1700 MO TOTAL CURRENT- 63 UNITS $26,625 MO GROSS ANNUAL- $319,500 YR ANNUAL NOI- $168,017 YR -5% VACANCY = CURRENT NOI = $159,615 It is not yet the norm for apartments to be gated in this area. Doing so would allow for a rent increase. In as-is condition, you can easily get an increase of at least $100 per unit per month if done gradually. All appear to be well maintained. Projections after $100 rent increase below: TOTAL PROJECTED- 63 UNITS $32,925 MO GROSS ANNUAL- $395,100 YR NOI ANNUAL- $243,617 YR - 5% VACANCY = PROJECTED NOI = $231,436 ASSUMING 20% DOWN, 30/30 AT 7%, MONTHLY MORTGAGE PAYMENT = $8,515 THAT CHANGES YOUR NOI TO THE FOLLOWING: CURRENT NOI AFTER MORTGAGE PAYMENT- $57,435 YR PROJECTED NOI AFTER MORTGAGE PAYMENT- $129,256 YR If you are interested, please contact me by email at [EMAIL PROTECTED] We can also help you obtain financing: www.AshtonNBailey.com ------------------------ Yahoo! Groups Sponsor --------------------~--> Put more honey in your pocket. (money matters made easy). http://us.click.yahoo.com/F9LvrA/dlQLAA/cosFAA/iiEolB/TM --------------------------------------------------------------------~-> Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] List owner: [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
