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Harlingen Estates 2505 S Parkwood Dr 50 Unit Apartment Building $3,750,000 ($75,000/Unit) 7.10% Cap Rate Harlingen, TX 78550
Investment Highlights
- With a focused mix of 50 multi-bedroom units composed entirely of 2-bedroom and 3-bedroom floor plans, averaging 1,281 square feet
- Units at Harlingen Estates largely remain in classic condition, providing investors with a highly attractive value-add opportunity.
- Harlingen, Texas benefits from a fundamentally strong and supply-constrained rental market, supported by stable population trends
- The property features brand new roofs installed in 2023 across the entire community, significantly reducing near-term capital expenditures
Executive Summary
Broker of Record
Patrick Graham
License # 9005919 (TX)
Matthews Real Estate Investment Services, Inc
8300 Douglas Ave., Ste. 750, Dallas, TX 75225
(866) 889-0550
Patrick Graham
License # 9005919 (TX)
Matthews Real Estate Investment Services, Inc
8300 Douglas Ave., Ste. 750, Dallas, TX 75225
(866) 889-0550
Property Facts
| Price | $3,750,000 | Building Class | C |
| Price Per Unit | $75,000 | Lot Size | 3.31 AC |
| Sale Type | Investment | Building Size | 63,892 SF |
| Cap Rate | 7.10% | No. Stories | 2 |
| No. Units | 50 | Year Built | 1969 |
| Property Type | Multifamily | Parking Ratio | 1.22/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | C - Commercial | ||
| Price | $3,750,000 |
| Price Per Unit | $75,000 |
| Sale Type | Investment |
| Cap Rate | 7.10% |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.31 AC |
| Building Size | 63,892 SF |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 1.22/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Range
Site Amenities
- Clubhouse
- Laundry Facilities
- Pool
- Basketball Court
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 28 | - | 1,100 - 1,300 |
| 3+1.5 | 6 | - | 1,400 |
| 3+2.5 | 16 | - | 1,500 |
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Property Taxes
| Parcel Number | 196980-0010-001000 | Improvements Assessment | $2,386,623 |
| Land Assessment | $146,362 | Total Assessment | $2,532,985 |
Property Taxes
Parcel Number
196980-0010-001000
Land Assessment
$146,362
Improvements Assessment
$2,386,623
Total Assessment
$2,532,985
Contacts
-
Buddy Gaston -
Andrew Kopenec -
Richard Waterhouse -
Matthews Real Estate Investment Services
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Harlingen Estates | 2505 S Parkwood Dr
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