Brick 8-Plex Apartment
For Sale
$825,000
2402 Tahiti Drive, Edinburg, TX 78541
MULTI_FAMILY - Edinburg, TX
Property Size7,848 SF
Lot Size0.69 Acres
Price / SF$105.12
Days on Market185
Property Features for 2402 Tahiti Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
16
Parking features
None
Patio and Porch features
Patio
Appliances
Electric Water Heater, Dryer, Refrigerator, Stove/Range, Washer
Subdivision
Paradise Estates
Lot features
Curb & Gutters
Elementary school
Cavazos
Middle school
B.L. Garza
High school
Edinburg North H.S.
Elementary school district
Edinburg ISD
Middle school district
Edinburg ISD
High school district
Edinburg ISD
Directions
From Intersection of Russell Rd and McColl go East to Aruba Dr; South on Aruba Dr to Tahiti Dr; East to property
Standard status
Active
APN
P323500000001700
Size
7,848 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16452
HOA Fee
$315 Annually
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2004
Floors in Building
1
Number of units
8
Building materials
Brick
Roof type
Shingle
Listing Agency:
Top Tier Real Estate Group LLC
(956) 207-0301
Listed By:
Arlen Gracia
(956) 400-8802
Added: Feb 24
Changed: Aug 13
Last Checked: Aug 28 at 11:06AM
MLS# 490376
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 brick 8-plex apartment building was built in 2004 and sits on a 0.6905-acre lot. The property includes a patio and is roofed with shingles. Inside, units are equipped with an electric water heater and include a washer, dryer, refrigerator, and stove/range. Heating is central electric, with central air conditioning powered by electricity.
The building is positioned at the end of a quiet cul-de-sac, helping limit through traffic while maintaining convenience to nearby shopping, schools, and major commuter routes.
The combination of brick construction, in-unit appliances, and central HVAC supports day-to-day residential operation for an investor looking for a well-maintained multifamily asset.
The building is positioned at the end of a quiet cul-de-sac, helping limit through traffic while maintaining convenience to nearby shopping, schools, and major commuter routes.
The combination of brick construction, in-unit appliances, and central HVAC supports day-to-day residential operation for an investor looking for a well-maintained multifamily asset.
Key Highlights
- 0.6905‑acre lot for the 8‑plex apartment building
- Built in 2004 with brick construction
- 7,848 SF apartment building size
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
$65,886
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
7.99%
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%
$1,317,720
$1.3M
Cap Rate 7%
$941,229
$941.2K
Cap Rate 9%
$732,067
$732.1K
Market Conditions
NOI Build-Up for 7,848 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
$123.4K $15.72/SF
− Vacancy
−$3.6K −$0.46/SF
EGI
$119.8K $15.26/SF
− OpEx
−$53.9K −$6.87/SF
NOI
$65.9K $8.40/SF
Area
Edinburg, TX
Vacancy
2.90%
Lease Rate
$15.72 /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%
$1,317,720
Cap Rate 7%
$941,229
Cap Rate 9%
$732,067
Alternative Uses
Best Use
Apartment 5plus
$941.2K
$823.6K – $1.10M
NOI $65,886 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,545 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 78541, TX
48,513
Population
17,669
Households
2.7
Avg Household Size
28
Median Age
25%
College-Educated
77%
High-School Grad
290.2 sq mi
ZIP Area
167
Density / Sq Mi
$50,567
Median Household Income
$30,752
Median Earnings
$945
Median Rent
$142,600
Median Home Value
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 - Brick 8-plex built in 2004 with central electric heat and central air, plus public water and shingle roofing.
Where is this apartment building located?
The property is located at 2402 Tahiti Drive Edinburg, TX.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 0.6905‑acre lot for the 8‑plex apartment building; Built in 2004 with brick construction; 7,848 SF apartment building size
