6720 N 23rd Street, Mcallen, TX 78504
- $1,800,000
- 16,068
- SqFt
- List Price
- $1,800,000
- Status
- ACTIVE
- MLS#
- 515820
- Living Area
- 16,068
- Lot Size (Acres)
- 0.5269
- Year Built
- 1980
Property Description
Investment opportunity featuring a 16-unit multifamily asset with strong existing income and additional upside potential. The property consists of fifteen 2-bedroom, 2-bath units and one 1-bedroom, 1-bath unit. Six remodeled units lease for $985+ per month, nine units lease for $900+, and the 1-bedroom unit leases for $725. Reported gross rental income is $14,755 per month, or $177,060 annually, excluding laundromat revenue. Tenants pay their own electricity, while ownership covers water. Recent capital improvements include new asphalt, siding, roofs on both buildings, and fresh exterior paint, reducing near-term capital exposure. A newly remodeled on-site laundromat provides tenant convenience and an additional income stream. This income-producing asset offers immediate cash flow with further upside through continued interior renovations, rental growth, and ancillary income.
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Additional Information
- Area
- Mcallen
- Subdivision
- Redbud #2
- Taxes
- $24,200
- Stories
- 2
- Interior Features
- Ceiling Fan(s)
- Amenities
- Sidewalks, Street Lights
- Exterior Features
- None
- Heating
- Central, Electric
- Cooling
- Central Air, Electric
- Sewer
- City Sewer
- School District
- McAllen ISD
- Elementary School
- Garza
- Middle School
- Fossum
- High School
- Rowe H.S.
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Listing courtesy of Rogelio Vela with Vela Commercial Real Estate