314 Albatross Ave Pharr, TX 78577
- Apartment buildings
- 3,888 SF
Current Use by Public Records
- Apartment buildings
Property Details for 314 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 in Pharr, Texas. The property, located at 314 W Albatross Avenue, boasts a total of 3,888 square feet across two one-story buildings on an 11,921.94 square foot lot. Built in 2013, this Class B multifamily property features four two-bedroom, two-bathroom units, each equipped with a refrigerator, stove, and washer/dryer connections. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $27,924, resulting in a 6.98% cap rate. A pro-forma NOI of $35,784 projects an 8.95% cap rate. The asking price is $400,000, translating to $100,000 per unit and $102.88 per square foot. The property includes eight parking spaces and two additional pads. The permitted zoning is multifamily, and the property is free of ground leases. This stabilized investment offers a compelling return, making it an attractive addition to any portfolio. The property's prime location in Pharr, Texas, ensures high demand and strong rental income. Each unit features spacious rooms, decorative ceilings, and a patio area. This well-maintained property is ready for immediate income generation. The corporate ownership structure ensures a streamlined transaction. This is a rare opportunity to acquire a high-quality, fully leased multifamily property in a thriving Texas 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
- -98.198
- Latitude
- 26.1326
