00 OLD ARROYO CIR. ARROYO CITY TX 78583 MLS #29762128

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