1 / 328-Unit Multifamily in Devine, TX
28-Unit Value-Add Multifamily, 3.75 Acres - $6,150/Mo In Place
Medina County, TX · listed Nov 20, 2025 (342 days)
Exclusively listed by Elite Exit Advisors. Offering memorandum available.
- $/unit
- $16,071
- ▼ 84% vs TX · 0th pct
- Cap rate
- —
- Gross yield
- —
- Units
- 28
- 1986
Key facts from the offering memorandum
- Asking Price
- $450,000
- Units
- 28, all 1BR/1BA (two are mobile homes)
- Occupancy
- 10 of 28 units leased, all on year leases
- Current Rent
- $6,150 per month (10 leased units)
- Rent Collections
- No tenants behind on rent
- Lot Size
- 3.75 acres
- Appraised After-Repair Value
- $1,100,000
From the broker's offering memorandum. The full memorandum (financials, rent roll) is available on request.
Financials
- Asking price
- $450,000
- Price per unit
- $16,071
- Price per sq ft
- $25
- Gross rent / year
- Not stated
- Net operating income
- Not stated
- NOI per unit
- Not stated
- Cap rate
- Not stated
- Gross yield
- Not stated
- Occupancy
- Not stated
As stated by the seller. Verify during due diligence.
Building
- Units
- 28
- Unit mix
- All 28 units are one-bedroom, one-bath, and two of them are mobile homes
- Buildings
- Not stated
- Year built
- 1986
- Building size
- 17,799 sq ft
- Avg unit size
- 636 sq ft
- Lot size
- 3.75 acres
- Condition
- Value-add
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Nov 20, 2025
- Days on market
- 342 days
- On MultifamilyRadar
- Oct 29, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 2253
About this property
This is a 28-unit value-add multifamily property on a 3.75-acre lot in Devine, Texas, in Medina County southwest of San Antonio. All 28 units are one-bedroom, one-bath, and two of them are mobile homes.
Ten units are currently leased, generating $6,150 per month. All current tenants are on year leases and none are behind on rent, which points to proven rent collections. The 18 remaining units are not currently leased.
The property needs a substantial clean-out, with five to six dumpsters recommended, and a standardized renovation plan. The seller estimates approximately $500,000 in total for cleanup and standardization. The upside is in leasing up the remaining units, including to Section 8 housing voucher tenants, and in additional value creation opportunities on site, such as a future laundromat or added units.
The property is priced at $450,000 against an appraised after-repair value of $1.1 million. The appraised value and renovation estimate are not guarantees of future value or results.
The property sits on a 3.75-acre lot in Devine, Texas, in Medina County southwest of San Antonio.
Highlights
28-unit value-add multifamily on 3.75 acres
Appraised at $1.1M
All units 1BR/1BA; two mobile homes included
Current: 10 leased, $6,150/mo income
Heavy remodel + cleanup; expansion potential
Location
Approximate area. The exact address is shared on request.
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