La Bella Apartments

Posted: 9/9/2019
24 Units
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About La Bella Apartments

Cushman & Wakefield San Antonio Commercial Advisors is please to exclusively offer the La Bella Apartments in San Antonio, TX. The asset consists of 24-units in three buildings with brick and cement composite exteriors.There are five different floor plans ranging from approximately 480 SF to 750 SF. La Bella Apartments represents an outstanding investment. Rents are below-market and there is currently no RUBS in place. With light interior and exterior renovations, and based on a five-year hold, the asset offers potential returns of 14% cash-on-cash and an IRR of 18%. The 11 units on Club Drive were built in 1960 with concrete slab foundations and flat roofs. Central HVAC is provided by roof-mounted condensing units and gas furnaces, and the owner pays the master-metered gas. The gas boiler providing hot water for all 11 units is only 3-4 years old. The 13 units on Fredericksburg were built in the 1930's with pier-and-beam foundation and pitched composition shingle roofs. It has window AC units and electric wall-mounted heat. Natural gas is individually-metered and paid by the tenants. The four small one-bed units share a single gas water heater, as do the laundry room and the two efficiency units above it. Each remaining unit has its own gas water heater. All roofs were replaced in the last three years. Electricity is individuallymetered, and all electrical wiring is copper. Natural gas services all stoves and the dryers in the laundry room, and rents include water. Common amenities include a central, gated swimming pool area, an onsite management office and a clothes care facility. There is also plenty of covered parking, continuously monitored by the digital surveillance system. Unit interiors feature a mix of vinyl plank, carpet and ceramic tile flooring, full appliance packages with gas stoves, and spacious floor plans with ample closets and built-ins. There are also (14) individual storage closets that can be rented for additional income.