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8205 N La Homa Rd 9 Unit Apartment Building $1,275,000 ($141,667/Unit) 10% Cap Rate Mission, TX 78574
Investment Highlights
- Newly remodeled, new wood cabinets with granite countertops, all tile, tankless hot water units, new stainless steel appliances, washer/dryer, etc.
Executive Summary
It's turnkey now but there is a possibility for Value add by adding more units to the property. There are 9 units fully occupied now. We will be adding a 10th unit soon that will be a one bedroom and will rent for $825+ and will be super nice. We're tentatively able to add 16 more units or 36 more bedrooms on a total of 1.7 acres at average rent of $950. This would push the cap rate above 10%. Would consider owner financing for slightly higher sales price and significant down. Up and coming area with commercial, elementary, middle and high schools, new corner store/gas station next door and a newer mini grocery/convenience store across the street, 15 minutes to UTRGV, 12 minutes to expressway, etc.
Financial Summary (Pro Forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 (Pro Forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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 | $1,275,000 | Building Class | B |
| Price Per Unit | $141,667 | Lot Size | 1.70 AC |
| Sale Type | Investment | Building Size | 8,352 SF |
| Cap Rate | 10% | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 2002/2023 |
| Property Subtype | Apartment | Parking Ratio | 3.23/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RS - Zoned as single family but in the process of getting approval for multifamily as it's always been apartments. | ||
| Price | $1,275,000 |
| Price Per Unit | $141,667 |
| Sale Type | Investment |
| Cap Rate | 10% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.70 AC |
| Building Size | 8,352 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 2002/2023 |
| Parking Ratio | 3.23/1,000 SF |
| Zoning | RS - Zoned as single family but in the process of getting approval for multifamily as it's always been apartments. |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Washer/Dryer
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Double Pane Windows
- Patio
- Smoke Free
Site Amenities
- Fenced Lot
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 5 | $1,100 | 850 |
| 2+1 | 3 | $950.00 | 850 |
| 1+1 | 1 | $800.00 | 825 |
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Westgate Village Homes
8205 N La Homa Rd
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