501 Harris St, Kilgore, TX 75662
8 Unit Apartment Building | For Sale | Kilgore, TX 75662
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 6,292 SF
Listing Contacts
Chase Davis
David Tello
Property Overview
Summary:
CFO 8/14 @ 5PM CT
The Multifamily Group is pleased to present the exclusive offering of Harris Street Apartments, a quaint, value-add opportunity in Kilgore, Texas. Constructed in 1975, the property consists of 8 units averaging 787 square feet. All exteriors were painted in 2023. Three units (A, D & E) have been renovated with wood-style flooring, new two-toned paint, ceiling fans, and new black appliances. There are 4 buildings with 2 units each. This log cabin-style property offers one and two-bedroom floorplans. There are six 1-bedroom/1-bath units with 720 SF and two 2-bedroom/1.5-bathrooms with 986 SF. The property is currently 100% occupied with strong occupancy rates in the Tyler & Longview submarkets at 94% (CoStar). Effective rent growth has risen aggressively for the Longview area at 14.6% year-over-year over the last 3 years (CoStar). The Harris Street Apartments have been owned the by same owner since 1993 and are being offered free and clear.
Value-Add:
- Five units are in classic condition and should be renovated to attract tenants and increase rents.
- With light interior renovations estimated at $3,000 each for a total cost of $24,000, the new owner could raise the rents by $100/unit/mo.
- This would increase the NOI/Year by $9,600 with a capitalized value of $137,143 on a 7.0% Exit Cap.
Asset Location:
The Harris Street Apartments are located in Kilgore, approximately 120-miles southeast of Dallas just south of I-20 off TX-135. Today the largest employer is Martin Resource Management which invests in natural resources, land, and timber (3,000 employees). Its sister company Martin Midstream GP is the second largest employer that supplies products and services for natural gas drilling rig contractors (1,500 employees). Both are less than 4-miles from the property. Harris Street is 2-minutes from the intersection of TX-135 and TX-31 making it a quick drive to Walmart, Brookshire’s Grocery, Walgreens, and Subway. The asset is within walking distance of all the Kilgore ISD sports fields. It is also an easy walk to Harris Street Park, Kilgore City Park, and the Whataburger Sports Complex. Kilgore College is only half a mile away and all the Kilgore Pre-K through 12 schools are within a 3-6 minute drive. The property is only 20-minutes from Longview and just 30-minutes to Tyler.
Kilgore, Texas:
Kilgore became a thriving east Texas hotspot when oil was discovered there in 1930. At the height of the boom, Kilgore became known as the “World’s Richest Acre” because there were over 1,100 producing wells in the city limits. Both Tyler and Longview’s major employers are manufacturing and medical-related fields. LeTourneau University resides in Longview. Tyler is located halfway between Dallas and Shreveport and is the regional hub of East Texas. As the largest city in eastern Texas, Tyler recently made the top 200 list of the fastest-growing mid-sized cities in America. Tyler’s MSA population sits at 233,479 and is home to Tyler Junior College and the University of Texas at Tyler.
CFO 8/14 @ 5PM CT
The Multifamily Group is pleased to present the exclusive offering of Harris Street Apartments, a quaint, value-add opportunity in Kilgore, Texas. Constructed in 1975, the property consists of 8 units averaging 787 square feet. All exteriors were painted in 2023. Three units (A, D & E) have been renovated with wood-style flooring, new two-toned paint, ceiling fans, and new black appliances. There are 4 buildings with 2 units each. This log cabin-style property offers one and two-bedroom floorplans. There are six 1-bedroom/1-bath units with 720 SF and two 2-bedroom/1.5-bathrooms with 986 SF. The property is currently 100% occupied with strong occupancy rates in the Tyler & Longview submarkets at 94% (CoStar). Effective rent growth has risen aggressively for the Longview area at 14.6% year-over-year over the last 3 years (CoStar). The Harris Street Apartments have been owned the by same owner since 1993 and are being offered free and clear.
Value-Add:
- Five units are in classic condition and should be renovated to attract tenants and increase rents.
- With light interior renovations estimated at $3,000 each for a total cost of $24,000, the new owner could raise the rents by $100/unit/mo.
- This would increase the NOI/Year by $9,600 with a capitalized value of $137,143 on a 7.0% Exit Cap.
Asset Location:
The Harris Street Apartments are located in Kilgore, approximately 120-miles southeast of Dallas just south of I-20 off TX-135. Today the largest employer is Martin Resource Management which invests in natural resources, land, and timber (3,000 employees). Its sister company Martin Midstream GP is the second largest employer that supplies products and services for natural gas drilling rig contractors (1,500 employees). Both are less than 4-miles from the property. Harris Street is 2-minutes from the intersection of TX-135 and TX-31 making it a quick drive to Walmart, Brookshire’s Grocery, Walgreens, and Subway. The asset is within walking distance of all the Kilgore ISD sports fields. It is also an easy walk to Harris Street Park, Kilgore City Park, and the Whataburger Sports Complex. Kilgore College is only half a mile away and all the Kilgore Pre-K through 12 schools are within a 3-6 minute drive. The property is only 20-minutes from Longview and just 30-minutes to Tyler.
Kilgore, Texas:
Kilgore became a thriving east Texas hotspot when oil was discovered there in 1930. At the height of the boom, Kilgore became known as the “World’s Richest Acre” because there were over 1,100 producing wells in the city limits. Both Tyler and Longview’s major employers are manufacturing and medical-related fields. LeTourneau University resides in Longview. Tyler is located halfway between Dallas and Shreveport and is the regional hub of East Texas. As the largest city in eastern Texas, Tyler recently made the top 200 list of the fastest-growing mid-sized cities in America. Tyler’s MSA population sits at 233,479 and is home to Tyler Junior College and the University of Texas at Tyler.
Property Details
- Year Built
- 1975
- Stories
- 1
- Lot Size (sq. ft)
- 21,780 SF
- Units
- 8
Highlights
- Same Owner since 1993
- All Exteriors Painted in 2023
- Increase Rents by $100/Month with Light Interior Renovations
- $60,000+ Median Income in a 3-Mile Radius - CoStar
- Great Location Near TX-135 for Driving to Daily Necessities
- All Pre-K through 12 Schools are Within a Quick 6-Minute Drive
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