3701 Seagull Boulevard, Corpus Christi, TX
8.15% return
SP:
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Property Description

12 units in a coastal TX city! 

5 MINUTE WALK TO THE BEACH! Motel converted into studio apartments. Currently being ran as weekly and monthly rentals and averaging $10,000/month. Can generate additional cash flow through vacation rentals. Tons of appreciation and development in the area! Value will go up. This property will not last long! 

Property management and financing available!!

Property Information

  • Listing statusCancelled
  • Property typeMulti Family
  • Total units12
  • Total bedrooms12
  • Total bathrooms12
  • Building size5853 sq. ft.
  • Lot size0.4 acres
  • Year built1982
  • CountyNueces County
  • SubdivisionBROOKLYN
  • ConstructionFrame
  • RoofAsphalt Shingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingWindow Unit
  • CoolingWindow A/C

Property Financial Summary

  • Sale price $1,200,000
  • Estimated rehab 1 $0
  • Total investment $1,200,000
  • Type Proforma
  • Gross income (annually) $144,000
  • Operating expenses (annually) $46,243
  • Net income (annually) $97,757
  • Gross return 12.00%
  • Gross income (monthly) $12,000
  • Operating expenses (monthly) $3,854
  • Net income (monthly) $8,146
  • Net return 8.15%

Property Income & Expenses

  • Income
  • Unit 1: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 2: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 3: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 4: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 5: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 6: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 7: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 8: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 9: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 10: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 11: 1 bed / 1 bath $1,000/month $12,000/year
  • Unit 12: 1 bed / 1 bath $1,000/month $12,000/year
  • Total $12,000/month $144,000/year
  • Expenses
  • Property Taxes $995/month $11,943/year
  • Internet & Phone Bill $358/month $4,300/year
  • Waste Collection $125/month $1,500/year
  • Water and Sewer $258/month $3,100/year
  • Maintenance reserve $133/month $1,600/year
  • Electric bill $567/month $6,800/year
  • Insurance $500/month $6,000/year
  • Property Management $917/month $11,000/year
  • Total $3,854/month $46,243/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.

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