815 North 15th Pl - Apartments FOR SALE


Edinburg, TX 78541
$9,300,000 USD
956-821-3765
815 North 15th Pl, Edinburg, TX for Sale
$9,300,000 USD
Apartments - FOR SALE
1/18
null | 4.77% Cap Rate

815 North 15th Pl
Edinburg, TX 78541


HIGHLIGHTS

  • Below Replacement Cost Acquisition – Immediate basis advantage vs. new construction
  • 2021 Construction – Modern asset with low near-term CAPEX exposure
  • Lease-Up Opportunity – Current ~83% occupancy with path to stabilization
  • Mark-to-Market Rent Upside – Proven gap vs. submarket rents
  • Institutional Location – Walkable to Courthouse, minutes to UTRGV
  • Operational Value-Add – RUBS + management efficiencies increase NOI

OVERVIEW

This offering presents a rare opportunity to acquire a 2021-built, 80-unit multifamily asset at a basis below replacement cost in the rapidly growing Edinburg, Texas market. The property combines modern construction, strong in-place income, and clear operational upside, making it well-positioned for investors seeking long-term durability with a path to stabilized yield. Currently operating at approximately 83% occupancy, the asset offers immediate upside through lease-up and rent normalization, particularly in larger unit types where in-place rents trail market levels. Additional revenue growth can be achieved through RUBS implementation and operational efficiencies, without the need for heavy capital improvements. Strategically located within walking distance to the Hidalgo County Courthouse and just minutes from the University of Texas Rio Grande Valley, the property benefits from consistent demand driven by government, education, and healthcare employment, creating a stable and resilient tenant base. With minimal deferred maintenance due to its recent construction, investors can focus on income growth rather than capital expenditure, positioning the asset for long-term appreciation and improved cash flow upon stabilization.

FOR SALE DETAILS

PRICE

$9,300,000 USD

PRICE/SF

$116 USD /SF

# OF UNITS

80

PRICE/UNIT

$116,250

CAP RATE

4.77%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

80Unit 2021| Below Replment Cost 15th Place

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2022

PARKING SPACES

160

LAND DETAILS

LAND ACRES

3.8 AC

LAND SF

165,528 SF

ZONING

-

APN/PARCEL ID

E3200-00-00C-0009-00,S2205-00-000-0001-00

ASK ABOUT THIS PROPERTY

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956-821-3765

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Cesar CepedaeXp CommercialMore Info
956-821-3765

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.