Multi-Family•Low-Rise/Garden•For Sale

Vine 32nd 8 'Plex

2201 N 32nd St, McAllen, Texas 78501

Sale Price $389,750
Zoning Commercial
Bldg Type Multi-Tenant
Year Built 1996
Stories 2
Cap Rate 4.13%
Vacancy 100%
Gross Bldg 5,546 SqFt
Land Area .42 Acres
Project Size 8
Net Op Inc $16,091
Market Rio Grande Valley
Sub-Market McAllen
This well-maintained and well-managed 8 'plex sits on the desirable corner of 32nd St and Vine Ave in McAllen, TX. All of the units are ± 620 sf, 2 bedroom/1 bath, and feature tile flooring and a very functional floor plan. The apartments are consistently renting for $550/month, which is a full 10¢/sf higher than market. There is plenty of parking for residents, and the building's excellent visibility makes it effortless to find great tenants. Although 2018 NOI was relatively low, the bottom line for this property can easily be increased by reducing operating expenses. Boxed in by Ware, Daffodil, 23rd, and Pecan, this apartment complex sits in a highly sought after neighborhood with easy access to a plethora of schools, parks, and retail.
  • ± 620sf/unit
  • 2 bedroom, 1 bath
  • Asking $550/month/unit - Higher than market rates
  • Corner of 32nd/Vine - Great location
  • Well-maintained and well-managed
  • New roof in 2013
4/17/2019 2:45:55 PM 4/17/2019 2:45:55 PM

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