400 Glenwood St El Paso, TX 79905-5231

Property Details for 400 Glenwood St

Year built

1929

Lot size

1.94 lot acres

Property size

2,559 SF

Zone code

R4

Property type

Commercial real estate

APN

A438-999-0060-5300

APU

A43899900605300

Description

This exceptional investment opportunity presents a 35-unit multifamily property encompassing both apartment buildings and a mobile home park situated on a 1.94-acre lot in El Paso, Texas. Located at 400 S Glenwood St, El Paso, TX 79905, this property boasts significant value-add potential. Currently operating at 83% occupancy, the property generates a net operating income (NOI) of $172,000. The average lot rent is below market rates compared to competing parks in the area, which average 95% occupancy, indicating substantial upside for increased revenue. This presents a unique chance to capitalize on the growing demand for affordable housing in El Paso, a city with approximately 680,000 residents and a median income of $60,000. The property is zoned R4 and features public water and sewer connections with individual meters for efficient usage tracking. The sale is being conducted via auction. This is a prime opportunity to acquire a well-located, income-producing asset with considerable potential for growth and improved profitability. The property's existing infrastructure and favorable market conditions make it an attractive investment for experienced real estate investors seeking a strong return on investment.