1610 Broome St Edinburg, TX 78541

Property Details for 1610 Broome St

Year built

2022

Property type

Apartment buildings

Property subtype

Small apartment buildings

Description

This exceptional Class A multifamily investment property, located at 1610 Broome Street in Edinburg, Texas, presents a compelling opportunity for discerning investors. Built in 2022, this property boasts two buildings situated on a spacious 10,877.80 square foot corner lot, offering ample space and privacy. The complex comprises three 3-bedroom, 2-bathroom units, each featuring a refrigerator, stove, and washer/dryer. Units 2 and 3 are currently occupied by quality tenants on month-to-month leases, presenting immediate cash flow. Unit 1 is recently vacated. Market rents in the area range from $1,200 to $1,250 per month for comparable units. No rent increases have been implemented in the past 18 months, indicating potential for immediate revenue growth. The property features six carport stalls, private fenced backyards for each unit, and a gated community for enhanced security. Constructed with high-quality brick/stone veneer, the units are exceptionally well-maintained. The property benefits from four separate water and electric meters, simplifying utility management. Its convenient location provides easy access to the University of Texas Rio Grande Valley (UTRGV) and Interstate Highway 69. The property currently does not allow pets. The asking price is $409,000, offering a compelling 6.70% capitalization rate. This turnkey investment is ready for immediate income generation and long-term appreciation.