3115 E Diamond Head Ave Mission, TX 78573
- Small apartment buildings
Current Use by Public Records
- Small apartment buildings
Property Details for 3115 E Diamond Head Ave
- Year built
- 2007
- Property type
- Small apartment buildings
Description
This exceptional investment opportunity presents a four-unit apartment building located at 3115 Diamondhead Avenue, Alton, Texas, 78573. Built in 2007, this property sits on a 9,557.935 square foot lot and comprises two buildings. Currently boasting 100% occupancy with long-term tenants (5-8 years), this property offers immediate cash flow. The four units consist of two-bedroom, two-bathroom apartments, with current rents totaling $3,300 per month ($850, $800, $850, and $900 respectively). Significant recent improvements totaling over $42,000 have been made, including a roof repair (2023), fresh interior and exterior paint (2023 & 2024), AC unit cleaning (2023), dryer vent cleaning, new exterior lighting and security cameras, new thermostats in units B & D, new washers and dryers in units B & D, and a full rehabilitation of unit D. Potential rent increases to $950-$975 per month per unit are anticipated starting October 2024, when leases become month-to-month, resulting in a potential monthly income of $3,600-$3,850. The property's location on a street with similar, newer (2015) four-plexes indicates strong market demand and profitability. This property is ideally suited for portfolio expansion or as a first-time investment. The asking price is $375,000.
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
- Alton
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.2830582
- Latitude
- 26.2888699
