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.
For sale
$1,800,000
6720 N 23rd St, McAllen, TX 78503
--beds
--baths
16,068sqft
Apartment, Multi Family
Built in 1980
-- sqft lot
$-- Zestimate®
$112/sqft
$-- HOA
What's special
New asphaltSix remodeled unitsFresh exterior paint
- 8 days
- 48
- 3
Zillow last checked:
Listing updated:
Listed by:
Rogelio Vela 956-270-2432,
Vela Commercial Real Estate
Source: Greater McAllen AOR,MLS#: 515820
Facts & features
Interior
Heating
- Has Heating (Unspecified Type)
Cooling
- Central Air, Electric
Appliances
- Included: Electric Water Heater, Refrigerator, Stove/Range-Electric Coil
- Laundry: Laundry Room
Features
- Ceiling Fan(s)
- Flooring: Carpet, Laminate, Vinyl
Interior area
- Total structure area: 16,068
- Total interior livable area: 16,068 sqft
Property
Parking
- Parking features: No Carport, No Garage, Other Garage or Carport
Features
- Exterior features: None
- Fencing: Partial,Wood
Lot
- Size: 0.53 Acres
- Features: Curb & Gutters, Sidewalks
Details
- Additional structures: Laundry Facility
- Parcel number: R14000200000010C
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Apartment, Multi Family
Materials
- Brick, Siding
- Foundation: Slab
- Roof: Shingle
Condition
- Year built: 1980
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Green energy
- Energy efficient items: None
Community & HOA
Community
- Features: Sidewalks, Street Lights
- Subdivision: Redbud #2
HOA
- Has HOA: No
Location
- Region: Mcallen
Financial & listing details
- Price per square foot: $112/sqft
- Tax assessed value: $751,880
- Annual tax amount: $24,200
- Date on market: 9/21/2026
- Road surface type: Paved
Estimated market value
Not available
Estimated sales range
Not available
$1,034/mo
Price history
| Date | Event | Price |
|---|---|---|
| 9/21/2026 | Listed for sale | $1,800,000+5.9%$112/sqft |
Source: Greater McAllen AOR #515820 Report a problem | ||
| 9/27/2024 | Sold | -- |
Source: Greater McAllen AOR #528004_430194 Report a problem | ||
| 3/10/2024 | Listed for sale | $1,700,000$106/sqft |
Source: Greater McAllen AOR #430194 Report a problem | ||
| 11/30/2023 | Sold | -- |
Source: Greater McAllen AOR #417232 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $13,816 +2.4% | $751,880 +6% |
| 2024 | $13,495 +0.4% | $709,321 |
| 2023 | $13,444 +9% | $709,321 +15% |
| 2022 | $12,336 +14.4% | $616,801 +17.8% |
| 2021 | $10,784 | $523,728 |
| 2020 | -- | $523,728 +0% |
| 2019 | $10,765 -11.4% | $523,718 |
| 2018 | $12,156 | $523,718 +9.5% |
| 2017 | $12,156 -1.1% | $478,475 -0.7% |
| 2016 | $12,296 -2.3% | $482,072 +1.6% |
| 2015 | $12,581 | $474,260 -5.6% |
| 2013 | -- | $502,500 +30.8% |
| 2012 | -- | $384,045 |
| 2011 | -- | $384,045 -15.8% |
| 2010 | -- | $455,987 -10.7% |
| 2009 | -- | $510,451 -2.5% |
| 2008 | -- | $523,443 -13.5% |
| 2007 | -- | $605,440 +18.4% |
| 2006 | -- | $511,350 -2.3% |
| 2005 | -- | $523,490 |
| 2004 | -- | $523,490 +14.8% |
| 2003 | -- | $456,058 +0.4% |
| 2002 | -- | $454,375 |
| 2001 | -- | $454,375 -2.1% |
| 2000 | -- | $464,163 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: Redbud
Nearby schools
Schools provided by the listing agent
- Elementary: Garza
- Middle: Fossum
- High: Rowe H.S.
- District: McAllen ISD
Source: Greater McAllen AOR. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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