ALABAMA GARDENS & PARKWAY
1135 ALABAMA AVENUE & 140 GEORGIA STREET, Beaumont, TX, 77705
Net Rentable Sq Ft
All Property Showings Are By Appointment
<strong>The Alabama Gardens Apartments</strong> is a two story, garden-style, apartment community located in the South Park submarket of Beaumont, Texas. The asset was built in 1976. Resident amenities include: mini-blinds, kitchen pantries, ceiling fans, patios and balconies. The property is operated as all bills paid.
Currently there are no reported leasing concessions. Per owner, as of 12/22 there are 17 delinquent tenant accounts totaling $5,304. The Broker removed all payroll from the income statement as it is allocated to Parkway. This property previously received a Weatherization Grant.
<strong>The Parkway Apartments</strong> is a two story, garden-style, apartment community located in the South Park submarket of Beaumont, Texas. The asset was built in 1968. Resident amenities include: mini-blinds, kitchen pantries, ceiling fans, patios and balconies. Tenants pay electric and Owner pays for water/sewer.
Currently there are no reported leasing concessions. Per owner, as of 12/22 there are 27 delinquent tenant accounts totaling $12,939.77. This property previously received a Weatherization Grant. The owner’s salaries are included in payroll expenses plus 17% federal tax burden out of both Parkway and Alabama. The expenses reflect the payroll expenses for both properties. A buyer needs to run his or her own payroll expense and probably buy these together. Implementation of water savings devices could cut utility costs.
<strong>The buyer must purchase both properties together. </strong>
<strong>Potential owner financing available with 50% down.</strong>
<strong>Since 1/1/2022, interest rates have jumped from 3.5% to 7% and now property values are down by at least 20%.</strong>
<strong>Rent comps average about 20 years newer than the subject assets.</strong>
Situated directly east of Beaumont’s city center, the South Park neighborhood encompasses most of the city’s greatest attractions. Well-maintained parks sprinkled throughout the neighborhood make it great for families, and local museums highlight Texan culture. Located approximately 4 minutes from Downtown Beaumont, the neighborhood is also home to Lamar University, one of the fastest-growing universities in Texas. Rentals in South Park range from affordable apartments south of Lavaca Street that are great for students, or charming single-family homes closer to downtown.
Property Type: Garden/Low Rise
Year Built: 1976
Rentable Sq. Ft. : 103,798
Listing Tag: New Sale