Remarks

927 W Formosa Blvd is a 12-unit, multi-phase community built in 1995, 1998, and 1999. All 12 Units have 2 bedrooms and 2 baths. Each unit has two parking spots. Located in the heart of south-central San Antonio. The property consists of four individual cottages and four duplex buildings, totaling 12 units. With convenient access to Interstate 35 and seamless connectivity to Interstate 410 and 35, the community is just minutes from major department stores, grocery stores, restaurants, and San Antonio's renowned attractions. Additionally, it is only 4.7 miles from Texas A&M San Antonio and 3.1 miles from the upcoming Palo Alto Hospital development, making it an attractive option for students, healthcare professionals, and the local workforce. Each two-bedroom, one-bathroom unit features white appliances, tile flooring, and Formica countertops, providing durable and functional living spaces. The property also offers ample green space for residents to enjoy. A rare feature for a 12-unit complex, each unit is separately metered for both water and electricity, ensuring that all utilities are paid by tenants. This setup minimizes operational expenses for ownership while enhancing the property's value and cash flow potential. With strategic rent adjustments and utility cost recovery, this property presents a strong value-add opportunity for investors. Value-Add Opportunity 927 W Formosa Blvd presents a strong value-add opportunity through multiple revenue-enhancing strategies. Current rents are below market rates, providing immediate potential for rental increases to align with comparable properties in the area. Additionally, adding storage units at the back of the property offers an extra income stream by allowing tenants to rent storage space for a monthly fee. Implementing covered parking for an additional fee further enhances revenue while increasing tenant satisfaction and retention. Combined, these strategic improvements will significantly boost Net Operating Income (NOI) and maximize the property's long-term value.

Details

MLS#: 1842685
Price: $1,250,000

Style: Apartments
Sq Ft: 10688
Year Built: 1995

County: Bexar
Tax Fee: 24152

School District: Harlandale I.S.D