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Listing 3 out of 412
$5,750,000 For Sale

1607 W Schunior Street
Edinburg, TX 78541

11 units | Multi Family Home - MLS# 313861
Property Photo
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Description

The Palms, a multifamily asset conveniently located right across University of Texas RGV.The Palms consist of 112 units within eleven buildings. The seller has self-managed with a direct-hire onsite manager. There are a central, gated swimming pool area, a management/leasing office and an on-site Laundry facility. Recently Renovated and Stabilized. Renovations consist on complete remodel of interior with upgraded finishes and extensive rehab and remodel to exterior including New Roof (2016), Flooring (All Tile), HVAC ( 70% ) replaced, Laundry Room, and landscaping. $632K Gross Profit per 2018 P&L. RUBS was just implemented to recapture 90% of the utility expenses which will go directly to the bottom line increasing NOI and Cash Flow! Laundry Equipment is owned and coined operated. Conveniently located walking distance to Retail and Shopping Centers. Approved for the construction of 16 more units within the property add value and potentially increasing CAP and value-add appreciation.

Features

  • Property Type: Multi Family Home
  • Sub Type: Apartment Complex
  • Listing Status: Active
  • County/Area: Hidalgo County
  • Zip Code: 78541
  • Year Built: 1980
  • Subdivision/Neighborhood: Tex-Mex Survey
  • School District: Edinburg Isd
  • Elementary School: De La Vina
  • Middle School: South Middle School
  • High School: Vela H.s.
  • Sq.Ft.: 72,212 sq ft
  • Stories: 2 Story
  • Units: 11 units
  • Garage: Front Entry, Rear Entry, 124-Car
  • Pool or Spa: In Ground,Pool Area Fence
  • Community Amenities: Sidewalks, Street Lights
  • Directions: 107 East Of Jackson , North On The Side Of Utrgv And Property Is Located On Schunior E Of Utrgv
  • Exterior Features: Mature Trees, Pool, Sprinkler System, Storage Building
  • Exterior Siding: Brick, Siding
  • Fence Type: Chain Link, Wood
  • Flooring Type: Tile, Vinyl
  • Foundation Type: Other, Slab
  • Garage Carport: Front Entry, Rear Entry
  • Gross Operating Income: 632231
  • HVAC: Central, Electric
  • Interior Features: Cable TV, Smoke Alarm(S), Walk-In Closet, Washer/Dryer Connection
  • Location Features: Alley, Mature Trees, Sprinkler System
  • Maintenance Expense: 47926
  • Number Of Buildings: 11
  • Other Expenses: 36522
  • Price Per SqFt: 79.63
  • Property Insurance: 66652
  • RATIO List Price By Original Lis: 1.00000
  • Roof: Composition Shingle
  • Special Features: Internet Access
  • Taxes WO Exemption: 66652
  • Units Total: 112
  • Water Heater: Electric, Wh-Other Location
  • Water Sewer: City Sewer, Public Water
Courtesy of The Ortiz Firm, Juan De La Garza

Jinks Realty
502 West University Drive
Edinburg, TX 78539
Phone: 956-429-3232
Email: lee@jinksrealty.com

Testimonials

My wife and I had a great experience with Nina since the very beginning; from the first day we met to discuss what we were looking in a house, to the day it was time to sign, she was there every step of the way. Nina is very knowledgeable and always to go that extra mile for her customer. Glad we  had her by our side! malejandro916
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