429 Johnson StLongview, TX 75602

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.

Property Information

Property type

Commercial Sale

Year built

1974

Lot size

1.03 acres

Lot dimensions

1.03 Acres

Days on market

45

MLS^® Listing#

26011262

Property Features

Heating

Central

Fencing

Fenced

Lot features

City Lot

Construction

Brick

Security

Fire Sprinkler System

Other structures

Residence

Utilities

Natural Gas Not Available

Sewer

Public Sewer

Water source

Public

Directions

From Tyler, take I-20 E to Longview. Take exit 595B to onto Estes Parkway. Turn right onto Old Elderville Rd. Turn left onto Johnson St follow the curve. Property is on your lefthand side.