Five-Townhome Multifamily
For Sale
$1,743,000
2019 2021 2023 2025 2027 Harvey Mitchell Parkway S, College Station, TX 77840
MULTI_FAMILY - College Station, TX
Property Size9,064 SF
Lot Size0.10 Acres
Price / SF$192.30
Days on Market16
Property Features for 2019 2021 2023 2025 2027 Harvey Mitchell Parkway S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C09
Patio and Porch features
Patio
Exterior features
Patio
Subdivision
Rio Grande
Elementary school district
College Station
Middle school district
College Station
High school district
College Station
Directions
From Hwy 6 N, exit Harvey Mitchell. Turn left under the freeway. Head south until you get to Little River St. Turn Right. Rio Grande Town Homes will be on your right.
Standard status
Active
APN
2019,2021,2023,2025,2027 Harvey Mitchell C09
Size
9,064 SF
Lot size
0.10 Acres
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Ceiling Fan(s), Central Air
Amenities
granite countertops
stainless steel appliances
soft-close cabinetry
open-concept layout
spacious living areas
abundant natural light
private en-suite bathroom
walk-in closet
individual thermostat
utility room with washer/dryer
ample storage
private garage
Building Details
Year built
2018
Floors in Building
2
Number of units
1
Flooring type
Tile, Vinyl, Carpet
Roof type
Composition
Listing Agency:
Texas Prime Real Estate
(979) 695-3300
Listed By:
Kathy Scott · License #0589435
(979) 777-9067
Added: Jul 23
Changed: Aug 4
Last Checked: Aug 7 at 4:06PM
MLS# 26009475
Copyright © 2026 Bryan-College Station Regional MLS. 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 for-sale multifamily property features five individually owned townhomes. The mix includes three 3-bedroom, 3.5-bath units and two 4-bedroom, 4.5-bath units. Interiors are designed with open-concept layouts and modern finishes, including granite countertops, stainless steel appliances, and soft-close cabinetry. Each bedroom includes a private en-suite bathroom, walk-in closet, and an individual thermostat. Downstairs, each townhome offers a utility room with front-load washers and dryers, along with ample storage and a private garage.
The townhomes are situated along Harvey Mitchell Parkway in College Station, providing quick access to Texas A&M University as well as shopping, dining, entertainment, and a nearby bus route. Several units are currently leased through 2027. Zoned C09, the property totals 9,064 square feet on 0.0984 acres, and a Matterport 3D immersive tour is available upon request.
The townhomes are situated along Harvey Mitchell Parkway in College Station, providing quick access to Texas A&M University as well as shopping, dining, entertainment, and a nearby bus route. Several units are currently leased through 2027. Zoned C09, the property totals 9,064 square feet on 0.0984 acres, and a Matterport 3D immersive tour is available upon request.
Key Highlights
- Five individually owned townhomes (3 x 3‑bedroom, 3.5‑bath and 2 x 4‑bedroom, 4.5‑bath)
- Several units are currently leased through 2027
- Year built: 2018
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
$86,952
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
4.99%
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%
$1,739,040
$1.7M
Cap Rate 7%
$1,242,171
$1.2M
Cap Rate 9%
$966,133
$966.1K
Market Conditions
NOI Build-Up for 9,064 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
$166.4K $18.36/SF
− Vacancy
−$8.3K −$0.92/SF
EGI
$158.1K $17.44/SF
− OpEx
−$71.1K −$7.85/SF
NOI
$87.0K $9.59/SF
Area
College Station, TX
Vacancy
5.00%
Lease Rate
$18.36 /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%
$1,739,040
Cap Rate 7%
$1,242,171
Cap Rate 9%
$966,133
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,952 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $156,234 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 77840, TX
55,180
Population
25,423
Households
2.2
Avg Household Size
25
Median Age
46%
College-Educated
91%
High-School Grad
10.0 sq mi
ZIP Area
5,518
Density / Sq Mi
$31,278
Median Household Income
$14,521
Median Earnings
$1,085
Median Rent
$241,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five individually owned townhomes along Harvey Mitchell Parkway, with several units leased through 2027.
Where is this apartment building located?
The property is located at 2019 2021 2023 2025 2027 Harvey Mitchell Parkway S College Station, TX.
What is the asking price?
The asking price for this property is $1,743,000.
What are key features of this property?
This property features: Five individually owned townhomes (3 x 3‑bedroom, 3.5‑bath and 2 x 4‑bedroom, 4.5‑bath); Several units are currently leased through 2027; Year built: 2018
