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

Residential Income

Sub-type

Apartment

Year built

1974

Building area

24 Sq Ft

Lot size

1.03 acres

Parking spaces

30

Days on market

45

MLS^® Listing#

21358849

Property Features

Interior

Open Floorplan

Appliances

Other

Cooling

Ceiling Fan(s) · Central Air · Electric

Heating

Central · Electric

Flooring

Vinyl

Parking

Off Street · Parking Lot

Fencing

Fenced

Lot features

Level

Construction

Brick

Foundation

Slab

Roof

Composition

Security

Fire Sprinkler System

Utilities

Electricity Available

Sewer

Public Sewer

Water source

Public

Parcel number

60800000110010002

Schools

Elementary

Bramlette

Middle

Forrest Park

High

Longview

District

Longview ISD

Directions

From Dallas, take I-20 East to Longview. Take Exit 595B for Loop 281 (Estes Parkway) into Longview. Merge onto Loop 281 North and continue straight. Turn onto Bronco St, then turn onto Johnson St. Property is on your lefthand side.