Listing Courtesy of: realtorannag@gmail.com - Anna Ghalumian - eXp Realty
888-519-7431
$500,000
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2004 MONTEREY ST San Antonio, TX 78207
Other
Residence
Beds
Baths
...
Bed/Bath
4,708
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
Views
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Investors rejoice and welcome to 2004 Monterey St., a beautifully renovated four-unit multifamily home nestled in the heart of San Antonio! This property seamlessly blends modern upgrades with historic charm, making it an exceptional investment opportunity at unbelievable investment potential and gr...owth! Property Features: Unit Configurations: Units 1, 3, and 4: Each offers 2 bedrooms and 1 bathroom, catering to small families or roommates. Unit 2: Features 1 bedroom and 1 bathroom, ideal for singles or couples. Boasting With Recent Upgrades: Electrical: Completely updated wiring with individual meters for each unit & an additional meter for common areas. All outlets and switches are new, with city permits approved by CPS. Plumbing: New connections to the drainage system, brand-new faucets in showers, kitchens, and sinks, plus washer and dryer hookups in all units. Two new water heaters service the entire property. Foundation: Concrete pillars installed with successful city inspection, ensuring structural integrity. Roof: Updated with durable asphalt shingles. Interior: New drywall throughout, including fire-rated drywall on shared walls per city regulations. Fresh paint with an orange peel texture enhances the interior. Kitchens: Equipped with new cabinets, butcher block countertops, sinks, faucets, and microwaves with built-in extractors. Flooring: Laminate flooring installed throughout, with waterproof flooring in bathrooms. Bathrooms: Each features a new toilet, sink, and tiled shower walls. Doors and Windows: All doors are new. Due to the property's historic status, select windows were approved for replacement. Climate Control: Industrial ceiling fans and mini-split systems installed for efficient heating and cooling. Insulation: New insulation added to walls and ceilings, enhancing energy efficiency. Porch: A concrete porch constructed at the front, aligned with historical society approvals. Investment Highlights: Occupancy: Three units are currently occupied, with one unit available for immediate tenancy, offering the potential to maximize rental income. Rental Income Potential: Fully occupied, the property can generate a total monthly rental income of $4,700, equating to $56,400 annually. Actual Income: With one unit vacant, the current gross annual income is $42,300 ($3,525/month from three units). Cap Rate Analysis: Pro Forma Cap Rate (Fully Occupied): Based on the full rental potential of $56,400 annually, the cap rate is an impressive 11.28%. Actual Cap Rate (With One Vacancy): Considering the current income of $42,300 annually, the cap rate is 8.46%. Listing Price: Offered at $500,000, this property presents a compelling investment with strong cash flow potential and opportunities to increase returns as occupancy stabilizes. Market Insights: Neighborhood Highlights: Situated in the vibrant Avenida Guadalupe neighborhood, residents enjoy proximity to parks such as Vidaurri Park, Woodlawn Park, Elmendorf Lake Park, and Cassiano Park, offering ample green spaces for outdoor activities. The area is well-served by public transportation and is within walking distance to shopping centers and grocery stores, providing daily conveniences for tenants. This property not only offers a stable investment but also the opportunity to enhance value over time, making it a smart choice for both savvy investors and beginner investors alike. Rejoice in the fact that majority of capital expenditures have already been taken care of and addressed!
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MLS#
1836174
Property Type
Other
Year Built
1930
Square Feet
4,708
sq. ft
Price per Sq. Ft.
$106.20
Lot Size
0.39
Stories
1.0
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