320 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,348 SF
Current Use by Public Records
- Apartment buildings
Property Details for 320 Albatross Ave
- Year built
- 2013
- Property size
- 3,348 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
This exceptional investment opportunity presents a fully leased four-unit apartment building located at 320 W Albatross Avenue, Pharr, Texas, 78577. The property, built in 2013, consists of two single-story buildings totaling 3,348 square feet on an 11,603.95 square foot lot. The property features four two-bedroom, two-bathroom units, each equipped with a refrigerator and stove, and washer/dryer connections. The units boast spacious rooms, decorative ceilings, and patio areas. Currently operating at 100% occupancy (as of July 8, 2024), the property generates a Net Operating Income (NOI) of $29,427, representing a 7.36% cap rate. Pro-forma NOI is projected at $36,627, resulting in a 9.16% pro-forma cap rate. The asking price is $400,000, or $100,000 per unit, and the property includes eight parking spaces. The property is classified as a Class B, stabilized multifamily investment, with a permitted multifamily zoning designation (APN: P9257-00-000-0011-00). This is a corporate-owned property, free and clear of any ground lease. The property's prime location in Pharr, Hidalgo County, offers significant potential for strong rental income and future appreciation.
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
- -98.1983
- Latitude
- 26.1327
