221 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,744 SF
Current Use by Public Records
- Apartment buildings
Property Details for 221 Albatross Ave
- Year built
- 2013
- Property size
- 3,744 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
Exceptional investment opportunity: This fully leased four-plex apartment building in Pharr, Texas, presents a compelling opportunity for investors seeking strong returns. Located at 221 W Albatross Avenue, this property boasts a total of 3,744 square feet across two one-story buildings, built in 2013. The property features four units, a mix of two and three-bedroom apartments, each equipped with a refrigerator and stove, and washer/dryer connections. The units are highly desirable, offering spacious rooms, decorative ceilings, and patio areas. With eight parking spaces and situated on an 11,935 square foot lot, the property enjoys a 100% occupancy rate as of July 8, 2024, generating a current NOI of $32,461 and a pro-forma NOI of $35,941. This translates to a current cap rate of 8.12% and a pro-forma cap rate of 8.99%. The asking price is $400,000, or $100,000 per unit, representing a price per square foot of $106.84. The property is zoned for multifamily use and is classified as a Class B stabilized investment. The property is not subject to a ground lease and is held under corporate ownership. The Hidalgo County APN is P9257-00-000-0016-00. This is a turnkey investment ready to generate immediate income. Consider this a rare opportunity to acquire a high-demand, well-maintained property in a thriving 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
- -98.1973
- Latitude
- 26.1318
