Basics
- Date added: Added 4 years ago
- Category: Wholesale
- Type: Multifamily
- Bedrooms: 7
- Bathrooms: 6
- Floors: 1
- Area: 5420 sq ft
- Lot size: 3.85 sq ft
- Year built: 1970/1987/2014/2015/2017
Description
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Description:
GOLDEN NUGGET, APARTMENT ALTERNATIVE FOR 10 PRIVATE COTTAGES ON 4 ACRES OF LAND
This 4-acre parcel is located in NE Bandera, TX within the Bandera Ranch Acres subdivision (no HOA). The Bandera area has a severe shortage of quality rental housing that appeals to small families and individuals that currently reside in apartments or are seeking housing. Both cottage one and two were leased two months prior to their completion. The strength of the market also is supported by the fact all current tenants were found via referrals, so advertising costs have been zero to date.
There are currently one single wide, one double-wide, and 2 cottages completed and leased with the 3rd cottage being 65% complete. The current plan is to construct 10 total two-bedroom cottages with attached carports, central air/heat, vaulted ceilings, ceiling fans, pocket doors, new appliances, laundry facilities, and fenced yards. These private cottages present a very attractive alternative compared to the crowded apartment living. Each 800 sq ft cottage costs $65k to build and is appraised at $80k (appraisal district) or $110k (insurance agent).
The four-acre parcel, at the original time of purchase, had one 600 footwell, two septic systems, one single wide and one double-wide. Also, there was a one-bedroom cottage and barn. The single wide and double wide were repaired and each leased for $650 per month but the cottage and barn had to be torn down. Construction on the first cottage was completed and leased on January 10, 2015, and the second cottage was completed and leased on October 1, 2015.
A new four-unit septic system has been completed and approved by Bandera County which will serve cottages three, four, five, and six. Also, the water system for the entire project has been installed. The construction of these cottages four, five, and six will require the removal of the existing double-wide. The septic that services the double-wide would be used for the three new cottages. The construction of cottages nine and ten would require the removal of the existing single wide. The septic that services the single wide is adequate for the cottages with minor modifications.
Location
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