3301 Hughes Lane, Dickinson, TX 77539
The Dickinson Arms Apartments, is a two story, garden-style, apartment community located in the Texas City/Dickinson submarket of southeast Houston,Texas. The asset was built in 1976. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Appears to be a solid brick asset with pitched roofs.
Located one block west of I-45. Solid suburban location. Mostly blue collar profile. A recent tour revealed the property to be in good condition.
Tile/Plank upgrades are noted on the rent roll with a T or a P. $50 more for 1 bedrooms and $75 more for 2 bedroom units. Maybe 15% of the units have been upgraded and the new rents are $100 more per month than market.
A lender has quoted an 80% loan on the pruchase price and rehab at 5%, interest only and non-recourse. Ask the Broker!
Tom Wilkinson has performed real estate marketing serves for institutional and individual investors since 1972. He has a BA in Mathematics from Rice University and an MBA in Real Estate Investments from the University of Texas. In addition to brokering real estate, Tom previously owned and operated more than 80 properties. Tom has successfully marketed properties for and to dozens of individual, business and institutional sellers and buyers, including REO properties for the RTC, FNMA and FreddieMac.