6720 23Rd StMcAllen, TX 78504

This exceptional 16-unit apartment complex in McAllen, Texas presents a compelling value-add investment opportunity. Located at 6720 N 23rd St, 78504, this Class B property comprises two buildings totaling 16,068 square feet on a 0.53-acre lot. Built in 1980 with recent renovations (including new asphalt, siding, roofs, and exterior paint), the property features a mix of unit sizes: six 2-bedroom, 2-bathroom units currently leasing for $1000+ per month, nine additional 2-bedroom, 2-bathroom units renting for $800+, and one 1-bedroom, 1-bathroom unit at $700. The property boasts a strong current net operating income (NOI) of $130,442, translating to a 7.67% capitalization rate and a price per unit of $106,250. Tenants are responsible for electricity, while water is covered by the owner. The property also includes a newly remodeled on-site laundromat (income not included in NOI). The property is zoned RM and offers two parking spaces per unit. This is a prime opportunity for an owner/user or 1031 exchange investor seeking significant upside potential through further rent increases (currently 110% or more above market). The asking price is $1,700,000, or $105.80 per square foot.