8020 Stewart Rd., Galveston, TX 77550
The Gulfwind Apartments is a two story, garden-style, apartment community located in the Galveston submarket south of Houston, Texas. The asset was built in 1969. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets.
Galveston properties are enjoying high occupancy and rents are expected to rise.
This asset is ideal for a long term owner operator. There may be a potential to convert to condos as well.
The property was extensively rehabbed by the current owner including new stainless steel appliances in 80% of the units, vinyl plank flooring in 90% of the units, an expanded pool deck, repaired concrete walkways, new railings and 50% of sliding glass doors have been replaced. The operating statements show some items to disregard: 1) Payments to Gary - cash reimbursements to the owner; and 2) all the capital that was expensed.
This property is ideal for the smaller investor. There has been minimal new construction in Galveston.
Per owner, the property is master metered. The competition has the tenants paying water and electric. There should be at least a 20% potential to raise rents. The tax study implies that the tax valuation should not go up on sale.
Off market opportunity.
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.