Multi-Family•Low-Rise/Garden•For Sale

Cedar Ridge Apartments

4301 SW 51st Ave., Amarillo, Texas 79109

Sale Price $4,995,000
Sale Type Investment
Class C
Year Built 1975
Stories 3
Gross Bldg 83,412 SqFt
Land Area 2.87 Acres
Project Size 112
Market Amarillo
Cedar Ridge Apartments is a 112 unit apartment community located in Amarillo, TX. It's currently an all bills paid property and the new owner could add value to the property several ways: increasing rents to market, reducing collection losses, and getting tenants to pay utilities by implementing RUBs. Cedar Ridge Apartments are located in Amarillo, Texas by Interstate 27 and Western Avenue. Amarillo has a population of approximately 205,000 people and has a low unemployment rate of 3.3%. It is located in the Texas Panhandle along Interstate 40 about halfway between Oklahoma City and Albuquerque.
  • Opportunity to raise rents to market - rents are currently 10% under market
  • Opportunity to increase economic occupancy
  • Get Tenants to pay their own electric like competing properties
  • Currently All Bills Paid so new owner could allocate water, sewer, trash
  • Get rent premiums on upgraded units
4/17/2019 2:33:16 PM 8/14/2019 1:46:12 PM

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