The Aristocrat Apartments is a 2-story rock exterior property consisting of 45 rental units. The property is located at 555 W. Hutchins, approximately 1 mile south of SW Military between Commercial Dr. and Pleasanton Ave. The property is located in Harlandale ISD, with two schools across the street from the subject property (buyers should verify school and school caps). New major retailers are beginning to develop in the vicinity of the property. Retailers such as Best Buy, Office Depot, and HEB Plus have all recently added to this booming area. Major freeways such as I-35, I-37, and US-90 are less than five miles away from the subject property. The property is divided into three building of which 2 contain rental units. The unit mix of rental units is 9 two bedroom one bath, 3 three bedrooms two bath, 2 efficiencies (Studios), and 31 one bedroom one bath. Currently the property is All Bills Paid which sub meters water at $20-$25 per unit and electric $65-$100 per unit. There is opportunity to eliminate this format and increase the operating income.
The property currently has a loan balance of approximately $1,120,000.00, which can be assumed. The loan is a 5 year locked (as which 3 years remain) rate of 6.75% with a prepay penalty of 5-4-3-2-1. The loan is amortized over 30 years, and after the initial lock rate the loan adjusts semi-annually. All loan information should be independently verified by any prospect buyers. The property is in need of an owner who is able to commit more time in order to improve deferred maintenance, improve rents, and minimize expenses. This is a great opportunity for anyone that is interested in buying an undervalued property and willing to address the issues that the property needs to improve its status.
Property Description
Contact: Gilberto Vergara
Direct: 210.386.3706
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