Multi-Family•Low-Rise/Garden•For Sale

1611 Norma Ln

1611 Norma Ln, Edinburg, Texas 78539

Sale Price $1,000,000
Sale Type Investment
Zoning Commercial
Bldg Type Multi-Tenant
Year Built 1974
Stories 2
Cap Rate 3.78%
Vacancy 83%
Gross Bldg 20,130 SqFt
Land Area .86 Acres
Project Size 20
Net Op Inc $37,802
Market Rio Grande Valley
Sub-Market Edinburg
1611 Norma Ln consists of five buildings that collectively house a laundry room, a two-story office (that may be converted into additional apartments), and twenty, ± 985 sf 2 bedroom/2 bathroom apartments. The complex is adjacent to a city park and is surrounded by elementary, middle, and high schools. UTRGV is about a mile and a half north of the property, and grocery stores/other retail are nearby as well. The functional and spacious floor plans provide residents with a great place to live, work, and play. 2017 rents were ≈ 8% below market, and there is plenty of room to increase the bottom line by decreasing operating expenses. Situated a mile and a half South of the University of Texas - Rio Grande Valley, these 20 2/2s offer residents quick and easy access to everything that the city of Edinburg has to offer.
  • Units are all 2/2, ± 985 sf
  • Laundry room onsite
  • Two-story office that may converted to apartments
  • Roofs were replaced in June of 2013
  • Proximity to elementary, middle, and high schools
  • UTRGV within a mile and a half
4/17/2019 2:45:52 PM 5/22/2019 5:36:23 PM

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