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3233 Merida Avenue
About This Property
The addition creates two private tenant suites, resulting in a highly desirable bedroom configuration with greater separation and privacy for individual occupants. This added privacy is especially valuable in the TCU rental market, helping support stronger rent-per-room potential than more traditional shared-bedroom layouts.
The property is currently leased through May 2027 at $3,750 per month, providing an established income stream and immediate cash flow for the next owner. Covered parking for three vehicles provides another meaningful advantage for tenants and further strengthens the property's appeal in this competitive campus market.
With its walkable location, private bedroom configuration, expanded tenant capacity, covered parking, strong existing lease, and turnkey condition, 3233 Merida is well positioned to deliver attractive rental income while offering investors a highly functional, immediately income-producing property near TCU.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 22, 2026 | In contract | - | |
| In contract | |||
| Oct 14, 2026 | Listed by Briggs Freeman Sotheby's Int'l | $450,000 | |
| Listed by Briggs Freeman Sotheby's Int'l | |||
| May 17, 2019 | No longer available | - | |
| No longer available | |||
| Jan 25, 2019 | Price Decreased |
$199,900
↓ $20K
(9.1%) | |
| Price Decreased | |||
| Nov 17, 2018 | Listed | $219,900 | |
| Listed | |||
| | |||
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The manager has listed the unit size as 1052 square feet.
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About Bluebonnet Place
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017