301-303 Palm Dr Pharr, TX 78577
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 301-303 Palm Dr
- Year built
- 1986
- Property type
- Apartment buildings
Description
This exceptional 20-unit apartment complex, situated on a 31,852.81 sq ft lot in Pharr, Texas, presents a compelling investment opportunity. The property comprises two, two-story buildings constructed in 1986, offering a mix of unit sizes: four 875 sq ft units and sixteen 750 sq ft units. Each unit includes one parking space. Currently boasting 100% occupancy, the property generates a strong NOI of $92,706, representing a 5.79% cap rate. Pro-forma projections indicate a significant increase in NOI to $140,657 and an 8.79% cap rate. Recent renovations include new roofing, air conditioning units, interior drywall, and kitchen appliances. Located in a rapidly growing area with a low cost of living, strong employment opportunities, and proximity to major healthcare facilities and the Pharr International Port of Entry, this property offers substantial potential for appreciation and cash flow. The asking price is $1,600,000, or $80,000 per unit. Tenants pay for electricity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pharr
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.1978
- Latitude
- 26.194
