112 6Th StSan Juan, TX 78589

Property Details for 112 6Th St

Year built

1970

Lot size

0.48 AC

Property size (Sq ft)

3,456 SF

Property type

Apartment buildings

APN

S1000-00-034-0002-00

APU

S100000034000200

Description

This exceptional investment opportunity presents a 10-unit apartment building in San Juan, Texas, boasting a strong 100% occupancy rate as of August 11, 2024. The property, located at 112 E 6th Street, comprises nine spacious one-bedroom, one-bathroom apartments and one two-bedroom, one-bathroom apartment, some partially furnished. Situated on a substantial 20,999.84 square foot lot, the single-story building totals 5,824 square feet and was constructed in 1970. The property benefits from a prime location, just one mile from Expressway 83/Highway 2 and the Basilica, offering convenient access to shopping, dining, and the new city offices, located just half a block away. The current Net Operating Income (NOI) stands at $50,000, yielding an impressive 11.11% cap rate. Pro-forma NOI is projected at $47,800, resulting in a 10.62% pro-forma cap rate. The asking price is $450,000, translating to $45,000 per unit and $77.27 per square foot. The property is zoned R-2. This multifamily investment offers significant potential for strong returns in a desirable Texas location. The property's current high occupancy rate and convenient location make it an attractive proposition for investors seeking a stable and profitable investment.

• CAP approach

  CAP return

  Valuation

  6%

  $588,907

  6.5%

  $543,606

  7%

  $504,777

• Comparable approach

  Method

  Valuation

  Relative Method

  $461,924

  Geo Method

  $1,217,440

• Alternative Use

  Use

  Valuation

  Residential

  $543,606

  Hospitality

  $497,940

  Educational

  $414,281

  Medical

  $428,528

  Retail

  $644,437

Location Insight

City

San Juan

County

Hidalgo

State

Texas

Latitude

26.1881

Longitude

-98.1549

CBSA code

32580

CBSA name

MCALLEN-EDINBURG-MISSION, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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