Mission, TX Multifamily
3115 E Diamondhead Avenue Mission, TX 78573
For Sale
$370,000
MULTI_FAMILY - Mission, TX
Property Size3,640 SF
Lot Size0.22 Acres
Price / SF$101.65
Days on Market149
Property Features for 3115 E Diamondhead Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking
- 8
- Parking features
- Garage
- Exterior features
- Mature Trees
- Fencing
- Privacy
- Appliances
- Electric Water Heater, Dryer, Stove/Range, Washer
- Standard status
- Active
- APN
- E443500000002400
- Size
- 3,640 SF
- Lot size
- 0.22 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 7026
Utilities
- Heating system
- Central, Electric (Heating)
- