Listed by Ursa Real Estate, LLC
$1,600,000
5007 E US Highway 83
Details
APN 001790820006000000100
Property Type Multifamily
Sub Type Apartment Building, Apartment/Condo
Square Footage 26,770
Net Rentable (SqFt) 27,916
Units 32
Cap Rate 9.92%
NOI $158,739
Occupancy 91%
Pro-Forma Cap Rate 15%
Pro-Forma NOI $240,000
Price per SqFt $60
Broker Co-Op Yes
Class B
Year Built 2005
Year Renovated 2021-2023
Buildings 5
Stories 2
Acreage 0.913
Zoning Multifamily
Parking Spaces 55 spaces
Parking per 1,000 SqFt 2.05
Investment Type Value Add
Ground Lease No
Ownership Fee Simple
Multifamily | 32 Units | $51,563/unit | Rio Grande City
Marketing description
This 32-unit multi-family property, located on the north side of US Highway 83, presents an amazing opportunity to acquire a stabilized asset in a rapidly growing South Texas market.
The property consists of five buildings situated on approximately 1.72 acres. Recent major renovations include new roofs (2021),a new concrete parking lot, and refurbished appliances in most of the units.
Investment highlights
New roof installed in 2021.
30 of 32 A/C units replaced in the last 3 years.
Parking lot fully upgraded to concrete.
Interior renovations (paint, flooring, and appliances) completed in 29 units.
Individual electric and water meters for all 32 units.
Highway 83 : 31,615 Cars Per Day
Listing Contacts
Listed by Ursa Real Estate, LLC
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$158,739.00
$13,228.25/mo
Valuation Metrics
0
DSCR
9.92%
Cap Rate
9.92%
ROI
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