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    Modern 12-Unit Apartment Complex Title is generated by Realmo AI

    1306 Royola Street, Palmview, TX 78572

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    Claim this Listing
    For Sale
    $975,000

    MULTI_FAMILY - Palmview, TX

    Property size:
    8,927 SF
    Lot size:
    0.61 Acres
    Price / SF:
    $109/SF
    Added:
    Dec 26, 2025
    Days on Market:
    159
    Last Refresh:
    Jun 3 at 4:06 am

    Property Features for 1306 Royola Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    24
    Exterior features
    Sprinkler System
    Appliances
    Electric Water Heater, Water Heater (Laundry Room), Dryer, Microwave, Refrigerator, Stove/Range-Electric Smooth, Washer
    Standard status
    Active
    APN
    D538000000000700
    Size
    8,927 SF
    Lot size
    0.61 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    22400

    Utilities

    Heating system
    Electric (Heating), Central
    Cooling system
    Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    2023
    Floors in Building
    1
    Number of units
    12
    Building materials
    Stucco
    Roof type
    Composition

    We can help!

    Listing Contact
    Karena Herrera

    Listing agent Karena Herrera

    Listing office Encore Fine Properties 817 N Ware Road, McAllen, TX

    Listing date Dec 26, 2025

    MLS# 490594 Listing URL

    Copyright © 2026 Greater McAllen Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Built in 2023: Modern construction and new amenities.
    • Prime Location: Less than a quarter‑mile from Expressway I‑2/Hwy 83, providing easy access to shopping, dining, and entertainment in Mission and McAllen.
    • In‑Unit Washer and Dryer: Added convenience for tenants.
    • Granite Countertops and Tile Flooring: High‑quality finishes.
    • Two Covered Parking Spaces Per Unit: Secure and convenient parking.
    • Full Suite of Appliances: Includes stove, refrigerator, and microwave.

    Overview

    Constructed in 2023, this modern 12-unit apartment complex is located less than a quarter-mile from Expressway I-2/Hwy 83, offering convenient access to shopping, dining, and entertainment in Mission and McAllen. The property comprises two single-story buildings, each containing six units. The unit mix includes seven 2-bedroom/1-bathroom apartments and five 1-bedroom/1-bathroom apartments. Each unit features granite countertops, tile flooring, and a full appliance package, including a stove, refrigerator, microwave, and in-unit washer and dryer. Residents benefit from two covered parking spaces per unit. The property, situated on a 0.6052-acre lot, has a total area of 8927 square feet. This property presents an investment opportunity due to its location and modern amenities.

    Local 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 $147.8k $16.56
    − Vacancy −$17.1k −$1.92
    EGI $130.7k $14.64
    − OpEx −$58.8k −$6.59
    NOI $71.9k $8.05
    8,927 SF · lease $16.56/SF/yr · vacancy 11.60% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.03M
    $898.4K – $1.20M (±1% cap)
    NOI $71,875 @ 7.0% cap · market cap 7.37%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Hotel Hospitality
    $6.72M
    $5.88M – $7.84M (±1% cap)
    NOI $470,676 @ 7.0% cap · market cap 48.27%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Palmview
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.386383
    Latitude
    26.232784

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    FAQs

    What type of property is this?
    Apartment building - New 12-unit apartment complex near Expressway I-2/Hwy 83.
    Where is this apartment building located?
    The property is located at 1306 Royola Street Palmview, TX.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: Built in 2023: Modern construction and new amenities.; **Prime Location**: Less than a quarter‑mile from Expressway I‑2/Hwy 83, providing easy access to shopping, dining, and entertainment in Mission and McAllen.; In‑Unit Washer and Dryer: Added convenience for tenants.
    (956) 336-3124
    We can help!
    Listing Contact
    Karena Herrera
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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