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Edgemere Apartments 2500 W 26th St 40 Unit Apartment Building $1,750,000 ($43,750/Unit) 9.17% Cap Rate Plainview, TX 79072
Investment Highlights
- Multiple Value - Add Avenues
- Low Basis with Going-in Cash Flow
- Under Market Rents
Executive Summary
The Go-Getters Multifamily Team is proud to present the Edgemere Apartments, a 40-unit complex located in Plainview, TX. Originally constructed in 1959, the property is comprised primarily of two-bedroom units. Edgemere Apartments offers multiple value-add opportunities, including the ability to capture an estimated $140 rent increase through the renovation and modernization of all remaining classic units. This property represents a strong opportunity for those looking to significantly enhance NOI through interior upgrades.
Property Facts
| Price | $1,750,000 | Building Class | C |
| Price Per Unit | $43,750 | Lot Size | 2.21 AC |
| Sale Type | Investment | Building Size | 40,713 SF |
| Cap Rate | 9.17% | Average Occupancy | 100% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.04/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | N/A | ||
| Price | $1,750,000 |
| Price Per Unit | $43,750 |
| Sale Type | Investment |
| Cap Rate | 9.17% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.21 AC |
| Building Size | 40,713 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.04/1,000 SF |
| Zoning | N/A |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 740 |
| 2+1 | 23 | - | 740 |
| 2+1.5 | 16 | - | 930 |
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Property Taxes
| Parcel Number | 15375 | Improvements Assessment | $848,158 |
| Land Assessment | $59,866 | Total Assessment | $908,024 |
Property Taxes
Parcel Number
15375
Land Assessment
$59,866
Improvements Assessment
$848,158
Total Assessment
$908,024
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Edgemere Apartments | 2500 W 26th St
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