Investment Overview

Marcus & Millichap is pleased to present The Village of Stonewood, an age-restricted, detached condominium community in Lufkin, TX. This offering includes 39 of the 55 total units, with the remaining 16 units privately owned. Each unit features a two-car metal-covered carport and a fenced yard. The community is located less than 1,000 feet from Crown Colony, Lufkin's most desirable neighborhood. The property is offered at an 8.48 percent capitalization rate, with an estimated net operating income of $154,406. Seller financing is available with a minimum of 30 percent down and a 6 percent interest rate, with the balloon payment due in three years. Monthly rental rates range from $710 to $1,500, depending on the unit. The new owner will have the opportunity to develop the four existing lots, which currently lack homes, and build out the remaining 18 undeveloped units, currently grass space located at the back and middle of the property. By purchasing 39 of the 55 units, the new owner will acquire a 71 percent stake in the community, as each unit owner holds a 1/55 share. While the entire community is situated on two parcels, each unit has its own address and will be purchased with fee simple interest. Each privately owned unit pays $85 per month in HOA dues, which cover maintenance and utilities for all common areas. The new owner can either outsource HOA management to a third party or continue the current owner's practice of self-management. The community is served by city water and sewer, with all tenants responsible for setting up and paying for their utilities directly. Common area utilities and maintenance are funded through HOA dues, helping the new owner maintain a low expense ratio. Please do not visit the community without prior approval. All property tours should be arranged through Marcus & Millichap agents.