1317 11 St, Wichita Falls, TX 76301
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1317 11th Street - Multifamily Investment Opportunity Wichita Falls, TX -Executive Summary- This is a rare opportunity to acquire a 13-unit multifamily property in Wichita Falls, TX, with tremendous value-add potential due to recent fire damage in one of the two buildings. The property is currently listed on the MLS through a local agent, but seller is open to investor offers. There was an initial offer from a local developer who remains interested, but a firm contract has not been signed. You now have the chance to step in and create your own opportunity. -Property Overview- Address: 1317 11th St, Wichita Falls, TX Units: 13 total - Building 1: 11 units (damaged) - Building 2: 2 units (intact with newer roof and hot water tank) Occupancy Prior to Fire: 9-10 units average -Fire Damage Summary- In October 2024, a fire damaged one front unit in Building 1, with minor smoke damage to two others. Then in February 2025, a second fire caused damage to 3-4 more units due to unauthorized entry during extreme cold. Building 1 (11 units total) is the structure impacted by both fires. Building 2 remains intact and rentable with minimal TLC. If Building 1 were to be demolished, approximately $4,000-$5,000 would be needed to separate utilities for Building 2, which could continue as a 2-unit rental collecting approximately $1,300/month. -Financial Summary (T12 Thru Oct 2024)- - Total Income (10 months): $54,900 - Total Expenses: $83,456.83 - Repairs: $12,194.10 - Supplies: $7,695.62 - Utilities: $24,898.30 - Insurance: $7,247.88 - Mortgage Interest: $7,126.49 - Management & Legal: $6,230.00 - Cleaning/Maintenance: $4,596.02 - Taxes: $3,359.74 Note: Repairs and utilities were abnormally high due to extensive 2024 upgrades (crawl space plumbing, gas lines, pipe replacements). All permitted by the City. -Rent Roll - September 2024- - Total Collected Rent: $5,850.00 - Occupied Units: 9 out of 13 - Vacant Units: Apt 1, 1B, 9, 10 - Average Rent (occupied): ~$650 - Rent notices were sent in Nov 2024 for rent increases due to rising utilities -Additional Notes- - Both buildings have permitted hot water tanks through the City. - City permits were also obtained for plumbing and gas upgrades. - Property offers strong upside for value-add investors or developers comfortable with fire damage rehab. -Contact- For more details, access, or to submit an offer, please contact: Melissa McCray (Realtor) Paramount Real Estate Services [email protected] PLEASE TELL HER THAT I SENT YOU: Michael Lewis AML Homes LLC 817-210-8109 | [email protected] Buyer must sign NDA before full packet is released. Buyer introduction and fee agreement required.