206-320 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 38,304 SF
- 3.55 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 206-320 Albatross Ave
- Year built
- 2013
- Lot size
- 3.55 lot acres
- Property size
- 38,304 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
This exceptional investment opportunity presents a portfolio of thirteen single-story, fully-leased fourplex apartment buildings totaling 60 units, situated on a 3.551-acre lot in Pharr, Texas. Built in 2013, these Class B properties boast 38,304 square feet of building space and 56,376 square feet of net rentable area. The portfolio currently enjoys 100% occupancy (as of August 1, 2024), generating a Net Operating Income (NOI) of $460,180, with a pro-forma NOI of $525,064. This translates to a current cap rate of 8.85% and a pro-forma cap rate of 10.10%. The asking price is $5,200,000, representing a price per unit of $86,667 and a price per square foot of $135.76. The property features 104 parking spaces (approximately 1.73 per unit) and is zoned for multi-family use. Conveniently located near major highways, shopping centers, schools, parks, and dining options, this stabilized investment offers immediate cash flow and significant potential for appreciation in a rapidly growing market. The property is owned by a corporation and has multiple APNs. This is a rare opportunity to acquire a substantial, high-performing multifamily portfolio in a thriving Texas market.
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
- -98.1964
- Latitude
- 26.1324
