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501 NW 6th Street Mineral Wells, TX 76067
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Wiggins Add
MLS Listing ID 20009036
Sold Date 04/08/22
Bedrooms 15
Full Baths 14
HOA Y/N None
Total Fin. Sqft 8787
Lot Size 0.273 Acres
Acres 0.273
Property Description
Value add investment opportunity! 7 units; six 2 bed 2 bath, one is 3 bed 2 bath, walking distance to The Baker & Crazy Hotels. With the plans for Mineral Wells to be the Branson of TX this could be a short term rental cash cow! 4 units have all new plumbing, electric, flooring, kitchens, baths, everything new. All 7 have new windows. HVAC's have been serviced & all in good working order. Separate meters. 2 of the units are leased @ $1200 a month. This price is if sold as is with 2 units complete, 2 just need knock out items & appliances to have $5000 coming in while completing. 3 of the units are gutted and ready for your ideas! Most of the finish out materials are there for the other 3 units. They are U shape with what could be a really cool courtyard. We are planning for $8600 in rents for long term and more for short term. If you were all in at $900k with your mortgage that is over $3500 a month net profit, 8.6% cap and 11.24% cash on cash return. MLS map takes you to 501 NE 6th.
Location
State TX
County Palo Pinto
Direction GPS
Interior
Interior Features Cable TV Available, Decorative Lighting, Paneling
Heating Central, Natural Gas
Cooling Central Air, Electric
Appliance Dishwasher, Electric Range, Plumbed for Ice Maker, Refrigerator
Heat Source Central, Natural Gas
Exterior
Utilities Available City Sewer, City Water
Roof Type Composition
Total Parking Spaces 14
Garage No
Building
Story One
Foundation Pillar/Post/Pier
Structure Type Brick,Siding
Schools
School District Mineral Wells Isd
Others
Ownership Gorilla Capital Partners
Financing Private
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Bought with Michele Waters • Keller Williams Realty DPR