Listed by DC Texas Commercial Real Estate, L.L.C.
Unpriced
Madison Village 69 Home "Build-To-Rent" Development
Details
Property Type Multifamily
Sub Type Single Family Rental Portfolio
Net Rentable (SqFt) 118,335
Units 69
Occupancy 95%
Pro-Forma Cap Rate 6.00%
Pro-Forma NOI $1,220,063
Class A
Year Built 2022-2024
Buildings 69
Stories 1
Lot Size (SqFt) 6,500 - 13,000
Occupancy Date 12/31/2025
Multifamily | 69 Units
Marketing description
SELLER HIGHLY MOTIVATED!
Madison Village, a mid-level 69-home residential “Build-To-Rent” community development for sale in Whitehouse, TX, the most sought after location in the Tyler metro area. Estimated $20M-$25M value when fully stabilized.
A new purchaser receives:
- 16.518 Acre partially completed development
- 28 of 69 homes completed and leased (Avg Rent: $2,000/Mkt Rent: $2,300)
- 9 lots ready for construction
- 32 lots ready for infrastructure (grading, sewer lines, streets, lights, utilities, curbs, signs, pads, sidewalks)
- 18-month timeline to completion
Current Property Value
28 homes - Recent single home appraisal at $360,000
9 lots ready to build - $75,000 each (market)
32 lots/land ready for infrastructure - $40,000 each (market)
PLUS two phases of infrastructure completed ($1.5M cost)
Estimated Remaining Construction Costs
Local builder costs of $149/SF (1,715 SF floorplans)
Infrastructure for remaining land of $1.3M
18 month timeline to completion
Investment highlights
- Partially completed 16.5-acre high-visibility development for sale on main thoroughfare
- All homes 4/2/2 floor plans, 1,715 SF, brick exterior, fenced yards, sprinklers, granite, stainless appliances
- Recent single home appraisal in the community at $360,000
- 28 completed homes are leased and generating revenue
- Whitehouse submarket most sought-after for rent growth, school district, and community appeal
- Two blocks from new local elementary and high school
- Median household income of $82,933
- MSA of 238,456
- 15% annual rent growth in the area
- 16% population growth in the last 10 years
Listing Contacts
Listed by DC Texas Commercial Real Estate, L.L.C.
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