Fully Leased 4-Unit
For Sale
$465,000
215 W Diamond Avenue, Mission, TX 78573
Residential Income, Mission, TX
Property Size4,100 SF
Lot Size0.23 Acres
Price / SF$113.41
Days on Market145
Property Features for 215 W Diamond Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Garage
Patio and Porch features
Patio
Exterior features
Mature Trees, Sprinkler System
Fencing
Privacy
Appliances
Electric Water Heater, Dryer, Refrigerator, Stove/Range, Washer
Subdivision
La Hacienda
Lot features
Curb & Gutters, Professional Landscaping, Sidewalks, Sprinkler System
Elementary school
Cantu
Middle school
Alton-Memorial Junior High
High school
Mission H.S.
Elementary school district
Mission ISD
Middle school district
Mission ISD
High school district
Mission ISD
Directions
From the intersection of Buddy Owens and Conway, travel North on Conway passing Main Ave/Mile 5. Turn left on Diamond Ave property will be on right hand side towards end of street.
Standard status
Active
APN
L102500000004000
Size
4,100 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8657
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
stainless steel appliances
quartz countertops
tile flooring
washer and dryer
private fenced backyard
Building Details
Year built
2024
Floors in Building
1
Number of units
4
Building materials
Stucco
Roof type
Composition
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Amber Pacheco
(956) 800-9719
Added: Apr 21
Changed: Sep 4
Last Checked: Sep 12 at 4:06AM
MLS# 497838
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.
Completed in 2024, this 4,100-square-foot quadplex contains four leased residences on a 0.2287-acre lot. Each unit includes stainless steel appliances, quartz countertops, tile flooring, a washer and dryer, and a privately fenced backyard. Central electric heating and cooling serve the property, with stucco construction, a composition roof, and a sprinkler system.
The property is located at 215 W Diamond Avenue in Mission, near N. Conway Ave and Alton Blvd, with shopping and dining in the surrounding area. Tenants pay electricity, internet, and cable. Ownership covers trash, water through one meter, house-meter electricity, and landscaping. Additional site features include mature trees, patios, public water service, and eight carport spaces.
The property is located at 215 W Diamond Avenue in Mission, near N. Conway Ave and Alton Blvd, with shopping and dining in the surrounding area. Tenants pay electricity, internet, and cable. Ownership covers trash, water through one meter, house-meter electricity, and landscaping. Additional site features include mature trees, patios, public water service, and eight carport spaces.
Key Highlights
- Four‑unit quadplex completed in 2024
- 4,100 SF building on 0.2287 acres
- All units are currently leased
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
$35,854
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
7.71%
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%
$717,080
$717.1K
Cap Rate 7%
$512,200
$512.2K
Cap Rate 9%
$398,378
$398.4K
Market Conditions
NOI Build-Up for 4,100 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
$57.6K $14.04/SF
− Vacancy
−$6.3K −$1.55/SF
EGI
$51.2K $12.49/SF
− OpEx
−$15.4K −$3.75/SF
NOI
$35.9K $8.74/SF
Area
Hidalgo County, TX
Vacancy
11.02%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
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%
$717,080
Cap Rate 7%
$512,200
Cap Rate 9%
$398,378
Alternative Uses
Best Use
Multifamily LT 5
$512.2K
$448.2K – $597.6K
NOI $35,854 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$471.6K
$412.6K – $550.2K
NOI $33,011 @ 7.0% cap · market cap 7.10%
Theoretical Best
Hotel Hospitality
$3.09M
$2.70M – $3.60M
NOI $216,173 @ 7.0% cap · market cap 46.49%
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
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 78573, TX
42,229
Population
13,339
Households
3.2
Avg Household Size
29
Median Age
15%
College-Educated
63%
High-School Grad
36.7 sq mi
ZIP Area
1,151
Density / Sq Mi
$51,185
Median Household Income
$27,730
Median Earnings
$909
Median Rent
$154,800
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?
Quadplex - Newly built four-unit property with private fenced backyards, updated finishes, and central HVAC throughout.
Where is this quadplex located?
The property is located at 215 W Diamond Avenue Mission, TX.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Four‑unit quadplex completed in 2024; 4,100 SF building on 0.2287 acres; All units are currently leased
