About 6720 N 23rd Street
Investment opportunity featuring a 16-unit multifamily asset with strong existing income and additional upside potential. The property consists of fifteen 2-bedroom, 2-bath units and one 1-bedroom, 1-bath unit. Six remodeled units lease for $985+ per month, nine units lease for $900+, and the 1-bedroom unit leases for $725. Reported gross rental income is $14,755 per month, or $177,060 annually, excluding laundromat revenue. Tenants pay their own electricity, while ownership covers water. Recent capital improvements include new asphalt, siding, roofs on both buildings, and fresh exterior paint, reducing near-term capital exposure. A newly remodeled on-site laundromat provides tenant convenience and an additional income stream. This income-producing asset offers immediate cash flow with further upside through continued interior renovations, rental growth, and ancillary income.
Features of 6720 N 23rd Street
| MLS® # | 515820 |
|---|---|
| Price | $1,800,000 |
| Square Footage | 16,068 |
| Acres | 0.53 |
| Year Built | 1980 |
| Type | Residential Income |
| Sub-Type | Apartment |
| Status | Active |
Community Information
| Address | 6720 N 23rd Street |
|---|---|
| Subdivision | Redbud #2 |
| City | McAllen |
| County | Hidalgo |
| State | TX |
| Zip Code | 78504 |
Amenities
| Parking | No Carport, No Garage, Other Garage or Carport |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
| Laundry Features | Laundry Room |
| Community Amenities | Sidewalks, Street Lights |
Interior
| Interior Features | Ceiling Fan(s) |
|---|---|
| Appliances | Electric Water Heater, Refrigerator, Stove/Range-Electric Coil |
| Heating | Central, Electric |
| Cooling | Central Air, Electric |
| Total # of Units | 16 |
| # of Buildings | 2 |
Exterior
| Exterior Features | None |
|---|---|
| Lot Description | Curb & Gutters, Sidewalks |
| Roof | Shingle |
| Construction | Brick, Siding |
| Foundation | Slab |
School Information
| District | McAllen ISD |
|---|---|
| Elementary | Garza |
| Middle | Fossum |
| High | Rowe H.S. |
Additional Information
| Foreclosure | No |
|---|---|
| Short Sale | No |
| Property Insurance | $8,000 |
| Gross Income | $179,460 |
| HOA Association | No |
Listing Details
| Agent | Rogelio Vela |
|---|---|
| Office | Vela Commercial Real Estate |
| Contact Info | 956-270-2432 |