513 6Th St Mineral Wells, TX 76067
- Commercial real estate
- 7,680 SF
- 0.24 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 513 6Th St
- Year built
- 1920
- Lot size
- 0.24 lot acres
- Property size
- 7,680 SF
- Property type
- Commercial real estate
Description
This exceptional six-unit apartment building, known as The Villas, presents a compelling investment opportunity in the desirable Northwest quadrant of Mineral Wells, Texas. Built in 1920 and boasting 7,680 square feet across three stories, this property offers a blend of historical charm and modern updates. Substantial renovations between 2017 and 2024 encompassed approximately 90% of the plumbing, a complete roof replacement, electrical panel upgrades, elimination of gas service, a new water heater, and the installation of ductless air conditioning units in the ground-floor apartments. The building sits on a 0.241-acre lot and is zoned residential. Each of the six units, averaging approximately 1,280 square feet, retains original details such as hardwood floors and stucco walls, complemented by custom shelving and cabinetry. Currently operating at 83% occupancy, with one unit soon to become available and the others under 12-month leases, the property generates a Net Operating Income (NOI) of $74,400. The asking price is $650,000. The property is being sold "as is." This presents a unique chance to acquire a well-maintained, income-producing multifamily property with significant upside potential in a thriving Texas town. The building's historical character and recent upgrades create a strong foundation for continued success and potential future enhancements.
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
- Mineral Wells
- County
- Palo Pinto
- State
- Texas
- Longitude
- -98.1173109
- Latitude
- 32.8135377
