112 6th St San Juan, TX 78589-2608
- Apartment buildings
- 3,456 SF
- 0.48 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 112 6th St
- Year built
- 1970
- Lot size
- 0.48 lot acres
- Property size
- 3,456 SF
- Property type
- Apartment buildings
- APN
- S1000-00-034-0002-00
- APU
- S100000034000200
Description
This exceptional investment opportunity presents a 10-unit apartment building in San Juan, Texas, boasting a strong 100% occupancy rate as of August 11, 2024. The property, located at 112 E 6th Street, comprises nine spacious one-bedroom, one-bathroom apartments and one two-bedroom, one-bathroom apartment, some partially furnished. Situated on a substantial 20,999.84 square foot lot, the single-story building totals 5,824 square feet and was constructed in 1970. The property benefits from a prime location, just one mile from Expressway 83/Highway 2 and the Basilica, offering convenient access to shopping, dining, and the new city offices, located just half a block away. The current Net Operating Income (NOI) stands at $50,000, yielding an impressive 11.11% cap rate. Pro-forma NOI is projected at $47,800, resulting in a 10.62% pro-forma cap rate. The asking price is $450,000, translating to $45,000 per unit and $77.27 per square foot. The property is zoned R-2. This multifamily investment offers significant potential for strong returns in a desirable Texas location. The property's current high occupancy rate and convenient location make it an attractive proposition for investors seeking a stable and profitable investment.
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
- San Juan
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.1549
- Latitude
- 26.1881
- CBSA code
- 32580
- CBSA name
- MCALLEN-EDINBURG-MISSION, TX METROPOLITAN STATISTICAL AREA
