315 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,888 SF
Current Use by Public Records
- Apartment buildings
Property Details for 315 Albatross Ave
- Year built
- 2013
- Property size
- 3,888 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
Exceptional investment opportunity: a fully leased four-unit apartment building in Pharr, Texas. This stabilized Class B property boasts 3,888 square feet of net rentable space, spread across two one-story buildings on an 11,931 square foot lot. Built in 2013, the property features four two-bedroom, two-bathroom units, each with a refrigerator, stove, and washer/dryer connections. The property enjoys 100% occupancy as of July 8, 2024, generating a current NOI of $29,586 and a pro-forma NOI of $32,190, resulting in a 7.40% cap rate and a pro-forma cap rate of 8.05%. The asking price is $400,000, or $100,000 per unit, translating to a price per square foot of $102.88. Additional features include eight parking spaces and two pads. The property is zoned for multi-family use and is located at 315 W Albatross Avenue, Pharr, TX 78577. This is a corporate-owned property with no ground lease. This high-demand property offers spacious rooms, decorative ceilings, and patio areas, making it an attractive option for tenants. Consider this a strong 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
- -98.1974
- Latitude
- 26.1319
