220 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,888 SF
Current Use by Public Records
- Apartment buildings
Property Details for 220 Albatross Ave
- Year built
- 2013
- Property size
- 3,888 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
This exceptional investment opportunity presents a fully leased, four-unit apartment complex located at 220 W Albatross Avenue, Pharr, Texas, 78577. The property, built in 2013, consists of two, one-story buildings totaling 3,888 square feet on an 11,908.86 square foot lot. The property features four units, a mix of two and three-bedroom apartments, each equipped with a refrigerator, stove, and washer/dryer connections. The complex boasts 100% occupancy as of July 6, 2024, generating a current NOI of $31,894 and a pro-forma NOI of $35,194, resulting in a current cap rate of 7.97% and a pro-forma cap rate of 8.80%. The asking price is $400,000, or $100,000 per unit, with a price per square foot of $102.88. The property is classified as a Class B, stabilized multifamily investment, with eight parking spaces and permitted multi-family zoning. The property is free and clear of any ground lease and is held under corporate ownership. The Hidalgo County APN is P9257-00-000-0007-00. This well-maintained property offers spacious rooms, decorative ceilings, and patio areas, making it highly desirable in the Pharr rental market. This is an ideal addition to any investment portfolio.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pharr
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.1973
- Latitude
- 26.1325
