30-Unit Apartment
For Sale
$5,020,000
1801 Atrium Drive, Harlingen, TX 78550
Residential Income, Harlingen, TX
Property Size32,164 SF
Lot Size3.34 Acres
Price / SF$156.08
Days on Market67
Property Features for 1801 Atrium Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
None
Appliances
Electric Water Heater, Dishwasher, Microwave, Stove/Range-Electric Smooth
Subdivision
Arbor Health
Lot features
Curb & Gutters, Irregular Lot, Professional Landscaping, Sidewalks, Sprinkler System
Elementary school
Roberts
Middle school
Cabaza
High school
San Benito H.S.
Elementary school district
Harlingen ISD
Middle school district
Harlingen ISD
High school district
Harlingen ISD
Directions
Heading the 2 East bound, then take the 69 East, Take exit 22 toward FM 509/Paso Real Hwy, Merge onto S Expressway 83/S Expwy 77/Frontage Rd., Continue straight to stay on S Expressway 83/S Expwy 77/Frontage Rd., turn left on Paso Real, Left onto Haine Dr., Left onto Atrium and your destination is on the left.
Standard status
Active
APN
8853360000006000
Size
32,164 SF
Lot size
3.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
56890
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2023
Floors in Building
1
Number of units
30
Building materials
Stucco
Roof type
Composition
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Jaime Lee Gonzalez · License #713189
(956) 599-8400
Added: Jul 14
Changed: Sep 4
Last Checked: Sep 18 at 12:06PM
MLS# 509541
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.
Investment Insights
Based on property information with market context.
This 30-unit apartment community in Harlingen, Texas, was built in 2023 and contains 32,164 square feet on 3.338 acres. The property features stucco construction, a composition roof, central heating, and central air. Unit appliances include electric water heaters, dishwashers, microwaves, and electric smooth-top stoves or ranges.
The community is located at 1801 Atrium Drive in Harlingen, with access to major highways, shopping, dining, schools, medical facilities, and employment centers. Public water serves the property. No parking features are identified.
The community is located at 1801 Atrium Drive in Harlingen, with access to major highways, shopping, dining, schools, medical facilities, and employment centers. Public water serves the property. No parking features are identified.
Key Highlights
- 30 apartment units in a multifamily community
- Built in 2023
- 32,164 square feet on 3.338 acres
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$243,352
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,867,040
$4.9M
Cap Rate 7%
$3,476,457
$3.5M
Cap Rate 9%
$2,703,911
$2.7M
Market Conditions
NOI Build-Up for 32,164 SF
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.
Gross rent
$474.7K $14.76/SF
− Vacancy
−$32.3K −$1.00/SF
EGI
$442.5K $13.76/SF
− OpEx
−$199.1K −$6.19/SF
NOI
$243.4K $7.57/SF
Area
Cameron County, TX
Vacancy
6.80%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,867,040
Cap Rate 7%
$3,476,457
Cap Rate 9%
$2,703,911
Alternative Uses
Best Use
Apartment 5plus
$3.48M
$3.04M – $4.06M
NOI $243,352 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$5.54M
$4.85M – $6.46M
NOI $387,666 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
30
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 78550, TX
56,038
Population
22,347
Households
2.5
Avg Household Size
35
Median Age
22%
College-Educated
77%
High-School Grad
94.2 sq mi
ZIP Area
595
Density / Sq Mi
$51,524
Median Household Income
$32,065
Median Earnings
$863
Median Rent
$120,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Recently built multifamily property with central heating and cooling, public water service, and stucco construction.
Where is this apartment building located?
The property is located at 1801 Atrium Drive Harlingen, TX.
What is the asking price?
The asking price for this property is $5,020,000.
What are key features of this property?
This property features: 30 apartment units in a multifamily community; Built in 2023; 32,164 square feet on 3.338 acres
