Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1502 Diamond Ave Penitas, TX 78576

    View on Map
    Sponsored
    For Sale
    $620,000

    MULTI_FAMILY - Penitas, TX

    Property size:
    10,164 SF
    Lot size:
    1.00 Acres
    Days on Market:
    50
    Last Refresh:
    Mar 7 at 11:06 am

    Property Features for 1502 Diamond Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    A493002000009A00
    Parking features
    Other, Garage
    Fencing
    Chain Link
    Appliances
    Electric Water Heater, Refrigerator, Stove/Range
    Size
    10,164 SF
    Lot size
    1.00 Acres

    Utilities

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

    Building Details

    Year built
    2003
    Floors in Building
    1
    Number of units
    8
    Building materials
    Brick
    Roof type
    Shingle

    We can help!

    Listing Contact
    Marisol Q. Morris

    Shepherd Real Estate, Inc. (956) 682-4701

    Listing agent Marisol Q. Morris (956) 330-0528

    Listing date Jan 17, 2026

    MLS# 492422

    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.

    Learn more

    Property Insight Report

    Overview

    Penitas TX Multifamily Investment Opportunity

    This is an investment opportunity to own a fully occupied 8-plex. Located just north of U.S. 83 (I-2), this well-maintained property is situated in the Penitas, TX area. The property, with a size of 10164 square feet, features seven 2-bedroom, 2-bath units and one 3-bedroom, 2-bath unit. All units are currently occupied and leased, providing immediate cash flow. The property is located near major roadways, shopping centers, and dining options. The lot size is 1.0049 acres. The property is located in Hidalgo County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Gym & Fitness Center

    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

    Nearby Similar for Sale

    • $1,200,000
      3,182 SF

      Turnkey Restaurant in Penitas, TX

      Established restaurant with equipment in a high-growth area.
      204 Tom Gill Rd, Penitas, TX 78576
      View Details
    • $750,000
      0.51 Acres

      Commercial Property in Penitas, TX

      Operating paint and body shop with high visibility location.
      1501 Expressway 83, Penitas, TX 78576
      View Details
    • $299,900
      2,150 SF

      Penitas Office Space with Acreage

      Office space with garage on 1 acre plus 6.52 acres.
      1420 Expy 83 Hwy, Penitas, TX 78576
      View Details
    • $385,000

      Penitas Restaurant & Car Wash Opportunity

      Profitable, leased commercial property in Texas.
      1606 La Fuente Dr, Penitas, TX 78576
      View Details
    • $2,627,000
      1,227 SF

      Texas Sonic Drive-In Investment

      High-Yield Sonic, Fee Simple Ownership
      1815 Expressway 83, Penitas, TX 78576
      View Details
    • $375,000
      2,720 SF

      1515 Expy 83 Hwy, Penitas, TX 78576

      Commercial real estate • 2,720 SF
      1515 Expy 83 Hwy, Penitas, TX 78576
      View Details
    • $500,000
      3,360 SF

      Penitas Commercial Property - High Visibility

      Prime corner lot, 3360 sqft, high traffic area.
      17922 Coconut Palm Dr, Penitas, TX 78576
      View Details
    • $270,000
      3,248 SF

      Penitas Commercial Building - High Traffic Area

      Prime location, 3,248 sq ft, redevelopment opportunity.
      2110 Expressway 83, Penitas, TX 78576
      View Details
    • $650,000
      4,905 SF

      101 Buena Vis St, Penitas, TX 78576

      Commercial real estate • 4,905 SF
      101 Buena Vis St, Penitas, TX 78576
      View Details
    • $435,000

      Penitas 6-Plex: Great Investment

      Six-unit apartment building, strong cash flow.
      18202 Washington Palm Dr, Penitas, TX 78576
      View Details
    • $375,000

      Penitas Multifamily Investment

      Four-unit apartment building, great income potential.
      1902 Dogwood St, Penitas, TX 78576
      View Details

    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 $620,000.
    What are key features of this property?
    This property features: - Fully occupied 8-plex offering immediate cash flow.; - Featuring seven 2-bedroom/2-bath units and one larger 3-bedroom/2-bath unit.; - Prime location near major roadways, shopping centers, and dining options in Penitas, TX.
    (956) 682-4701
    Request Owner's contact information
    1502 Diamond Ave Penitas, TX 78576
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1502 Diamond Ave
    Penitas, TX 78576
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1502 Diamond Ave Penitas, TX 78576
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Marisol Q. Morris
    (956) 682-4701 (956) 330-0528
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!