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Welcome to this issue of the Dallas Income Properties Newsletter. This newsletter is a complimentary service of JP Lumbley and Associates, LLC, We are brokers who are specialists in multifamily sales and have been active in multifamily sales since 1979.
Joseph Lumbley, Broker
TREC Broker's License #0275796
Bishop Arts District Office
819 N. Bishop Avenue
Dallas, Texas, 75208
214-405-3417 (cell)
214-941-3417 (office)
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 | | Monte Self 214-707-3223 |
32 Unit Apartment
PLUS 122 unit Mini-Storage Winnsboro, Texas
$1,214,200
This is a true "Mom & Pop" investment property, the kind we specialize in. Actually, it's two deals in one, an apartment property and a mini-storage facility in the small, East Texas town of Winnsboro.
The apartments are 32 units, separately metered for electricity, with landlord paying water. This property was built in the late 1980's and consists of 4 1BR and 28 2BR units. According to the tax rolls the square footage is 20,000, which does not coincide with what the owner claims, so the buyer needs to verify unit sizes for himself. The mini-storage consists of 122 spaces ranging from 10x10 up through 10x25 and totals 22,500 square feet in all. Both the apartments and the mini-storage are managed by the apartment manager, who has managed both properties with the help of her daughter for the last 13 years. The current owner is out-of-state and he manages the property himself with the on-site manager and assistant reporting to him. With 13 years on-site, the management team that's in place is an asset to the property.
Country Lane Apartments & Country Lane Mini-Storage are in Winnsboro, Texas. These properties are located in Wood County approximately 40 miles North of Tyler, Tx between IH30 and IH 20. The 2010 population of Winnsboro is 3,584 people and 41,964 people in Wood County. The total population of Wood County and the immediately surrounding counties is 412,647 per 2010 census. Winnsboro is located in both Wood and Franklin
counties and was founded in the 1850's.
Winnsboro's economy is generated by local retail, ISD, farming, ranching, dairy, logging & lumber mills. Several of the local manufacturing companies who employ Winnsboro's citizens are USA Harness, Tectran USA, Team Worldwide, I-Tec Mfg., Keller's Creamery, and Airborn, Inc. Residents also commute to neighboring cities such as Tyler for employment. The median income per household in 2011 was $39,514.
CLICK HERE TO DOWNLOAD A FULL INFO PACKAGE ON THIS PROPERTY
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JUST SOLD
3 duplexes in Duncanville TX
Monte Self closed 3 adjacent duplexes in Duncanville in the last month. The buyer had bought the property from us several years ago, and after holding it through the recession, finally sold them as the market began picking up in sales activity.
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 IN THE PIPELINE
We have several buyers lined up to purchase properties, so we're looking for multifamily properties in the 30-150 unit range for our buyers.
Now's a great time to sell. Although interest rates seem to be heading upwards, they're still near all-time lows. This market is changing day-by-day. From a relatively slow 2010-2012, we've suddenly turned into a sellers' market. As the more astute investors out there know, the market has a bit of a time lag built in. Although the market is getting really hot, lots of sellers are still stuck in recession mode and are still on the fence. That means that, at least for a short time, we have lots of money chasing few deals. Especially when that money is at really low interest rates, we're in a market that's very seller-friendly. Sellers need to take advantage of this situation while it lasts.
We're also looking for either retail or multifamily in the $1-2 million range for a 1031 client.
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