306 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,888 SF
Current Use by Public Records
- Apartment buildings
Property Details for 306 Albatross Ave
- Year built
- 2013
- Property size
- 3,888 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
This exceptional investment opportunity presents a fully leased four-unit apartment building situated at 306 W Albatross Avenue, Pharr, Texas, 78577. The property, built in 2013, consists of two single-story buildings totaling 3,888 square feet on an 11,918 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 current occupancy is 100%, generating a Net Operating Income (NOI) of $30,933, resulting in a 7.73% capitalization rate. A pro-forma NOI of $35,793 projects a higher 8.95% cap rate. The asking price is $400,000, or $100,000 per unit. The property boasts eight parking spaces and is zoned for multifamily use. This stabilized investment offers a strong return and potential for future growth in the thriving Pharr market. The property is free and clear of any ground lease. This is a corporate-owned asset. Each unit includes spacious rooms, decorative ceilings, and a patio area. Consider this a prime opportunity to add a high-demand, well-maintained rental property to your 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
- -98.1978
- Latitude
- 26.1325
