Cove Townhomes

DeSoto TX

Offering Memorandum

Overview

Price Market
Address 514 E Belt Line, DeSoto
# Units 14
Rentable SF 16,240 SF
Year Built 1983

Cove Townhomes is a renovated, 14-unit apartment community located in the South Dallas County submarket of DeSoto, TX. Built in 1983 and situated on 0.87 acres, the property consists of 2, two-story buildings with brick siding and pitched composition shingle roofs. Cove Townhomes offers spacious and updated two-bedroom floor plans measuring 1,160 square feet each. Amenities may vary by unit and include all-electric kitchens, hardwood-style flooring, a gated backyard area, and washer and dryer connections. On-site parking is provided. Residents enjoy the property’s centralized location with easy access to Interstate 35.

Deal Highlights

1980s Value-add Townhomes through continuing with the in-place upgrade program- modern paint, fixtures, flooring, cabinet fronts, backsplashes, counter-top resurface, and appliances

Competing properties achieving an average of$147/unit more with mid-tier amenities ($1,591 vs $1,738/unit)

Opportunity to increase the stabilized NOI by$9,884 through Other Income strategies by charging for reserved parking, renting W/Ds, and collecting non-refundable pet deposits.

Owner recently completed significant deferred maintenance, including replacing plumbing (toilets and faucets), reducing the water bill by $2,000, and adding new roofs, fencing, awnings, and signage.

Expense saving opportunity by implementing Smart Technology Package

Superior location situated at the corner of E. Beltine Rd and Parks Dr. with over 20,000VPD traveled and frontage to West Middle School