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The Thomas Apartments 600 E Crockett St 24 Unit Apartment Building $2,615,328 CAD ($108,972 CAD/Unit) 7.53% Cap Rate Beeville, TX 78102
Investment Highlights
- Value Add at $80k/door
- Supply Constrained
- 7.53% Cap Rate (proforma)
- Recession resistant tenant base
Executive Summary
Presenting The Thomas Apartments: A rare 24-unit value-add play in Beeville offered at an attractive $80,000/door at a 7.53% CAP Rate (proforma). Twenty-four large 2-bed/1-bath units at 990 sf, in 6 separate two-story buildings with durable metal roofs and separately metered power on just under 2 acres of land. Washer and dryer connections in each unit. Beeville's tenant base is anchored by recession-resistant employers: TDCJ McConnell Unit (~540 staff), Coastal Bend College, Beeville ISD, and Eagle
Ford energy. With effectively no new multifamily supply in the pipeline, the rent gap closes on its own merits. In-place rents average $873 against $950 market, and 46% of units are already leased at $900, proving the rent lift is real, not aspirational. Bring the bottom of the rent roll up and stabilize from 80% occupancy, and the value-add play is self-executing.
Ford energy. With effectively no new multifamily supply in the pipeline, the rent gap closes on its own merits. In-place rents average $873 against $950 market, and 46% of units are already leased at $900, proving the rent lift is real, not aspirational. Bring the bottom of the rent roll up and stabilize from 80% occupancy, and the value-add play is self-executing.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$372,684
|
$4.39
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$18,634
|
$0.22
|
| Effective Gross Income |
$354,050
|
$4.17
|
| Taxes |
$51,090
|
$0.60
|
| Operating Expenses |
$106,121
|
$1.25
|
| Total Expenses |
$157,211
|
$1.85
|
| Net Operating Income |
$196,839
|
$2.32
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $372,684 |
| Annual Per SF | $4.39 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $18,634 |
| Annual Per SF | $0.22 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $354,050 |
| Annual Per SF | $4.17 |
| Taxes (CAD) | |
|---|---|
| Annual | $51,090 |
| Annual Per SF | $0.60 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $106,121 |
| Annual Per SF | $1.25 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $157,211 |
| Annual Per SF | $1.85 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $196,839 |
| Annual Per SF | $2.32 |
Property Facts
| Price | $2,615,328 CAD | Apartment Style | Garden |
| Price Per Unit | $108,972 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.94 AC |
| Cap Rate | 7.53% | Building Size | 23,760 SF |
| No. Units | 24 | Average Occupancy | 79% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1980 |
| Zoning | -Multi family | ||
| Price | $2,615,328 CAD |
| Price Per Unit | $108,972 CAD |
| Sale Type | Investment |
| Cap Rate | 7.53% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.94 AC |
| Building Size | 23,760 SF |
| Average Occupancy | 79% |
| No. Stories | 2 |
| Year Built | 1980 |
| Zoning | -Multi family |
Amenities
Unit Amenities
- Washer/Dryer Hookup
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | $1,260 CAD | 990 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 20190 | Total Assessment | $2,307,007 CAD (2025) |
| Land Assessment | $159,944 CAD (2025) | Annual Taxes | $51,090 CAD ($2.15 CAD/SF) |
| Improvements Assessment | $2,147,063 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
20190
Land Assessment
$159,944 CAD (2025)
Improvements Assessment
$2,147,063 CAD (2025)
Total Assessment
$2,307,007 CAD (2025)
Annual Taxes
$51,090 CAD ($2.15 CAD/SF)
Tax Year
2026
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The Thomas Apartments | 600 E Crockett St
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