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- LoopNet Team
500 S Central Ave
Brownsville, TX 78521
6 Apt. Units and NNN Retail Bldg. · Multifamily Property For Sale
·
7 Units
PROPERTY FACTS
| No. Units | 7 | Lot Size | 0.49 AC |
| Property Type | Multifamily | Building Size | 8,280 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1990 |
| Building Class | B | ||
| Zoning | Commercial | ||
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.49 AC |
| Building Size | 8,280 SF |
| No. Stories | 2 |
| Year Built | 1990 |
| Zoning | Commercial |
ABOUT 500 S CENTRAL AVE , BROWNSVILLE, TX 78521
Mixed-used value add opportunity with 6 apartment units and a commercial building being used as a laundry facility. Six large 3 bedroom, 2 baht units averaging 1,030 square feet being leased for $540 to $585 per month; totaling $3,415 gross monthly income. The most recent lease was signed in January 2019 for $585 per month. Current rents are below market rents for 3 bedroom units in Brownsville, per CoStar. Well maintained building with spacious floor plans and long-term tenants. The property is individually metered and tenants pay all utilities. The commercial building is currently leased to Quick Trip Laundry for a 10-year lease term which commenced on May 1, 2017 for a 10-year lease term and 2, 5-year renewal options. The laundry lease expires on April 20, 2027. Base rent for years 1-3 is $1,545 per month + estimated tax and insurance reimbursement (24% of actual costs) equating to an effective income of $1,830 per month. Lessee has been in the laundry business since 1981 and currently operates 8 laundry facilities. New roof on the laundry building completed in 2017. Both the commercial building encumbered by a 10-year triple net lease to Quick Trip Laundry and the 6 apartments are included in the total purchase price.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 7 | - | 1,030 |
PROPERTY TAXES
| Parcel Number | 039320-0010-001000 | Improvements Assessment | $373,381 |
| Land Assessment | $169,476 | Total Assessment | $542,857 |
PROPERTY TAXES
