3501 Inspiration Rd Mission, TX 78573
- Small apartment buildings
- 3,520 SF
Current Use by Public Records
- Tortillas de Harina Las Mexicanas / Mexican Restaurant
Property Details for 3501 Inspiration Rd
- Year built
- 2002
- Property size
- 3,520 SF
- Property type
- Small apartment buildings
Description
This well-maintained, one-story, four-unit apartment building presents a compelling investment opportunity in Mission, Texas. Built in 2002 and extensively renovated in 2024, the property boasts 3,520 square feet on a 12,144.96 square foot lot. Currently generating a $21,840 annual NOI, with a 6.54% cap rate, pro forma projections indicate a significant increase to $26,520 NOI and a 7.94% cap rate. The asking price is $334,000, translating to $83,500 per unit and $94.89 per square foot. Three units currently rent for $700 per month, and one unit rents for $850 per month. Post-renovation, market rents are projected at $850 per unit, significantly increasing the property's income potential. The property's convenient location across from a park and laundromat, coupled with its proximity to local amenities, schools, and public transportation, ensures strong tenant demand. This turnkey investment is ideal for investors seeking reliable returns and significant appreciation potential. The property is classified as a Class B multifamily building.
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
- Mission
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.344317013147
- Latitude
- 26.250900895186
