801 Missouri St Alton, TX 78573
- Apartment buildings
- 11,280 SF
Current Use by Public Records
- Apartment buildings
Property Details for 801 Missouri St
- Year built
- 2022
- Property size
- 11,280 SF
- Property type
- Apartment buildings
Description
This exceptional 16-unit Class A apartment building presents a compelling investment opportunity in Alton, Texas. Built in 2022 and renovated in 2023, this property boasts 11,280 square feet of net rentable space, offering 16 one-bedroom, one-bathroom units, each with an in-unit laundry room and appliances (refrigerator, stove, microwave). Currently operating at a 90% occupancy rate (projected 100% by September 1, 2024), the property generates a strong pro-forma NOI of $102,100, resulting in a 7.35% pro-forma cap rate. The asking price is $1,390,000, or $86,875 per unit, and the price per square foot is $123.23. Located at 801 S Missouri St, Alton, TX 78573, this fee-simple property benefits from its convenient location near essential amenities such as H-E-B and Junior's supermarket. Individual electric meters are installed for each unit. An attractive feature is the availability of an assumable note at a 6% interest rate. The property is zoned RS and consists of three, two-story buildings. This stabilized investment offers a streamlined transition of ownership, making it an ideal addition to any portfolio. Proof of funds is required for showings. This is a 1031 exchange eligible property.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Alton
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.3298
- Latitude
- 26.2817
