215 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,744 SF
Current Use by Public Records
- Apartment buildings
Property Details for 215 Albatross Ave
- Year built
- 2013
- Property size
- 3,744 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
This exceptional investment opportunity presents a fully leased four-plex apartment building located at 215 W Albatross Avenue, Pharr, Texas, 78577. The property, built in 2013, consists of two single-story buildings totaling 3,744 square feet on an 11,939.79 square foot lot. 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 boast spacious rooms, decorative ceilings, and patio areas. With eight parking spaces and 100% occupancy as of July 8, 2024, the property generates a strong NOI of $32,941, representing an 8.24% cap rate. Pro-forma NOI is projected at $35,941, resulting in an 8.99% pro-forma cap rate. The asking price is $400,000, or $100,000 per unit, and the property is zoned for multifamily use. This stabilized investment, classified as a Class B property, offers a compelling return on investment for both seasoned and new investors. The property is situated in Hidalgo County and has an APN of P9257-00-000-0017-00. The property is not subject to a ground lease and is owned by a corporation. This is a rare opportunity to acquire a high-demand rental property in a thriving location. Consider this a strong addition to any 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
- -98.197
- Latitude
- 26.1318
