401 Main St 10 Unit Apartment Building $1,311,993 CAD ($131,199 CAD/Unit) 8.38% Cap Rate Brownwood, TX 76801

** 100% occupied cash-flowing property on Main St! Turnkey, updated and very easy to manage **
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.
Potential value add opportunities for investors include:
- bring rents to market ($850/unit)
- convert units to short- or mid-term rentals (average daily rate in the area exceeds $200/day with strong demand from university and hospital related travel)
- rezone to commercial office or retail (subject to city approval)
- strategic assemblage of adjacent city-owned parcels (presently vacant) to control the entire block and develop more units