The Exclusive Admin
info@exclusivedfw.com20 Beds
10 Baths
0.49 Acres Lot
20 Beds
10 Baths
0.49 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Rankin
MLS Listing ID 21129647
Bedrooms 20
Full Baths 10
HOA Y/N None
Total Fin. Sqft 7140
Year Built 1990
Annual Tax Amount $6,702
Lot Size 0.489 Acres
Acres 0.489
Property Sub-Type Apartment
Property Description
The Brownwood Cottages is a 10-unit property in the heart of downtown Brownwood consisting of five identical buildings with a total of 7,140 rentable square feet. All units were recently renovated with $124k of improvements including new central HVAC, LVP flooring, appliances, parking lot and more. The property also features PVC sewer lines and copper wiring offering peace of mind and low maintenance costs moving forward.
The property is situated on a 0.5 acre lot in a prime location on Main St, offering excellent visibility and unbeatable convenience for tenants, with everything Brownwood Downtown has to offer just a short walk away. It's a 5 minute walk to the Howard Payne University campus and 7 min min drive to Hendrick Medical Center.
All units have identical layout - 2 bed 1 bath and 720 sqft - perfect size for single, retiree, or small family. Each unit features a full appliance package including dishwashers as well as washer-dryer hookups. Utilities are separately metered and paid by tenants resulting in higher NOI and easier management.
The property is 100% occupied with a waitlist of tenants and has shown strong rent growth and occupancy due to fantastic location and comfortable units that feel like more like homes vs traditional apartments.
The Brownwood Cottages offer significant upside potential for investors, supported by the award-winning Brownwood downtown revitalization efforts and the spillover economic growth driven by major data-center development in Abilene, just an hour away.
Last but not least, enjoy the effective property tax rate of 0.6% with ultra-low tax appraised value.
Location
State TX
County Brown
Direction Drive on Main St turn, find 401 Main st, go around the building to turn into the parking lot
Interior
Interior Features Open Floorplan
Heating Central
Cooling Central Air
Flooring Luxury Vinyl Plank
Fireplaces Type None
Appliance Built-in Refrigerator, Dishwasher, Electric Cooktop, Electric Oven
Heat Source Central
Exterior
Utilities Available City Sewer, City Water, Electricity Connected
Roof Type Composition
Garage No
Building
Story One
Foundation Other
Level or Stories One
Structure Type Frame,Siding
Schools
Elementary Schools Coggin
Middle Schools Brownwood
High Schools Brownwood
School District Brownwood Isd
Others
Acceptable Financing Cash, Conventional, FHA, FMHA
Listing Terms Cash, Conventional, FHA, FMHA
Virtual Tour https://www.propertypanorama.com/instaview/ntreis/21129647
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