Skip to main content

Multifamily

Canopy at Wylie

100 N 5th St, Wylie, TX 75098

Listing Price: $4,700,000

Cap Rate
6.65%
Number of Units
22
GRM
9.39
Price/Unit
$213,636
Price/Gross SF
$206.71
Gross SF
22,737

Investment Overview

This newly built, 22-unit Class-A multifamily property is located in Wylie, Texas, and offers an attractive opportunity at an obtainable price below replacement value. The property is move-in ready, providing new owners with a lease-up opportunity that can begin immediately. With the area’s rapid growth, it is an ideal investment for those seeking a solid return on their investment from day one. This property is conveniently situated 0.1 miles from Texas State Highway 78, the main highway that runs through Wylie.

Wylie, Texas is one of the fastest-growing areas in the DFW metroplex, with an impressive 7% population growth over the past five years. The average household income within a one-mile radius exceeds $105K, making it a highly desirable location. Additionally, the area boasts top notch schools, further contributing to its appeal to potential renters. These factors combined present a strong case for the property’s leasing potential. The units themselves are tastefully designed, with large and functional two-bedroom floor plans averaging over 1,000 square feet. Each unit features washer and dryer connections, individual HVAC systems, and water heaters with all the modern technology.

Canopy offers a new buyer a high-quality new build in a strong neighborhood with an appealing distress story. The lease up should be quick and projects for an above market internal cap rate around 6.5%, 100 bps higher than market caps (~5.5%) for occupied new product. Additionally, by finishing the 2 units the developer used for patio space, a takeout refinance or sale will be for 24 units and easily improve the value further. The property faces minimal competition, with nearby competitors offering older and inferior products, ensuring that projected rental rates can be easily achieved by new owners. As a bank-owned property with accretive bridge or seller financing available, this presents a rare investment opportunity.

Investment Highlights

  • Newly Built, 22-unit Class-A Multifamily Property in Wylie, Texas with Obtainable Price Under Replacement Value and Above Market Stabilized Cap Rate of 6.5%
  • Distress Story – Property Nearly Completed by Developer was Foreclosed, Now Complete and Being Offered by Lender
  • Lease-up Opportunity for New Owners; Move-In Ready and New Ownership can Start Leasing Day-One; Ability to Add Two Additional Units
  • Average Household Income within One-Mile Radius Exceeds $105K - Wylie is One of the Fastest Growing Areas in DFW with A+ Schools and 7% Population Growth in Past 5 Years
  • Beautifully Built Units - Large, Functional 2 Bedroom Floorplans Averaging Over 1,000 Square Feet; Each Unit has Washer & Dryer Connections, Individual HVAC & Water Heater
  • Minimal Competition – Nearby Competitors have Inferior Product - Rents Projected are Readily Achievable for New Owners

Exclusively Listed By

Financing By

Multifamily

Canopy at Wylie

Listing Price: $4,700,000

Cap Rate
6.65%
Number of Units
22
GRM
9.39
Price/Unit
$213,636
Price/Gross SF
$206.71
Gross SF
22,737

Investment Highlights

  • Newly Built, 22-unit Class-A Multifamily Property in Wylie, Texas with Obtainable Price Under Replacement Value and Above Market Stabilized Cap Rate of 6.5%
  • Distress Story – Property Nearly Completed by Developer was Foreclosed, Now Complete and Being Offered by Lender
  • Lease-up Opportunity for New Owners; Move-In Ready and New Ownership can Start Leasing Day-One; Ability to Add Two Additional Units
  • Average Household Income within One-Mile Radius Exceeds $105K - Wylie is One of the Fastest Growing Areas in DFW with A+ Schools and 7% Population Growth in Past 5 Years
  • Beautifully Built Units - Large, Functional 2 Bedroom Floorplans Averaging Over 1,000 Square Feet; Each Unit has Washer & Dryer Connections, Individual HVAC & Water Heater
  • Minimal Competition – Nearby Competitors have Inferior Product - Rents Projected are Readily Achievable for New Owners

Investment Overview

This newly built, 22-unit Class-A multifamily property is located in Wylie, Texas, and offers an attractive opportunity at an obtainable price below replacement value. The property is move-in ready, providing new owners with a lease-up opportunity that can begin immediately. With the area’s rapid growth, it is an ideal investment for those seeking a solid return on their investment from day one. This property is conveniently situated 0.1 miles from Texas State Highway 78, the main highway that runs through Wylie. Wylie, Texas is one of the fastest-growing areas in the DFW metroplex, with an impressive 7% population growth over the past five years. The average household income within a one-mile radius exceeds $105K, making it a highly desirable location. Additionally, the area boasts top notch schools, further contributing to its appeal to potential renters. These factors combined present a strong case for the property’s leasing potential. The units themselves are tastefully designed, with large and functional two-bedroom floor plans averaging over 1,000 square feet. Each unit features washer and dryer connections, individual HVAC systems, and water heaters with all the modern technology. Canopy offers a new buyer a high-quality new build in a strong neighborhood with an appealing distress story. The lease up should be quick and projects for an above market internal cap rate around 6.5%, 100 bps higher than market caps (~5.5%) for occupied new product. Additionally, by finishing the 2 units the developer used for patio space, a takeout refinance or sale will be for 24 units and easily improve the value further. The property faces minimal competition, with nearby competitors offering older and inferior products, ensuring that projected rental rates can be easily achieved by new owners. As a bank-owned property with accretive bridge or seller financing available, this presents a rare investment opportunity.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower