Pecan & Villa Apartments | 1113 S Betty Ave & 1500 S Calvin Ave Monahans, TX 79756

1113 S Betty Ave, Monahans, TX 79756

  • For Sale $8,000,000
  • Property Type Multi-Family
  • Property Size 71,742 SF
  • Units 130
  • Lot Size 111,300 Acre
  • Additional Rent Contact for pricing
  • Year Built 1984
  • Date Updated Oct 24, 2024
The city of Monahans is located south of Lubbock and is directly off of Interstate-20 which runs from the Dallas-Fort Worth metroplex through Abilene, Midland, and Odessa before reaching El Paso, TX. About a 40-minute drive from Odessa, Monahans itself is known as the "Center of the Permian Basin." The Permian Basin is responsible for more than 60% of Texas' oil production and it is home to 16% of the U.S. oil reserves. Outside of mining, other top industries include healthcare, transportation/warehousing, food services/sales and more. The median household income in Monahans is $65,438.The 130-units of the Pecan & Villa Apartments are comprised of two communities that are operated together as one. The 80-units at the Pecan Apartments were built in 1984 while the 50-units at the Villa Apartments were built in 1972. The properties consist of 1-3 bedroom floorplans, two on-site laundry rooms, one leasing office and two shimmering pools. Since taking ownership back in 2013, the current owners have updated all of the interior units and roofs to highlight some of the substantial capex completed. The property's high occupancy speaks to the basic economics of the limited supply of this product type compared to the high demand for workforce housing within the market. The city of Monahans is located south of Lubbock and is directly off of Interstate-20 which runs from the Dallas-Fort Worth metroplex through Abilene, Midland, and Odessa before reaching El Paso, TX. About a 40-minute drive from Odessa, Monahans itself is known as the "Center of the Permian Basin." The Permian Basin is responsible for more than 60% of Texas' oil production and it is home to 16% of the U.S. oil reserves. Outside of mining, other top industries include healthcare, transportation/warehousing, food services/sales and more. The median household income in Monahans is $65,438.

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Highlights

  • - High rental demand with low competing supply
  • - Central location within Monahans
  • - Directly off Interstate-20
  • Performance Metrics:
  • - $1,160,000 Collected Gross Income (T12)
  • - 13.5% Projected Year 1 Cash on Cash Return
  • - 25.3% Projected 5 Year Levered IRR

Contacts

broker

Greg Brownd

The Go-Getters Multifamily with KW Commercial

Location

Getting Around

  • Walk Score ®

    69/100 Somewhat Walkable
  • Bike Score ®

    46/100 Somewhat Bikeable
Powered by Walk Score ®
  • City Monahans, TX
  • Zip Code 79756

Points of Interest

  • Texaco

    6.37 miles

  • Shell

    6.43 miles

  • Hawthorn Suites by Wyndham Monahans

    0.30 miles

  • Candlewood Suites Monahans

    0.43 miles

  • Holiday Inn Express & Suites Monahans I-20

    0.43 miles

  • Microtel Inn and Suites by Wyndham Monahans

    0.55 miles

  • Best Western Plus Monahans Inn & Suites

    0.63 miles

  • Americas Best Value Inn

    0.69 miles

  • Comfort Inn & Suites

    0.71 miles

  • Texan Inn

    0.72 miles

  • Silver Spur Motel

    0.84 miles

  • La Quinta Inn & Suites by Wyndham Monahans

    1.19 miles

  • Howard's Drive Inn

    0.47 miles

  • Bennigan's

    0.51 miles

  • Subway

    6.37 miles

  • Monahans High School

    0.28 miles

  • Monahans Jr High School

    0.29 miles

  • Monahans Education Center

    0.29 miles

  • Walker Junior High School

    0.30 miles

  • Tatom Elementary School

    0.44 miles

  • Browne School

    0.45 miles

  • Edwards Elementary School

    0.51 miles

  • Tatum School

    0.54 miles

  • Edwards School

    0.56 miles

  • Sudderth Elementary School

    1.20 miles

Frequently Asked Questions

How much does Pecan & Villa Apartments | 1113 S Betty Ave & 1500 S Calvin Ave Monahans, TX 79756 cost?

The space currently listed for sale at Pecan & Villa Apartments | 1113 S Betty Ave & 1500 S Calvin Ave Monahans, TX 79756 asks for $8,000,000.

What is the total square footage of Pecan & Villa Apartments | 1113 S Betty Ave & 1500 S Calvin Ave Monahans, TX 79756?

Pecan & Villa Apartments | 1113 S Betty Ave & 1500 S Calvin Ave Monahans, TX 79756 totals 71,742 square feet.

When was this property built?

Pecan & Villa Apartments | 1113 S Betty Ave & 1500 S Calvin Ave Monahans, TX 79756 was built in 1984.

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Contact Listing Broker

broker

Greg Brownd

The Go-Getters Multifamily with KW Commercial