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Listed by Kayla Riggs • Keller Williams Realty-Tyler
$1,150,000
Est. payment /mo
Active
429 Johnson St Longview, TX 75602
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Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type for sale
Subdivision Tx
MLS Listing ID 20265788
Year Built 1974
Property Sub-Type Apartment
Property Description
Exceptional opportunity to own a well-maintained, income-producing 24-unit apartment complex in a highly convenient South Longview location, just minutes from LeTourneau University, I-20, shopping, dining, and major employers. The property features an attractive unit mix of eight 2-bedroom/1-bath units and sixteen 1-bedroom/1-bath units, appealing to a broad tenant base. Twenty-three of the 24 units have been renovated, allowing a new owner to step into an improved asset with minimal remaining work. Occupancy is a major strength, with the property historically operating at or near 100% occupancy and vacancy not typically being an issue. The complex currently generates more than $59,000 in annual profit, with additional upside potential from the recent renovations and continued operational improvements. Electricity is individually metered, with tenants responsible for their own electric service. Residents also pay $70 per month plus RUBS (Ratio Utility Billing System) toward shared utilities such as water and trash, helping keep operating expenses predictable and controlled. An on-site, pay-per-use laundry facility provides an additional income stream. The laundry building also includes bonus space on the opposite side that could be used as an on-site office, additional storage, or potentially converted into a future amenity such as a small community gym, resident lounge, or flex space. Additional highlights include ample on-site parking and two roofs that have already been replaced, reducing near-term capital expenditure concerns. With 23 renovated units, strong occupancy, multiple income streams, investor-friendly utility structures, and additional value-add potential, this South Longview multifamily asset offers an attractive combination of stability, cash flow, and long-term growth potential.
Location
State TX
County Gregg
Area Lgv Isd 113
Direction From downtown, head south on North Center Street toward East Methvin Street, then turn left onto East Methvin Street. Turn right onto South Green Street, following it as it curves and becomes Johnson Street. Property is on righthand side.
Exterior
Utilities Available City Water, City Sewer, City Electric
Roof Type Flat Roof,Pitched Roof
Building
Story 2
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