Skip to main content

Multifamily

Selena Apartments

6218 S New Braunfels Ave, San Antonio, TX 78223

Listing Price: $11,975,000

Cap Rate
6.25%
Number of Units
119
Occupancy
96.0%
Price/Unit
$100,630
Price/Gross SF
$158.40
Gross SF
75,598

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Selena Apartments, a 120-unit apartment community in San Antonio, Texas. Built in 1975, this property was renovated in 2022 and has over 74,540 square feet of net rentable area. The property consists of four buildings and an on-site laundry room. This well-maintained multifamily asset contains brick siding, pitched roofs and a unit mix of studios, one-bedrooms, and two-bedroom floor plans and offers an attractive opportunity from an income growth potential. Selena Apartments has benefited from local owner ship taking great pride in the asset and promptly addressing the needs and renovations of the apartment community. The property is in outstanding condition with new siding/trim and resealed/restriped parking lots both completed within the past twelve months. The renovations at Selena apartments leaves minimal deferred maintenance for a new investor. Outstanding upside potential for the new investor by increasing current rents at Selena Apartments to market rates for the studio, one and two-bedroom units. Based on the current rent survey, the one-bedroom units are averaging $735/month at $1.18 rent per square foot at the property. The apartment complex could command an increase to $810/month at $1.30 rent per square foot as current leases expire. The two-bedroom units are averaging $1,023/month at $1.40 rent per square foot. The two-bedroom units in this submarket can achieve $1,060 at $1.45 per square foot for the next year. San Antonio is projected to have a rental increase of 7.8 percent year-over year in 2022. As interest rates continue to climb many households will be priced out of home purchases which will turn them to renal units. An increase in rental demand will put more upward pressure on rental rates, thus giving a new owner the benefit of rental increases for the property.

Investment Highlights

  • 2022 Newly Renovated Property (Interiors/Exteriors)
  • San Antonio Fastest Growing City in the United States in Terms of Numeric Population
  • Surrounded by Nationally Acclaimed Retailers/Employers
  • Property Located Only 5 miles from Downtown San Antonio
  • Priced at an Attractive $99,792 Per Door

Exclusively Listed By

Financing By

Multifamily

Selena Apartments

Listing Price: $11,975,000

Cap Rate
6.25%
Number of Units
119
Occupancy
96.0%
Price/Unit
$100,630
Price/Gross SF
$158.40
Gross SF
75,598

Investment Highlights

  • 2022 Newly Renovated Property (Interiors/Exteriors)
  • San Antonio Fastest Growing City in the United States in Terms of Numeric Population
  • Surrounded by Nationally Acclaimed Retailers/Employers
  • Property Located Only 5 miles from Downtown San Antonio
  • Priced at an Attractive $99,792 Per Door

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Selena Apartments, a 120-unit apartment community in San Antonio, Texas. Built in 1975, this property was renovated in 2022 and has over 74,540 square feet of net rentable area. The property consists of four buildings and an on-site laundry room. This well-maintained multifamily asset contains brick siding, pitched roofs and a unit mix of studios, one-bedrooms, and two-bedroom floor plans and offers an attractive opportunity from an income growth potential. Selena Apartments has benefited from local owner ship taking great pride in the asset and promptly addressing the needs and renovations of the apartment community. The property is in outstanding condition with new siding/trim and resealed/restriped parking lots both completed within the past twelve months. The renovations at Selena apartments leaves minimal deferred maintenance for a new investor. Outstanding upside potential for the new investor by increasing current rents at Selena Apartments to market rates for the studio, one and two-bedroom units. Based on the current rent survey, the one-bedroom units are averaging $735/month at $1.18 rent per square foot at the property. The apartment complex could command an increase to $810/month at $1.30 rent per square foot as current leases expire. The two-bedroom units are averaging $1,023/month at $1.40 rent per square foot. The two-bedroom units in this submarket can achieve $1,060 at $1.45 per square foot for the next year. San Antonio is projected to have a rental increase of 7.8 percent year-over year in 2022. As interest rates continue to climb many households will be priced out of home purchases which will turn them to renal units. An increase in rental demand will put more upward pressure on rental rates, thus giving a new owner the benefit of rental increases for the property.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower