Schneider Suites
120 S Russell Street, Pampa, TX
16.47% return
SP:
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Property Description

Insane Opportunity!

54-unit apartment complex with elevator access. 8 x 2bed/1bath and 46 x 1bed/1bath units. Only $25k per unit!! ALL RENTABLE!!! 5 stories tall with lobby on ground floor. Solid concrete building in the heart of downtown. Replacement cost is over $4,500,000+! Locals have easy access to job opportunities, dining options, and historic museums. Mechanicals in good shape, no deferred maintenance necessary. Property recently had an extensive amount of repairs done including plumbing and water heater replacement. Property will generate $349,800 a year. Professional property management available.

Do not miss out on this amazing opportunity. Building will generate a 16%+ cap rate. Ask us about creative financing!!

Property Information

  • Listing statusActive
  • Property typeMulti Family
  • Total units54
  • Total bedrooms62
  • Total bathrooms54
  • Building size30840 sq. ft.
  • Lot size0.4 acres
  • Year built1928
  • CountyGray County
  • Subdivision
  • ConstructionMASONRY
  • RoofBUILT UP/COMPOSITION
  • Water sourceCity water
  • Water disposalSewer
  • HeatingChiller Unit
  • CoolingChiller Unit

Property Financial Summary

  • Sale price $1,350,000
  • Estimated rehab 1 $0
  • Total investment $1,350,000
  • Type Proforma
  • Gross income (annually) $349,800
  • Operating expenses (annually) $127,400
  • Net income (annually) $222,400
  • Gross return 25.91%
  • Gross income (monthly) $29,150
  • Operating expenses (monthly) $10,617
  • Net income (monthly) $18,533
  • Net return 16.47%

Property Income & Expenses

  • Income
  • Unit 1: 2 bed / 1 bath $625/month $7,500/year
  • Unit 2: 2 bed / 1 bath $625/month $7,500/year
  • Unit 3: 2 bed / 1 bath $625/month $7,500/year
  • Unit 4: 2 bed / 1 bath $625/month $7,500/year
  • Unit 5: 2 bed / 1 bath $625/month $7,500/year
  • Unit 6: 2 bed / 1 bath $625/month $7,500/year
  • Unit 7: 2 bed / 1 bath $625/month $7,500/year
  • Unit 8: 2 bed / 1 bath $625/month $7,500/year
  • Unit 9: 1 bed / 1 bath $525/month $6,300/year
  • Unit 10: 1 bed / 1 bath $525/month $6,300/year
  • Unit 11: 1 bed / 1 bath $525/month $6,300/year
  • Unit 12: 1 bed / 1 bath $525/month $6,300/year
  • Unit 13: 1 bed / 1 bath $525/month $6,300/year
  • Unit 14: 1 bed / 1 bath $525/month $6,300/year
  • Unit 15: 1 bed / 1 bath $525/month $6,300/year
  • Unit 16: 1 bed / 1 bath $525/month $6,300/year
  • Unit 17: 1 bed / 1 bath $525/month $6,300/year
  • Unit 18: 1 bed / 1 bath $525/month $6,300/year
  • Unit 19: 1 bed / 1 bath $525/month $6,300/year
  • Unit 20: 1 bed / 1 bath $525/month $6,300/year
  • Unit 21: 1 bed / 1 bath $525/month $6,300/year
  • Unit 22: 1 bed / 1 bath $525/month $6,300/year
  • Unit 23: 1 bed / 1 bath $525/month $6,300/year
  • Unit 24: 1 bed / 1 bath $525/month $6,300/year
  • Unit 25: 1 bed / 1 bath $525/month $6,300/year
  • Unit 26: 1 bed / 1 bath $525/month $6,300/year
  • Unit 27: 1 bed / 1 bath $525/month $6,300/year
  • Unit 28: 1 bed / 1 bath $525/month $6,300/year
  • Unit 29: 1 bed / 1 bath $525/month $6,300/year
  • Unit 30: 1 bed / 1 bath $525/month $6,300/year
  • Unit 31: 1 bed / 1 bath $525/month $6,300/year
  • Unit 32: 1 bed / 1 bath $525/month $6,300/year
  • Unit 33: 1 bed / 1 bath $525/month $6,300/year
  • Unit 34: 1 bed / 1 bath $525/month $6,300/year
  • Unit 35: 1 bed / 1 bath $525/month $6,300/year
  • Unit 36: 1 bed / 1 bath $525/month $6,300/year
  • Unit 37: 1 bed / 1 bath $525/month $6,300/year
  • Unit 38: 1 bed / 1 bath $525/month $6,300/year
  • Unit 39: 1 bed / 1 bath $525/month $6,300/year
  • Unit 40: 1 bed / 1 bath $525/month $6,300/year
  • Unit 41: 1 bed / 1 bath $525/month $6,300/year
  • Unit 42: 1 bed / 1 bath $525/month $6,300/year
  • Unit 43: 1 bed / 1 bath $525/month $6,300/year
  • Unit 44: 1 bed / 1 bath $525/month $6,300/year
  • Unit 45: 1 bed / 1 bath $525/month $6,300/year
  • Unit 46: 1 bed / 1 bath $525/month $6,300/year
  • Unit 47: 1 bed / 1 bath $525/month $6,300/year
  • Unit 48: 1 bed / 1 bath $525/month $6,300/year
  • Unit 49: 1 bed / 1 bath $525/month $6,300/year
  • Unit 50: 1 bed / 1 bath $525/month $6,300/year
  • Unit 51: 1 bed / 1 bath $525/month $6,300/year
  • Unit 52: 1 bed / 1 bath $525/month $6,300/year
  • Unit 53: 1 bed / 1 bath $525/month $6,300/year
  • Unit 54: 1 bed / 1 bath $525/month $6,300/year
  • Total $29,150/month $349,800/year
  • Expenses
  • Insurance $917/month $11,000/year
  • Property Management $2,000/month $24,000/year
  • Property Taxes $1,017/month $12,200/year
  • Utilities $3,517/month $42,200/year
  • Maintenance reserve $3,167/month $38,000/year
  • Total $10,617/month $127,400/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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