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    420 Martin Luther King Dr Mexia, TX 76667

    For Sale
    $389,900

    Four-unit apartment building with expansion potential.

    Property size:
    5,640 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional investment opportunity presents a 5,640 square foot multifamily property situated on approximately four acres in Mexia, Texas. Built in 2007, the property currently comprises four rental units: two manufactured homes (each 750 square feet), one manufactured home (1,116 square feet), and one manufactured home (1,824 square feet). In addition to the residential units, there is a 480 square foot cabin, a 1,200 square foot metal building, a 400 square foot three-sided metal carport, and a single portable metal carport. All existing manufactured homes were relocated and remodeled. The property offers significant upside potential for increased income through the addition of more manufactured homes or, with county approval, RV camper sites. The ample land provides room for expansion, and the property is currently undergoing a survey to confirm the approximate four-acre lot size. This property is located at 420 Martin Luther King Drive, Mexia, TX 76667. The asking price is $389,900.

    Property Features for 420 Martin Luther King Dr

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,640 SF
    Lot Size
    174,240 SF

    Building Details

    Year Built
    2007

    HighLights

    • High‑traffic location with excellent visibility on a major thoroughfare.
    • Recently renovated interior with modern finishes and updated systems.
    • Functional layout suitable for a variety of commercial uses.
    • Ample on‑site parking available for tenants and customers.
    • Competitive lease terms available, offering flexible options.
    • Strategic location within a thriving commercial district, offering high growth potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Mexia
    County
    Limestone
    State
    Texas
    Longitude
    -96.4925911
    Latitude
    31.6842746

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    FAQs

    What type of property is this?
    Multifamily property - Four-unit apartment building with expansion potential.
    Where is this multifamily property located?
    The property is located at 420 Martin Luther King Dr Mexia, TX.
    What is the asking price?
    The asking price for this property is $389,900.
    What are key features of this property?
    This property features: High-traffic location with excellent visibility on a major thoroughfare.; Recently renovated interior with modern finishes and updated systems.; Functional layout suitable for a variety of commercial uses.
    Request Owner's contact information
    420 Martin Luther King Dr Mexia, TX 76667
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    Mexia, TX 76667
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    420 Martin Luther King Dr Mexia, TX 76667
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