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501 Reed St, Frankston, TX 75763

$729,000

  • For Sale
  • Active
  • Commercial
  • 26-50 Parking Spaces
  • 1.75 Acres
501 Reed St, Frankston, TX 75763View this property at 501 Reed St, Frankston, TX 75763
501 Reed StFrankstonTX75763

Property Description

20 unit apartment available in Frankston for sale. The tenant base has been stabilized with a 90% plus occupancy over the last year as most units have been remodeled. There are 2 buildings with 10 apartments each with over 15,000 sq ft of total living space. Each unit is 2 bedroom/1 bath, with 10 upstairs and 10 downstairs. Apartment demand has been excellent as vacancies are filled quickly and there is currently a waiting list for the next available unit. Financials available upon request in this stabilized Class C apartment complex with an excellent cash flow. The current off site manager is available to continue her excellent management job if the new owner desires to keep her in this role. There is room for additional
apartments, self storage units, etc.

Full Property Detailsfor 501 Reed St

General

  • Price: $729,000
  • Status: Active
  • Type: Commercial
  • MLS ID: 10082098
  • Updated: 1/25/2018
  • Added: 324 day(s) ago

Property History

  • 501 Reed St, Frankston, TX
  • Reduced to $729,000 on 1/25/18
  • Listed at $749,000 on 5/29/17

Rental Information

  • Lease Terms: 1 Year

Additional Information

  • Improvements: Miscellaneous Building(s)

Parking

  • Parking: Off Street

Location

  • County: Anderson
  • Driving Directions: From HWY 155 and Loop 49 in Tyler, travel South to a left on Reed St in Frankston. The apartment is on the left.

Heating & Cooling

  • Cooling Type: Central Electric
  • Heating Type: Central Electric

Utilities

  • Gas: None
  • Sewer: Public Sewer
  • Water: Community, Water Available

Structural Information

  • Exterior Const.: Brick Veneer, Siding
  • Ceiling Height: Under 10 Feet
  • Current Bldg. Use: None
  • Year Built: 1980
  • Year Built Source: Anderson CAD

Lot Features

  • Lot Size (Acres): 1.75
  • Cleared Acres: 100
  • Lot Dimensions: 1.75 acres
  • Frontage: City/Town Road
  • Street/Road Desc.: Asphalt
  • Topography: Level
  • Potential Use: Apartments
  • Zoning: Multi Family Dwelling

Financial Considerations

  • Terms: Conventional, Cash
  • Tenant Pays: Electric, Cable

Disclosures and Reports

  • Docs Filed: Survey Plat
  • Surveyed: Plat

Listed by Cameron Realty, Inc., Ricky Cameron

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Schools

Schoolsserving 501 Reed St

School District:Frankston Independent School District
School Name
Grades
Distance
Frankston Elementary School
100 W Perry St, Frankston, TX 75763
PK-5
0.3 mi
Frankston Middle School
100 W Perry St, Frankston, TX 75763
6-8
0.3 mi
Frankston High School
100 W Perry St, Frankston, TX 75763
9-12
0.3 mi
Disclaimer: School data provided by Pitney Bowes. School attendance boundaries are for reference only. Contact the school directly to verify enrollment eligibility.

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Community Info

Community Infofor 501 Reed St

Listed by Cameron Realty, Inc., Ricky Cameron

501 Reed St, Frankston, TX 75763 (MLS# 10082098) is a Commercial property. 501 Reed St is currently listed for $729,000 and was received on May 29, 2017. Want to learn more about 501 Reed St? Do you have questions about finding other Commercial real estate for sale in Frankston? You can browse all Frankston real estate or contact a Coldwell Banker agent to request more information.