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    1502 Diamond Ave Penitas, TX 78576

    For Sale
    $699,000

    Multi Family - Penitas, TX

    Type:Multi Family
    Property size:
    10,164 SF
    Lot size:
    1.00 Acres
    Days on Market:
    63
    Last Refresh:
    Dec 9 at 11:06 pm

    Property Features for 1502 Diamond Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Standard status
    Active
    APN
    A493002000009A00
    Parking
    4
    Parking features
    Carport, Garage
    Size
    10,164 SF
    Lot size
    1.00 Acres

    Utilities

    Heating system
    Central, Electric (Heating)

    Building Details

    Year built
    2003
    Number of units
    8
    Architectural style
    Other

    Shepherd Real Estate, Inc. (956) 682-4701 [email protected]

    Listing agent Marisol Q. Morris (956) 682-4701

    Listing date Oct 8, 2025

    MLS# 457211 Listing URL

    Copyright © 2025 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.

    Overview

    Penitas TX Multifamily Investment Opportunity

    This fully occupied 8-plex is located just north of U.S. 83 (I-2) in Penitas, TX. The property features seven 2-bedroom units and one 3-bedroom unit. The property is situated on a 1.0049-acre lot. The building has a total area of 10164 square feet. The property is conveniently located near major roadways, shopping centers, and dining options, offering a prime location and exceptional value. The property has a proven rental history and steady income generation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Penitas
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.44658
    Latitude
    26.247881

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    FAQs

    What type of property is this?
    Apartment building - Fully occupied 8-plex near U.S. 83 in Penitas, TX.
    Where is this apartment building located?
    The property is located at 1502 Diamond Ave Penitas, TX.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: - Fully occupied 8-plex PROVIDING IMMEDIATE CASH FLOW.; - Seven 2-bedroom units and one 3-bedroom unit offer an ATTRACTIVE MIX.; - Proven rental history and steady income generation.
    (956) 682-4701
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    Realmo Value Estimation

    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.

    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.

    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
    1502 Diamond Ave Penitas, TX 78576
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