1200 Taylor St, Sherman, TX 75092
201 Unit Apartment Building | For Sale | Sherman, TX 75092
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 160,828 SF
Listing Contacts
Chase Davis
Jon Krebbs
Property Overview
Summary:
The Multifamily Group is pleased to present the exclusive offering of The Parks on Taylor, a unique, value-add opportunity in Sherman, Texas. Constructed in 1975/1979, the property consists of 201 units averaging 800 square feet. The property offers one and two-bedroom units with 12 floorplans. 56% of the units (112) are two-bedrooms. in 2022, the current owners repainted all exteriors. They have remodeled 143 units with modern upgrades. The property is currently 94% occupied with occupancy rates in the submarket at 94% (Yardi). Effective rent growth for the Sherman submarket is at 6.6% year-over-year (Yardi). The Parks on Taylor is offered as free and clear.
Value-Add:
- The remaining 58 classic units should be renovated to attract tenants and increase rents.
- Add washers and dryers for rent in the units with connections.
- Install 40 carports and rent the covered parking spaces.
- Increase water RUBS by $5/Unit/Mo on all units.
- 75 units have yards with patios that can be extended and privatized with fences.
- Continue the implementation of Reserved Parking for $20/space/month.
Location:
The Parks on Taylor is located about an hour north of Dallas on I-75 and is about 15 minutes from Denison. Located in the Fairview area of Sherman, the asset is just minutes away from a variety of shopping, dining, and entertainment options. The Parks on Taylor has easy access to I-75 (4-minutes) and TX Highway 82 (7-minutes), making a quick commute to all daily necessities, including popular stops such as Sherman Town Center, Canyon Creek Shopping Center, Midway Mall, and Pecan Grove Park. The property is across the street from Fairview Park, Veteran’s Field, The Splash Family Aquatic Center, and a pickleball court. Fairview Elementary is building a new school set to open for the 2025-2026 year. All K-12 schools are within a 10-minute drive. Lake Texoma is only 30 minutes away and offers 90,000 acres of boating, fishing, and swimming.
The Sherman-Denison area has a stable and growing employment base. The largest employers are education and health services. Denison has two regional health centers: The Wilson N. Jones Regional Health System and the Texoma Medical Center. The largest employers in Sherman are Tyson Foods and Texas Instruments (TI). This area has emerged as a hotbed for chip and semiconductor manufacturing. Sherman is building the 3,300 master planned Progress Park. TI has broken ground on a $30 billion campus. GlobiTech has announced plans for a $5 billion plant creating 1,500 new jobs. These new facilities will increase the steady demand for housing for current and future residents.
The Multifamily Group is pleased to present the exclusive offering of The Parks on Taylor, a unique, value-add opportunity in Sherman, Texas. Constructed in 1975/1979, the property consists of 201 units averaging 800 square feet. The property offers one and two-bedroom units with 12 floorplans. 56% of the units (112) are two-bedrooms. in 2022, the current owners repainted all exteriors. They have remodeled 143 units with modern upgrades. The property is currently 94% occupied with occupancy rates in the submarket at 94% (Yardi). Effective rent growth for the Sherman submarket is at 6.6% year-over-year (Yardi). The Parks on Taylor is offered as free and clear.
Value-Add:
- The remaining 58 classic units should be renovated to attract tenants and increase rents.
- Add washers and dryers for rent in the units with connections.
- Install 40 carports and rent the covered parking spaces.
- Increase water RUBS by $5/Unit/Mo on all units.
- 75 units have yards with patios that can be extended and privatized with fences.
- Continue the implementation of Reserved Parking for $20/space/month.
Location:
The Parks on Taylor is located about an hour north of Dallas on I-75 and is about 15 minutes from Denison. Located in the Fairview area of Sherman, the asset is just minutes away from a variety of shopping, dining, and entertainment options. The Parks on Taylor has easy access to I-75 (4-minutes) and TX Highway 82 (7-minutes), making a quick commute to all daily necessities, including popular stops such as Sherman Town Center, Canyon Creek Shopping Center, Midway Mall, and Pecan Grove Park. The property is across the street from Fairview Park, Veteran’s Field, The Splash Family Aquatic Center, and a pickleball court. Fairview Elementary is building a new school set to open for the 2025-2026 year. All K-12 schools are within a 10-minute drive. Lake Texoma is only 30 minutes away and offers 90,000 acres of boating, fishing, and swimming.
The Sherman-Denison area has a stable and growing employment base. The largest employers are education and health services. Denison has two regional health centers: The Wilson N. Jones Regional Health System and the Texoma Medical Center. The largest employers in Sherman are Tyson Foods and Texas Instruments (TI). This area has emerged as a hotbed for chip and semiconductor manufacturing. Sherman is building the 3,300 master planned Progress Park. TI has broken ground on a $30 billion campus. GlobiTech has announced plans for a $5 billion plant creating 1,500 new jobs. These new facilities will increase the steady demand for housing for current and future residents.
Property Details
- Class
- B
- Year Built
- 1979
- Stories
- 2
- Lot Size (sq. ft)
- 81,022 SF
- Units
- 201
Highlights
- Texas Instruments and GlobiTech Are Investing $35 Billion To Create Thousands of High-Paying Jobs in Sherman
- All Exteriors Painted in 2022
- 143 of 201 Units Have Been Renovated with $100-$150 Proven Rent Increases
- Effective Rent Growth for Sherman is 6.6% Y-O-Y (Yardi)
- $4.4MM in Value-Add Potential
- Easy Access to I-75 and TX Hwy-82 for Quick Commutes for Daily Necessities
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