385 East Elm
Stephenville, TX 76401
$1,980,000
Price
18
Beds
11
Baths
7
1/2 Baths
8,922 Sq. Ft.
$222 / Sq. Ft.
8,922
Sq. Ft.
$222
per Sq. Ft.
Description
Fully occupied 11-unit complex located in the vibrant city of Stephenville, home to Tarleton State University, a thriving Division 1 college. Built in 2015, this modern residential income property offers an exceptional investment opportunity with a strong and stable tenant base. The property features a mix of spacious 1-bedroom and 2-bedroom units, all designed with open floor plans, built-in storage, walk-in closets, and high-speed internet access. Property features 23 dedicated parking spaces,...Fully occupied 11-unit complex located in the vibrant city of Stephenville, home to Tarleton State University, a thriving Division 1 college. Built in 2015, this modern residential income property offers an exceptional investment opportunity with a strong and stable tenant base. The property features a mix of spacious 1-bedroom and 2-bedroom units, all designed with open floor plans, built-in storage, walk-in closets, and high-speed internet access. Property features 23 dedicated parking spaces, central HVAC systems, and electric appliances, the property provides both comfort and convenience for tenants while keeping operational costs low. Situated on a 0.482-acre corner lot, the complex enjoys a prime location within minutes of campus, downtown Stephenville, and local amenities, ensuring high demand and low vacancy rates. The well maintained grounds and modern construction make this a turn-key investment, perfect for real estate investors, property management companies, or institutional buyers seeking a high-performing asset. With a strong track record of occupancy, minimal maintenance needs, and a desirable location in a growing college town, this property offers a rare chance to secure a reliable and profitable addition to your portfolio. Don’t miss this exceptional opportunity to invest in Stephenville’s thriving rental market.
- Listed by ERIC HAYDEN • TREC #0606910 • Ebby Halliday Realtors • (254) 965-7653
Property Details for 385 East Elm
Subdivision Name
Cage Add
PoolNo
Number Of Parking Spaces23
LISTING UPDATED: 11/13/2024 02:10 PM
Property Details for 385 East Elm
| Status | Active |
|---|---|
| MLS # | 20773140 |
| Days on Market | 39 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Multi-Family / Apartment/5Plex+ |
| Year Built | 2015 |
| Lot Size | 0.48 AC / 20,995 SF |
| County | Erath County |
Building Information for 385 East Elm
Stories2Residences11Year Built2015Building Size-Lot Size0.48 AC / 20,995 SF
Property Information for 385 East Elm
Summary
Location and General Information
- Block: 7
- Complex Name: Elm Street Townhomes
- Directions: GPS
- Elementary School: Central
- Elementary School Name: Central
- High School: Stephenvil
- High School Name: Stephenvil
- Intermediate School: Gilbert
- Junior High School: Stephenvil
- Year Built Details: Preowned
- School District: Stephenville ISD
- Geocode Confidence: High
- Latitude: 32.23
- Longitude: -98.21
- State: Texas
Parking
- Parking Features: Concrete, On Site, Open, Parking Lot
- Attached Garage: No
- Garage: No
Taxes and HOA Information
- Tax Legal Description: ACRES: 0.482 S2400 CAGE ADDITION; BLOCK 7; LO
- Association Type: None
- Special Taxing Entities: No
- Tax Lot: 11R
Virtual Tour
- Virtual Tour URL Unbranded: https://www.propertypanorama.com/instaview/ntreis/20773140
Interior and Exterior Features
Interior Features
- Flooring: Laminate, Tile
- Heating: Central, Electric
- Interior Features: Built-in Features, Eat-in Kitchen, Granite Counters, High Speed Internet Available, Open Floorplan, Pantry, Walk-In Closet(s)
- Appliances: Electric Range
- Basement: No
- Cooling: Central Air, Electric
- Smart Home Features Appor Pass Y: No
Exterior Features
- Building Area Source: Assessor
- Construction Materials: Brick, Siding
- Exterior Features: Private Yard
- Fencing: Back Yard, Fenced, Front Yard, Wood
- Foundation Details: Slab
- Number Of Stories: 2
- Roof: Asphalt
- Waterfront: No
- Number Of Units Total: 11
- Patio And Porch Features: Rear Porch
