$1,595,000 Asking Price --- In [email protected], "Nick" <[EMAIL PROTECTED]> wrote: > > 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 >
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