626 8TH AVENUE NORTH, TEXAS CITY, TX, 77590
The Mainland Apartments, is a two story, garden-style, apartment community located in Texas City, in the Dickinson/Galveston submarket of Houston, Texas. The asset was built in 1970. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans and laundry facilities.
Per owner, Capital Improvements since March 2020 include make ready of 11 units with new floors SPC hi quality textured paint, resurfaced cabinets, tubs and sinks, new knobs and ceiling fans. Exterior improvements include outside siding changed on more than half of the buildings plus soffit and fascia, exterior paint on both buildings, new gutters, new drainage and a new camera system located at unit 18. The storage unit has been fixed and moved, handrails for balconies are new, the stairs were repaired and new A/C and heat on 20 units with a 5 year warranty.
The upgraded 2 bedroom townhomes rent for approximately $995 and the studios rent for $750. Rehab of the other units will generate more! Per owner, the security cameras are no longer utilized due to damage by painters. This should increase income by $50/month ($600 annually). There is upside in rehabbing the remaining 15 units!
Texas City is located about 35 miles southeast of Houston and about 10 miles north of Galveston Island. The Texas City Industrial Complex employing thousands of people is less than 5 minutes away. The city also offers easy access to Houston, which is just 40 miles away. Along with beach trips and watersports, Texas City has 5Ks, art festivals, and other special events throughout the year. The property is located in an established neighborhood with no new multifamily construction reportedly being planned in the immediate area.
The property is remotely managed at 7.77% management fee and no onsite staff.
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.