- Levels: Two
Property
Utilities
- Utilities: Cable Available, City Sewer, City Water, Concrete, Electricity Connected, Individual Water Meter
Property and Assessments
- Accessory Unit: No
- Financing Proposed: 1031 Exchange, Cash, Conventional
- Concessions YN: No
- Handicap: No
- Loan Type: Treat As Clear
- Property Match: APN
Lot Information
- Lot Features: Cleared, Corner Lot, Landscaped
- Lot Size: Less Than .5 Acre (not Zero)
- Lot Size Acres: 0.482
- Lot Size Area: 0.482
- Lot Size Source: Assessor
- Lot Size Units: Acres
- Lot Size Square Feet: 20995.92
- Multi Parcel ID: No
- Parcel Number: R000028911
- Lake Pump: No
Multi Family
Multi-Family Information
- Number Of Buildings: 1
- Capitalization Rate: 7.12%
- Gross Annual Expenses: $19,309
- Gross Annual Income: $160,260
- Insurance Expense: $3,516
- Tenancy: Over 9 Months
- Total Annual Expenses Include: Insurance, Maintenance Grounds
- Net Operation Income: $140,951.00
Unit 1
- Approximate SQFT: 936.0
- Average Lease Amount: $1,300.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Number Of Baths Half: 1
- Unit Type Type: 2 Bedroom
- Unit Type Units Total: 1
Unit 2
- Approximate SQFT: 936.0
- Average Lease Amount: $1,300.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Number Of Baths Half: 1
- Unit Type Type: 2 Bedroom
- Unit Type Units Total: 1
Unit 3
- Approximate SQFT: 936.0
- Average Lease Amount: $1,300.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Number Of Baths Half: 1
- Unit Type Type: 2 Bedroom
- Unit Type Units Total: 1
Unit 4
- Approximate SQFT: 936.0
- Average Lease Amount: $1,300.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Number Of Baths Half: 1
- Unit Type Type: 2 Bedroom
- Unit Type Units Total: 1
Unit 5
- Approximate SQFT: 936.0
- Average Lease Amount: $1,300.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Number Of Baths Half: 1
- Unit Type Type: 2 Bedroom
- Unit Type Units Total: 1
Unit 6
- Approximate SQFT: 936.0
- Average Lease Amount: $1,300.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Number Of Baths Half: 1
- Unit Type Type: 2 Bedroom
- Unit Type Units Total: 1
Unit 7
- Approximate SQFT: 936.0
- Average Lease Amount: $1,195.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Number Of Baths Half: 1
- Unit Type Type: 2 Bedroom
- Unit Type Units Total: 1
Unit 8
- Approximate SQFT: 613.0
- Average Lease Amount: $1,050.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Unit Type Type: 1 Bedroom
- Unit Type Units Total: 1
Unit 9
- Approximate SQFT: 613.0
- Average Lease Amount: $1,125.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Unit Type Type: 1 Bedroom
- Unit Type Units Total: 1
Unit 10
- Approximate SQFT: 613.0
- Average Lease Amount: $1,085.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Unit Type Type: 1 Bedroom
- Unit Type Units Total: 1
Unit 11
- Approximate SQFT: 613.0
- Average Lease Amount: $1,100.00
- Dining Area Length: 0.0
- Dining Area Width: 0.0
- Kitchen Length: 0.0
- Kitchen Width: 0.0
- Living Area Length: 0.0
- Living Area Width: 0.0
- Master Bed Length: 0.0
- Master Bed Width: 0.0
- Number Of Baths Full: 1
- Unit Type Type: 1 Bedroom
- Unit Type Units Total: 1
Property History for 385 East Elm
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 385 East Elm
Taxable ValueLand$63,000Additions$828,230Total$891,230
Tax Record2023$15,398 ($1,283 / month)
Home Facts
Total Finished SqFt8,922 SqFtAbove Grade Finished SqFt8,922 SqFtLot Size20,996 SqFtStyleMulti-Family Dwelling (2-4)Year Built2015CountyERATHAPNR000028911
Schools near 385 East Elm
This home is within Stephenville Independent School District.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | 1 to 2 | |||
| Public - | 3 to 4 | |||
| Public - | 5 to 6 | |||
| Public - | 7 to 8 |
Rating | School | Distance |
|---|---|---|
Chamberlin Elementary School Public1 to 2 | ||
Hook Elementary School Public3 to 4 | ||
Gilbert Intermediate School Public5 to 6 | ||
Henderson Junior High School Public7 to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Ebby Halliday Realtors, ERIC HAYDEN
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