Four-Unit Brick Apartment
For Sale
$396,000
2205 N Erica Street, Pharr, TX 78577
Residential Income, Pharr, TX
Property Size3,640 SF
Lot Size0.21 Acres
Price / SF$108.79
Days on Market95
Property Features for 2205 N Erica Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking
8
Parking features
Garage
Patio and Porch features
Patio
Appliances
Electric Water Heater, Electric Cooktop, Dryer, Refrigerator, Washer
Subdivision
Vip Estates
Lot features
Mature Trees, Sidewalks
Elementary school
Ramirez
Middle school
Johnson
High school
PSJA North H.S.
Elementary school district
PSJA ISD
Middle school district
PSJA ISD
High school district
PSJA ISD
Directions
From Jackson and Ferguson Ave. drive east and VIP Estates will be on your left Turn North on N Erica St. and half block from the entrance the property will be on your left
Standard status
Active
APN
V012500000003100
Size
3,640 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8722
HOA Fee
$700 Annually
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Amenities
covered parking
Building Details
Year built
2004
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Composition
Listing Agency:
RE/MAX elite · RE/MAX International
(956) 583-2100
Listed By:
Yanett Rodriguez · License #695607
(956) 522-8213
Added: Jun 10
Changed: Aug 28
Last Checked: Sep 12 at 9:06AM
MLS# 479544
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.
Built in 2004, this brick quadplex contains four two-bedroom, two-bathroom residences totaling 3,640 square feet. Each unit is separately metered and includes an open living arrangement, while garage parking and private patio areas add functional appeal. The property is equipped with central electric heating and cooling, composition roofing, and a selection of household appliances including refrigerators, washers, dryers, electric cooktops, and electric water heaters.
The 0.2124-acre property is located in Pharr near shopping centers and schools, with convenient access to the expressway. Its four-unit configuration, individual utility metering, and established physical improvements provide a straightforward multifamily layout.
The 0.2124-acre property is located in Pharr near shopping centers and schools, with convenient access to the expressway. Its four-unit configuration, individual utility metering, and established physical improvements provide a straightforward multifamily layout.
Key Highlights
- Four 2‑bedroom, 2‑bathroom units within a 3,640‑square‑foot quadplex
- Built in 2004 with brick construction and composition roofing
- Each residence is individually metered
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
$31,832
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
8.04%
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%
$636,640
$636.6K
Cap Rate 7%
$454,743
$454.7K
Cap Rate 9%
$353,689
$353.7K
Market Conditions
NOI Build-Up for 3,640 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
$51.1K $14.04/SF
− Vacancy
−$5.6K −$1.55/SF
EGI
$45.5K $12.49/SF
− OpEx
−$13.6K −$3.75/SF
NOI
$31.8K $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%
$636,640
Cap Rate 7%
$454,743
Cap Rate 9%
$353,689
Alternative Uses
Best Use
Multifamily LT 5
$454.7K
$397.9K – $530.5K
NOI $31,832 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$418.7K
$366.3K – $488.5K
NOI $29,307 @ 7.0% cap · market cap 7.40%
Theoretical Best
Hotel Hospitality
$2.74M
$2.40M – $3.20M
NOI $191,919 @ 7.0% cap · market cap 48.46%
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
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Explore this area
Business Placement
Demographics for 78577, TX
79,937
Population
26,568
Households
3
Avg Household Size
30
Median Age
18%
College-Educated
70%
High-School Grad
26.0 sq mi
ZIP Area
3,075
Density / Sq Mi
$49,768
Median Household Income
$28,186
Median Earnings
$988
Median Rent
$111,500
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?
Quadplex - Four individually metered residences with garage parking, patios, and access to shopping, schools, and the expressway.
Where is this quadplex located?
The property is located at 2205 N Erica Street Pharr, TX.
What is the asking price?
The asking price for this property is $396,000.
What are key features of this property?
This property features: Four 2‑bedroom, 2‑bathroom units within a 3,640‑square‑foot quadplex; Built in 2004 with brick construction and composition roofing; Each residence is individually metered
