All Agents Welcome Call for Offers December 18th 2024.
Magnolia Flats, located at 3102 Hillcrest Drive presents the opportunity for investors to stake a claim in the flourishing Balcones Heights area. The seven-building community comprises 54 multifamily units and 47 storage units for rent, boasting an impressive occupancy rate of 96% as of April 2024. Magnolia Flats is situated on 1.57 acres with 73 parking spaces, 29 of which are assigned covered parking spots.

Interior upgrades include laminate wood flooring, gas stoves, dishwashers, brushed nickel fixtures, and generous walk-in closets. The quality of the living spaces continues outside the units with best-in-market amenities, including an on-site leasing office, a sparkling pool, barbecue grills, picnic tables, a playground, a pet park, package lockers, and an on-site laundry facility. Magnolia Flats was built in 1963 and underwent a significant renovation in 2022 but there is ample upside potential in rents and value-add opportunities through simple upgrades.

Magnolia Flats is perfectly positioned to cater to demand drivers. Professionals prefer to live in this area as major employment centers are nearby, such as Methodist Hospital, South Texas Medical Center, St. Mary’s University, Humana, and the USAA Headquarters, all of which are located within about 4 miles of the community. Commuters will have easy access to employers further out as well since two of the market’s most important arteries, interstates 10 and 410, cross about a mile away.