3701 Seagull Boulevard, Corpus Christi, TX

8.15% return

SP: $1,200,000

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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 rehab¹$0
Total investment$1,200,000

TypeProforma

Gross income (annually)$144,000
Operating expenses (annually)$46,243
Net income (annually)$97,757
Gross return12.00%

Gross income (monthly)$12,000
Operating expenses (monthly)$3,854
Net income (monthly)$8,146
Net return8.15%

Property Income & ExpensesMonthlyAnnual

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.