Multi-Family•Low-Rise/Garden•For Sale

Portfolio of 59 Class B Units in McAllen Edinburg

2905 Highland Ave, McAllen, Texas 78501

Sale Price $3,000,000
Zoning Commercial
Stories 2
Vacancy 82%
Annual Taxes $51,547.00
Gross Bldg 52,229 SqFt
Land Area 2.7 Acres
Project Size 59
Market Rio Grande Valley
Sub-Market McAllen/Edinburg
Legal Descr ROYAL ARMS APARTMENTS UNIT 1 THRU UNIT 20; CITRUS ESTATES UT NO. 3 LOT 111; CITRUS ESTATES UT NO. 3 LOT 104; DAFFODIL PLACE LOT 8; LA LOMITA ESTATES LOT 115; LA LOMITA ESTATES LOT 89; LA LOMITA ESTATES LOT 88; LA LOMITA ESTATES LOT 87
This portfolio consists of twelve freestanding buildings divided among six properties located in two of the most prominent cities in the Rio Grande Valley. There are 29 multifamily units in Edinburg and 30 in McAllen, for a total of 59 units that together make up 52,229 square feet of leasable space. The largest of the Edinburg properties, 1611 Norma, was completed in 1974 and consists of 20 2 bedroom, 2 baths, making up a third of the entire portfolio. The largest of the McAllen properties, 2901 - 2909 Highland Ave, was completed in 1980 and consists of 18 2 bedroom, 1 bath and also makes up about a third of the entire portfolio. The other 19 apartment units are located within a quarter mile to a mile of each of these central hubs, making for efficient management operations. All together, the portfolio commanded $383,000 in scheduled rent in 2017, and has some room for rental growth. This 59 unit portfolio consists of 30 units in central McAllen and 29 units in central Edinburg.
  • $319,00 gross income in 2018
  • 52,229 square feet of leasable space
  • Twenty-four 2/2s and thirty-five 2/1s
  • Centrally located in high-demand areas
  • Well maintained and well managed
4/17/2019 2:45:42 PM 5/22/2019 5:36:13 PM

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