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Multifamily opportunity

Listing was updated on: 08/20/2019
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Property Overview

Price/Rent PSF $ 450,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 123,456
Date Available 08/20/2019
Additional URL Link
Floors 1
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Description

Location
From Hwy 1604 in San Antonio take Hwy 16 N 31 miles to 450 Frontier Town Loop. Property is located down a gravel road on the East side of the Highway.

Sale
Frontier town is located just off of Hwy 16 South of the city of Bandera TX. The property is a 20.9 acre income producing tract located adjacent to the Old Bandera Downs Race Track. It is a mixed use property with 9 income producing units including a cabin and a house. Being former farm land the property has had most all of the cedars cleared and is level, one of the only areas you can dig into the ground more than a few inches. Three septic systems and a well service all of the rental units. Long time tenants have been on month to month rent but leases are currently being drafted. The property back in the 1950's and 1960's was an operating Dance Hall, Saloon and Hotel for travelers from San Antonio wanting the Cowboy experience. These structures still stand today in need of renovation, most of the Hotel has been converted into apartments catering to a 55+ crowd. There are at least three more apartments that could be finished out in the old hotel and several manufactured home sited that could generate additional income. See the attached Brochure for Rent rolls. This would be a great opportunity for re development into an RV Park, Camp ground, Horse motel or just someone wanting some retirement income. Proforma projection income finishing out the four units is estimated at $88,656 NOI Bring all offers. This wont last long.

Location

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