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113 N Armstrong Ave 3 Unit Apartment Building $139,900 ($46,633/Unit) 7.50% Cap Rate Tulia, TX 79088
Investment Highlights
- ??3 Income Streams with Value-Add Upside Triplex configuration with 2 occupied units generating immediate cash flow and a 3rd unit under construction
- Major Capital Improvements Already Completed, Roof (2017), furnace (2020), and water heater (2023) reduce near-term capital risk, while tenants pays
- Projected 12% Pro-Forma Cap Rate At $139,900, the property presents strong return potential with projected stabilized income of nearly $27,000 annual
Executive Summary
?? Value-Add Triplex Investment | Pro-Forma 12% Cap Rate | $139,900
113 N Armstrong Ave presents a rare three-unit investment opportunity in Tulia, Texas. This income-producing property consists of a 4-bedroom primary residence and a detached two-unit building, offering immediate cash flow with strong value-add potential.
Two units are currently occupied, providing stable in-place income, while the third unit (upstairs apartment) is under renovation and positioned to significantly increase overall revenue once completed.
Property Breakdown
Main Residence – 4 Bed / 2 Bath
• Currently rented at $650/month (below market)
• 10-year tenant on month-to-month lease
• Roof replaced 2017
• Furnace replaced 2020
• Water heater replaced 2023
• Tenant pays utilities
Second Building – Two Apartments
Downstairs Unit
• Rented at $600/month
• Stable tenant
• Month-to-month lease
• Tenant pays utilities
Upstairs Unit – 1 Bed / 1 Bath (450 SF)
• Currently under renovation
• Electrical rewire in progress
• Projected rent: $699/month
• Significant upside upon completion
This property offers a clear repositioning opportunity through rent adjustments and completion of the third unit. Ideal for small multifamily investors seeking strong cash-on-cash returns in a stable Texas rental market.
?? Financial Summary (Pro-Forma)
Asking Price: $139,900
Current Income (2 Units Occupied)
• Annual Gross: $15,000
Stabilized Income (3 Units)
• Main House (Projected): $800/month
• Downstairs Apt (Projected): $750/month
• Upstairs Apt (Projected): $699/month
Projected Gross Annual Income: $26,988
Estimated Annual Expenses
• Taxes: $4,500
• Insurance: ~$2,000
• Maintenance (8%): ~$2,159
• Vacancy (5%): ~$1,349
Estimated Stabilized NOI: ~$16,990
Pro-Forma Cap Rate (at $139,900)
~12.1%
Investor Highlights
• Three total rental units
• Two currently cash-flowing
• Third unit adds forced appreciation
• Tenants pay utilities
• Month-to-month flexibility
• Major capital improvements completed
113 N Armstrong Ave presents a rare three-unit investment opportunity in Tulia, Texas. This income-producing property consists of a 4-bedroom primary residence and a detached two-unit building, offering immediate cash flow with strong value-add potential.
Two units are currently occupied, providing stable in-place income, while the third unit (upstairs apartment) is under renovation and positioned to significantly increase overall revenue once completed.
Property Breakdown
Main Residence – 4 Bed / 2 Bath
• Currently rented at $650/month (below market)
• 10-year tenant on month-to-month lease
• Roof replaced 2017
• Furnace replaced 2020
• Water heater replaced 2023
• Tenant pays utilities
Second Building – Two Apartments
Downstairs Unit
• Rented at $600/month
• Stable tenant
• Month-to-month lease
• Tenant pays utilities
Upstairs Unit – 1 Bed / 1 Bath (450 SF)
• Currently under renovation
• Electrical rewire in progress
• Projected rent: $699/month
• Significant upside upon completion
This property offers a clear repositioning opportunity through rent adjustments and completion of the third unit. Ideal for small multifamily investors seeking strong cash-on-cash returns in a stable Texas rental market.
?? Financial Summary (Pro-Forma)
Asking Price: $139,900
Current Income (2 Units Occupied)
• Annual Gross: $15,000
Stabilized Income (3 Units)
• Main House (Projected): $800/month
• Downstairs Apt (Projected): $750/month
• Upstairs Apt (Projected): $699/month
Projected Gross Annual Income: $26,988
Estimated Annual Expenses
• Taxes: $4,500
• Insurance: ~$2,000
• Maintenance (8%): ~$2,159
• Vacancy (5%): ~$1,349
Estimated Stabilized NOI: ~$16,990
Pro-Forma Cap Rate (at $139,900)
~12.1%
Investor Highlights
• Three total rental units
• Two currently cash-flowing
• Third unit adds forced appreciation
• Tenants pay utilities
• Month-to-month flexibility
• Major capital improvements completed
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $139,900 | Apartment Style | Low-Rise |
| Price Per Unit | $46,633 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 7.50% | Building Size | 3,888 SF |
| Gross Rent Multiplier | 10 | Average Occupancy | 67% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1946 |
| Property Subtype | Apartment |
| Price | $139,900 |
| Price Per Unit | $46,633 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| Gross Rent Multiplier | 10 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 3,888 SF |
| Average Occupancy | 67% |
| No. Stories | 2 |
| Year Built | 1946 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 960 |
| 4+2 | 1 | - | 1,968 |
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Property Taxes
| Parcel Number | 17525 | Total Assessment | $191,430 |
| Land Assessment | $6,320 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $185,110 | Tax Year | 2025 |
Property Taxes
Parcel Number
17525
Land Assessment
$6,320
Improvements Assessment
$185,110
Total Assessment
$191,430
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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113 N Armstrong Ave
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