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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Paradise Bay
MLS Listing ID 20478028
Sold Date 03/01/24
HOA Fees $5/ann
HOA Y/N Mandatory
Total Fin. Sqft 5520
Year Built 1955
Lot Size 0.940 Acres
Acres 0.94
Property Description
This offering is available for $278,888 up until February 28. Without a signed contract before deadline, the Seller plans to rehab the subject property. So, get this property while it can be yours! Moreover, this apartment building has a $950,000 Official Appraised After-Repair Value (per Barletta and Associates, Inc.). Projected NOI after year 1 following stabilization is projected to be $82,540 (per appraisal). Rehab and purchase the property for $678,888 in order to obtain a property with over a 12% cap rate on account of the $82,540 NOI. The property is located only 45 minutes from Dallas city limits and is close to multiple municipalities offering ample job opportunities for tenants (especially in the retail and manufacturing sectors). Contact agent for access to link for obtaining a virtual tour of the property.
Location
State TX
County Henderson
Direction Beginning in central Dallas, head South on US-175 to US-175 BUS E in Kemp. Use the right 2 lanes to take exit 282 toward US-175. Turn right onto US-175 BUS E. Turn right onto TX-274 N. Keep driving until one reaches the subject property which will be located on one's left side.
Interior
Interior Features Built-in Features
Heating Electric, Other
Cooling Electric, Other
Flooring Vinyl
Appliance Electric Cooktop, Electric Water Heater
Heat Source Electric, Other
Exterior
Utilities Available City Sewer, City Water, Electricity Connected, Master Gas Meter, MUD Sewer, MUD Water
Roof Type Shingle
Garage No
Building
Story One
Foundation Slab
Level or Stories One
Structure Type Board & Batten Siding,Brick,Frame
Schools
Elementary Schools Malakoff
Middle Schools Malakoff
High Schools Malakoff
School District Malakoff Isd
Others
Ownership The Montfort Foundation
Financing Cash
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©2024 North Texas Real Estate Information Systems.
Bought with Enrique Moreno • eXp Realty LLC
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