500 N Colorado Apartments

38 Unit Apartment Building | $7,500,000 ($197,368/Unit) | 6.63% Cap Rate | Midland, TX 79701

Asking Price $7,500,000

Property Type: Multifamily
Square Feet: 29,610 SF

Listing Contacts

Maddison Miller

Verified Profile

Property Info

Property Overview

The property was remodeled inside and out in 2019 and has been rented out with 0 vacancy since the remodel. Newly installed roof and all new AC units. This is a great location right in downtown midland.
The property is completely rented out by a single company/tenant. The tenant is willing to stay another 2 years at their current rates.
1 bedroom 1 bath at $1500/month and 2 bedroom and 2 bath at $2500/month. The tenant can also be moved out much sooner if new owner would like to find a new tenant(s).

Property Details

Class: C
Year Built/Renovated: 1966/2019
Stories: 2
Lot Size (sq. ft): 33,541 SF
Units: 38

Highlights

The property has a brand new roof and A/C units.
Zero vacancy, 100% leased since the building was remodeled in 2019.

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