34-Unit Multifamily in El Paso, TX

Located in the heart of downtown El Paso in the shadow of West Star Plaza and just steps away from University Park, the Historic Plaza Theater, El Paso History Museum, El Paso Public Library and more. Built in 1902, this was a 53 room residential hotel serving the booming community. In 1991 the building was renovated into a 34 unit apartment building that includes 23 one bedroom apartments and 11 studio apartments. 5 of the units are handicapped accessible. Amenities include: a basement level laundry room, Elevator, fully equipped kitchenettes, close to bus lines and trolley lines.

Great Value Add Opportunity in Downtown Arts District

Good value-add opportunity for hands-on investor. Most tenants have been mo-to-mo for a long time and rents tend to be below market rates of $715 for studio and $800 for 1 bedroom/1 bath. Rents are gross lease, so implementing RUBS on below market rents makes significant improvement to investment numbers. Additional income stream provided by on-site laundry facility on the basement level.