46 unit Apartment Complex in 713 Toronto Ave, McAllen, TX 78503

07-29-2022
08-07-2022

713 Toronto Ave, McAllen, TX 78503

  • Prime McAllen Location
  • Next to La Plaza Mall
  • Owner Financing Available
  • Continuous Renovations to the Property
  • Opportunity to Raise Rents and Decrease Expenses

Property Description

This 46 unit property sits on two separate parcels and could be split and sold as 18 units and 28 units. Over the last year, the owner has worked to increase rents by $5,000 per month. However, there is still room to increase rents. Currently the owner pays for water and garbage while tenants pay for electricity. The utility charges can be passed back to the tenants for an even stronger NOI. The owner is retiring and disposing of his multifamily assets (this is the last one in his portfolio). He is willing to negotiate attractive owner financing terms for the right buyer. All units are 1 bedroom/1 bathroom and the owner has been making continuous improvements to the property over the last couple years. Cap rates like this with flexible terms are hard to find. Make an offer today!

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
1 bed/1 bath 46 630 $ 671

Key Property Information

Listing Status
Available
Listing Type
Call for offers
Multifamily type
Garden Style
Price
$ 3,400,000
No. of Units
46
Cap Rate
7.18%
GRM / GIM
9.19
Average Occupancy
95%
Year Built
1987
Year Renovated
2022
Building Size
31,598 Sq ft
Lot Size
65340 sq ft
No. of Stories
2
APN
F1350-00-002-0017-00
Zoning Code
CO
No. of Parking Spots
4
Opportunity Zone
No
Price per unit
$ 73,913

Financial Details

Income/Expense Info
Actual
Financial Year
2021
Gross Income
$ 369,600
Operating Expenses
$ 125,913
Net Operating Income
$ 243,687
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