This property is a 5 Unit Apartment Complex in a great part of Leonard Texas. This property is an investor special! The projected after repair value per a formal appraisal conducted in May of 2022, is $420,000. This property is fire damaged and will need significant remodel work. Unit Mix: 3 Units are 1 bed-1bath units at 500sqft each with an average rental rate per comps of $744 per unit as of May 2022. 2 Units are 2 bed-1 bath at 600sqft each with an average rental rate per comps at $908 per unit as of May 2022. The total net rentable area of this complex is 2700sqft. This is a great equity and cashflow opportunity for the investor that wants to take on a large project. Schedule your viewing today!
All lots are currently zoned SF2, Single Family 2. If the structure gets torn down, all future structures will have to meet SF2 requirements. This property is not zoned multi-family. It was built before the city zoned the area SF2, so it was grandfathered in and allowed to stay.