8-Plex Apartment
For Sale
$599,400
121 MELON DR., Los Fresnos, TX 78566
MULTI_FAMILY - LOS FRESNOS, TX
Property Size5,760 SF
Lot Size1.38 Acres
Price / SF$104.06
Days on Market93
Property Features for 121 MELON DR.
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Range, Refrigerator
Subdivision
GARWAL ESTATES
Elementary school
LOS FRESNOS
Middle school
LOS CUATES
High school
LOS FRESNOS
Elementary school district
LOS FRESNOS C.I.S.D.
Middle school district
LOS FRESNOS C.I.S.D.
High school district
LOS FRESNOS C.I.S.D.
Standard status
Active
Size
5,760 SF
Lot size
1.38 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ductless, Central Air, Zoned
Water source
Public
Building Details
Year built
1984
Floors in Building
1
Number of units
8
Flooring type
Tile
Listing Agency:
GRT Realty
(956) 254-0869
Listed By:
Cesar Cepeda
(956) 908-3224
Added: May 4
Changed: Jul 29
Last Checked: Aug 4 at 3:06AM
MLS# 29776128
Copyright © 2026 Rio Grande Valley Multiple Listing Service Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property is being sold as an 8-plex package consisting of four duplexes. The building mix includes units with a 2-bedroom, 1-bath layout on one side and 3-bedroom, 1-bath on the other. The offering is described as fully occupied.
Located at 121 Melon Dr. in Los Fresnos, Texas (Cameron County), the property sits on a lot size of 1.3776 acres and includes additional land. The total building area is listed as 5,760 square feet.
As presented, this configuration supports a straightforward duplex-based structure within a single ownership package, with additional land included on the site.
Located at 121 Melon Dr. in Los Fresnos, Texas (Cameron County), the property sits on a lot size of 1.3776 acres and includes additional land. The total building area is listed as 5,760 square feet.
As presented, this configuration supports a straightforward duplex-based structure within a single ownership package, with additional land included on the site.
Key Highlights
- Package of four duplexes sold together as an 8‑plex; fully occupied for current income
- Unit mix: each duplex has 2 bed/1 bath on one side and 3 bed/1 bath on the other
- Gross monthly income listed as $6,295
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $85.0k | $14.76 |
| − Vacancy | −$5.8k | −$1.00 |
| EGI | $79.2k | $13.76 |
| − OpEx | −$35.7k | −$6.19 |
| NOI | $43.6k | $7.57 |
5,760 SF · lease $14.76/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$622.6K
$544.8K – $726.3K
NOI $43,580 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$991.8K
$867.8K – $1.16M
NOI $69,424 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Explore this area
Business Placement
Demographics for 78566, TX
23,704
Population
8,275
Households
2.9
Avg Household Size
31
Median Age
20%
College-Educated
73%
High-School Grad
139.0 sq mi
ZIP Area
171
Density / Sq Mi
$64,385
Median Household Income
$36,605
Median Earnings
$863
Median Rent
$138,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 8-plex built from four duplexes, offering 2 bed/1 bath and 3 bed/1 bath units plus extra land.
Where is this apartment building located?
The property is located at 121 MELON DR. Los Fresnos, TX.
What is the asking price?
The asking price for this property is $599,400.
What are key features of this property?
This property features: Package of four duplexes sold together as an 8‑plex; fully occupied for current income; Unit mix: each duplex has 2 bed/1 bath on one side and 3 bed/1 bath on the other; Gross monthly income listed as $6,295
