Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Weslaco Apartments, a 14-unit apartment community in Hidalgo County Weslaco, Texas. Built in 1999, this well-maintained property has over 12,899 square feet of net rentable area. The property consists of four buildings and an on-site laundry room. This well-kept multifamily asset contains stucco siding, pitched roofs and a unit mix of one studio and 13 two-bedroom two-bath units and offers multiple value-add opportunities for the new investor. A few of the potential value-add opportunities that a new investor can implement would be install laundry room equipment in the vacant laundry room facility. The current ownership group has cancelled the previous laundry room contract and a new investor can purchase and own the equipment, if desired. Covered and/or reserved parking options would be available for a new investor to capture additional annual income. Lastly, implementing RUBS for water/sewer/trash/gas would be an opportunity to also increase annual NOI. There is outstanding upside potential for the new investor by increasing current rents for the two-bedroom units to market-rents. Based on the current rent survey, the two-bedroom units are averaging $678/monthly at $0.71 rent per square foot at the property. This property could command an increase to $725/monthly at $0.76 rent per square foot as current leases expire. The two-bedrooms at this community account for 93 percent of the unit mix and a new investor could substantially increase revenue with this implementation and install a few of the value-add opportunities mentioned previously.