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Brighton Court Apartments & Storage for
Sale
1550 Bell Street
Amarillo, TX 79106
County: Potter
168 Units
121,116 sq ft
95% Occupied
Price: Not Disclosed
Cap Rate: 8.24%
Year Built: 1983
The buildings
are three story brick and very low maintenance.
There are two heated pools and a new Jacuzzi hot tub
as well as barbeque areas. The units are nice size
with all appliances. The laundry rooms on site are
owner run with newer equipment. Several units have
been upgraded and will result in significant rental
increases. Combined with the storage units this
property is an excellent value with increasing
collections over the next few years.
In addition to the apartment complex there is a 116
unit storage complex. The storage units are gated
and include a full variety of sizes. The rents are
very competitive and offer excellent upside.
Brighton Court is well located in a busy and growing
area of Amarillo. There is excellent access to I-40.
The population of Amarillo and vicinity is
approximately 400,000. Major business employers
include Pantex, Bell Helicopter, Levi Straus, Santa
Fe Railway, and ASARCO.
Financial Summary Proforma
Year: 2008
Scheduled Gross Income: $1,093,102
Effective Gross Income: $980,180
Operating Expenses: $457,156
Net Operating Income: $523,024
Unit Mix Information
Studio
No. Units: 4
SF: 429
Avg. Mo. Rent: $400
1 bed 1 bath
No. Units: 30
SF: 629
Avg. Mo. Rent: $423
1 bed 1 bath
No. Units: 86
SF: 675
Avg. Mo. Rent: $438
2 bed 2 bath
No. Units: 48
SF: 885
Avg. Mo. Rent: $561
Debt & Equity Information
Debt Type: Existing
Loan Amount: $4,400,000
Interest Rate: 5.82%
Amortized Over: 30
Due In: 9
Annual Debt Service: $256,344
Down Payment: $2,000,000
Loan Description: The loan is
interest only for the first five years and
then amortized over 30 years for the next
five. It can be assumed three time at 1%.
There are no escrows for taxes or insurance.
call Marc Harvey at (720)
482-1331 Ext: 15
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Comment
Dear
Richard,
Thank You very much for your help on the
financing. The rate turns out to be better than
expected...
Joe D.
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