307 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,888 SF
Current Use by Public Records
- Apartment buildings
Property Details for 307 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-plex apartment building in Pharr, Texas, is available for purchase at $400,000. This stabilized property boasts a 7.87% cap rate and a pro-forma cap rate of 8.95%, promising strong returns. The property comprises two one-story buildings, totaling 3,888 square feet on an 11,935 square foot lot. Built in 2013, the property features four units – a mix of two and three-bedroom apartments – each equipped with a refrigerator, stove, and washer/dryer connections. The property also includes eight parking spaces and two pads. Currently operating at 100% occupancy (as of July 8, 2024), the property generates a net operating income (NOI) of $31,470, with a pro-forma NOI of $35,790. The property is zoned for multifamily use and is offered at $100,000 per unit. This is a Class B property with a price per square foot of $102.88. The property is located at 307 W Albatross Avenue, Pharr, TX 78577, in Hidalgo County. The APN is P9257-00-000-0014-00. This is a corporate ownership and is not subject to a ground lease. This represents a rare opportunity to acquire a high-demand, well-maintained rental property in a thriving market.
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
- -98.1979
- Latitude
- 26.1321
