00 OLD ARROYO CIR. Active Save Request In-Person Tour Request Virtual Tour
Arroyo City,TX 78583
Key Details
Property Type Commercial
Sub Type Commercial Lot
Listing Status Active
Purchase Type For Sale
Subdivision Espiritu Santo Grant
MLS Listing ID 29762128
Lot Size 10.520 Acres
Property Sub-Type Commercial Lot
Property Description
Rare NNN ground lease investment opportunity. This 10.52 acre tract consists of 17 waterfront lots and 8 non waterfront lots on the Arroyo at Circle X. Each of the 17 waterfront lots are currently leased on long term ground leases, which produce $125,182.69 in annual income. The lease agreements provide for the properties to be appraised every five years and the rents to be adjusted according to the new appraisal, based on the Arroyo frontage for each lot. The 8 non waterfront lots, totaling 4.423 acres, are not currently leased. All of the lots have frontage on Old Arroyo Circle. The non waterfront lots could be leased to provide additional income. All of the waterfront lots have leasehold improvements. The property is a non recorded subdivision located in an unincorporated area of Cameron county and is not currently zoned. FEMA Flood Zone is A for the entire property. The property was appraised in 2023 for $2,500,000.00
Location
State TX
County Cameron
Community Other
Area Cameron County
Exterior
Fence Other
Utilities Available Electricity Available,Septic,Water Connected
Topography River Frontage
Building
Sewer Septic Tank
Schools
Elementary Schools Other
Middle Schools Rio Hondo
High Schools Rio Hondo
School District Rio Hondo I.S.D.
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional