Multifamily
Villa Capri
2213 Capri Dr, Fort Worth, TX 76114
Listing Price: Request For Offer
Investment Overview
Villa Capri is a 42-unit apartment community located in Fort Worth, Texas with excellent frontage on the Jacksboro Highway. Villa Capri is located in the largely undersupplied multifamily market of Northwest Fort Worth. The property offers convenient access to the development-driven Fort Worth Stockyards and is just a ten-minute drive from Downtown Fort Worth. Villa Capri is also within walking distance of a Wal-Mart and close to key employment and retail centers.
The subject property was built in 1959 and consists of one building comprised of brick veneer, wood-siding and stone exteriors with wood framing and a flat roof (2018) on pier and beam foundations. Residents can relax and enjoy the views from the elevated patio and picnic area as they let their pets enjoy the enclosed dog park. Villa Capri features onsite laundry as well as a 1200+ sqft community center for the residents. The property is individually metered for electricity, has all new gas lines, and a new owner could decrease their expense ratio by having tenants pay their own electric bills.
Villa Capri offers a new owner the opportunity to acquire an apartment complex in Fort Worth proper at an excellent basis. Only six units have been renovated, creating a strong value add story for the future owner. Nearby competitors are achieving substantially higher rents ($75-$300+) on similar floorplans with minor renovations such as vinyl flooring, updated hardware, and black appliances. Please see case study on pages 12-14 of this offering memorandum for more details. Without any major expenditures and by keeping occupancy at the submarket average, a new owner can enjoy 8% cash on cash returns day one of ownership. The property is being offered free & clear of existing debt.
Villa Capri
Investment Highlights
- 42 Unit, Individually Metered Community in Fort Worth Proper with Excellent Frontage on Jacksboro Highway
- Attractive Price per Unit and Strong Yields with Near 7% Day-One, Tax Adjusted, Cap Rate
- Property is Individually Metered – Opportunity to Greatly Reduce Owner Utility Costs by Having Tenants Pay for Electricity – Increasing NOI by ~$40K Annually
- Conveniently Located Within Minutes of Downtown Fort Worth, the Flourishing Fort Worth Stockyards, and Major Retail & Employment Centers
- Nearby Comps Achieving $75-$300+ on Similar Floorplans; Margin to Increase with Select Improvement
- Undersupplied Market Translates to Above Average Occupancy – Only Four Competing Multifamily Properties Within One Mile Radius – Comps Average 93%
- Median Household Income of $62.5K in Three Mile Radius – Equates to Only ~20% of Monthly Income
- Opportunity to Convert 1,200+ sqft Community Center into Two Additional Units – Increasing NOI and Potential Exit Price
Exclusively Listed By
Financing By
Investment Highlights
- 42 Unit, Individually Metered Community in Fort Worth Proper with Excellent Frontage on Jacksboro Highway
- Attractive Price per Unit and Strong Yields with Near 7% Day-One, Tax Adjusted, Cap Rate
- Property is Individually Metered – Opportunity to Greatly Reduce Owner Utility Costs by Having Tenants Pay for Electricity – Increasing NOI by ~$40K Annually
- Conveniently Located Within Minutes of Downtown Fort Worth, the Flourishing Fort Worth Stockyards, and Major Retail & Employment Centers
- Nearby Comps Achieving $75-$300+ on Similar Floorplans; Margin to Increase with Select Improvement
- Undersupplied Market Translates to Above Average Occupancy – Only Four Competing Multifamily Properties Within One Mile Radius – Comps Average 93%
- Median Household Income of $62.5K in Three Mile Radius – Equates to Only ~20% of Monthly Income
- Opportunity to Convert 1,200+ sqft Community Center into Two Additional Units – Increasing NOI and Potential Exit Price
Investment Overview
Villa Capri is a 42-unit apartment community located in Fort Worth, Texas with excellent frontage on the Jacksboro Highway. Villa Capri is located in the largely undersupplied multifamily market of Northwest Fort Worth. The property offers convenient access to the development-driven Fort Worth Stockyards and is just a ten-minute drive from Downtown Fort Worth. Villa Capri is also within walking distance of a Wal-Mart and close to key employment and retail centers. The subject property was built in 1959 and consists of one building comprised of brick veneer, wood-siding and stone exteriors with wood framing and a flat roof (2018) on pier and beam foundations. Residents can relax and enjoy the views from the elevated patio and picnic area as they let their pets enjoy the enclosed dog park. Villa Capri features onsite laundry as well as a 1200+ sqft community center for the residents. The property is individually metered for electricity, has all new gas lines, and a new owner could decrease their expense ratio by having tenants pay their own electric bills. Villa Capri offers a new owner the opportunity to acquire an apartment complex in Fort Worth proper at an excellent basis. Only six units have been renovated, creating a strong value add story for the future owner. Nearby competitors are achieving substantially higher rents ($75-$300+) on similar floorplans with minor renovations such as vinyl flooring, updated hardware, and black appliances. Please see case study on pages 12-14 of this offering memorandum for more details. Without any major expenditures and by keeping occupancy at the submarket average, a new owner can enjoy 8% cash on cash returns day one of ownership. The property is being offered free & clear of existing debt.
Exclusively Listed By
Financing By
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