2331 Magoffin AveEl Paso, TX 79901

Property Details for 2331 Magoffin Ave

Year built

1962

Lot size

0.28 AC

Property size (Sq ft)

9,587 SF

Zone code

C4

Property type

Showrooms

APN

B202-999-0350-7900

APU

B20299903507900

Description

This exceptional El Paso commercial property, located at 2331 Magoffin Ave, offers a unique blend of income-generating assets. The 9,586 square foot building sits on a single story and is zoned C4, providing significant flexibility for future development or expansion. Currently, the property comprises two thriving retail storefronts: a church (800 sq ft, generating $680 monthly rent) and a jean shop (1,400 sq ft, generating $1,700 monthly rent). Adding to the diverse income stream are three 2-bedroom, 1-bathroom apartments, collectively generating $3,330 in monthly rent. A significant portion of the property consists of a newly updated, vacant 3,340 square foot warehouse/shop space with an office, presenting a prime opportunity for an owner-user or additional rental income. The property boasts convenient access to I-10, Loop 375, and the El Paso/Juarez border, enhancing its appeal and potential for growth. The asking price is $699,000, representing a price per square foot of $72.92. With a potential net operating income of $91,780, this property presents a compelling investment opportunity for both owner-users and investors seeking a diversified portfolio with strong rental income and significant upside potential. The property is offered at 100% ownership.

• CAP approach

  CAP return

  Valuation

  6%

  $1,396,380

  6.5%

  $1,288,966

  7%

  $1,196,897

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,020,098

  Geo Method

  $4,020,098

• Alternative Use

  Use

  Valuation

  Residential

  $1,087,291

  Hospitality

  $995,953

  Educational

  $828,621

  Medical

  $857,119

  Retail

  $1,288,966

Location Insight

City

El Paso

County

El Paso

State

Texas

Latitude

31.772

Longitude

-106.462

CBSA code

21340

CBSA name

EL PASO, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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