Mandalay Apartments

Irving 38-Units
38 Unit | High Yield Value-Add Asset
Price Guidance: $4,500,000 ($118,421 / Unit)

This is an exclusive off-market opportunity to acquire a high yield workforce housing asset in the high growth and supply constrained South Irving submarket.

Mandalay is a 38-unit community built in 1962.  It's well located just off Irving Blvd at 821 East 6th Street, Irving, 75060, across from the middle school Irving ISD Football Stadium. It's comprised of 28 2- BR and 10- 1BR that average 692 SF/unit and operates as an All-Bills paid community. Most of the unit's kitchens are standard and can be updated to bump $100 rent. We had $1599 rent in 2023/2024 for 2 beds and $1299 for 1 currently renting for $1499 and $1249. As the market gets better rents will return to the 2023/24 market without any additional update.

MEP and CAPEX

1. Plumbing - 90% plus PVC (based on our findings)
2. Electrical - All copper and GE breaker boxes
3. Remodeling - 90% units have standard partial upgrade - 90% bathroom has new plumbing and tiles surround, all living and bedrooms have ceiling fans. All new windows (prior owner).
4. HVAC- New 60ton LG chiller ( heat and cool) replaced the 40ton in 2024. Also, boiler and hot water heaters are less then 7 yrs old.5) roof - 30 yrs roof, good condition and less than 5 years old.
5. $300k plus on unit update (new flooring and bathroom, all new outlets and switches)
6. $175k on new chiller and electrical 
7. $15k plus in new air handles and thermostats (converted from 240v to 120v)
8. $10k air condition laundry room
9. $10k air condition office, bathroom and storage 

ADDITIONAL UPDATES

• Newly added air conditioned laundry room with controlled access 
• Newlly added office with bathroom and storage area
• Two large storage sheds on site
• Work in progress- Updating landscape and grill area plus some concrete- estimated cost $20k

Available