2575 Primrose Street, Beaumont, TX 77703
The Primrose Apartments is a two story, garden-style, brick apartment community located in the North End area of Beaumont, Texas. The asset was built in 1962. Resident amenities include: mini-blinds, kitchen pantries, ceiling fans, patios and balconies. Each unit has an HVAC unit and two have additional window units. There are car ports on one side of the building. The owner reports copper wiring and plumbing. He says the pitched roof appears to have some useful life.
Currently there are no reported leasing concessions. The owners are in the process of stabilizing the property. The owner states that a light rehab, i.e., $2K per unit, could increase the rents to $650 to $675 per unit. A full rehab, i.e., $5K per unit. has the potential to increase the rents closer to $750 to $800 per unit.
The tenant profile is blue collar. Property is ideal for a smaller buyer. Most likely will require a cash buyer!
Sellers are interested in selling. Please make an offer!
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.