Meadowview Apartments

Paris, TX

Info For Buyers

Overview

Summary

Price $1,750,000
Address 520 Deshong Drive, Paris, TX 75460
# Units 35
Rentable SF 19,400 SF
Year Built 1960

Meadowview Apartments is a beautifully renovated 35-unit multifamily community located in Paris, TX, the county seat of Lamar County, in East Texas. The property was constructed in 1960 and underwent an extensive renovation in 2021/2022. The property is situated on 1.35 acres. The property is comprised of one two-story apartment building with brick veneer and a new composition shingle roof replaced in 2021.

A separate building houses the management office and coin-operated laundry facilities as well as a 2 bedroom unit. The property offers 8 studio and 26 one-bedroom units featuring an open floor plan concept, remodeled kitchens and bathrooms, modern fixtures and finishes, new windows, oversized walk-in closets, and porcelain tile flooring throughout. Residents enjoy the property’s convenient location a short distance from major employers, shopping, dining, and conveniences.

Key Facts

Extensive Renovation: Over $580,000 in capital expenditures within the last 3 years, ensuring modernized units with sleek black appliances, granite countertops, energy-efficient windows, and more, attracting tenants seeking upgraded living spaces.

Prime Location: Situated on 1.35 acres amidst Paris's major employers, including Paris Regional Health, Campbell's Soup, and Kimberly Clark, ensuring a consistent demand for housing from corporate professionals due to proximity to top workforce employers.

Stable Occupancy: Currently at 100% occupancy with a waiting list, offering immediate cash flow for a new buyer. Potential for increased revenue through rent adjustments, allowing for immediate upside potential.

Opportunity Zone Benefits: Located within an Opportunity Zone, providing potential tax benefits for prospective buyers. The current ownership is open to discussing the sale of the LLC associated with the property's Opportunity Zone status.

Value-Add Potential: Opportunity for new ownership to further increase income through additional charges or implementing additional revenue streams, leveraging the already established amenities and services like on-site parking, coin-operated laundry, and a leasing office.