Investment Overview

Marcus & Millichap is pleased to announce the listing of the Monahans Apartments located in Monahans, Texas. Built in 2014, the property consists of 14 buildings that have 20 two bedrooms that are 1000-square feet and 36 three bedrooms that are 1,200-square feet which total 56 units. At an asking price of 8.95 million, this property offers an 7.5 percent cap rate. Most units are currently being leased by Vista Sand Company which has been leasing out the units for the past four years for their employees. Vista Sand Company has just signed a two year extension with rental bumps during each year. All tenants pay for their electricity while the Owner pays for water and common area electricity. All the units are fully furnished, and each building comes with their own laundry facility. Conveniently located just off Interstate 20, tenants have easy access to neighboring cities such as Midland and Odessa that are a short drive away. The apartments are in a stable market where vacancy has historically remained low over the years.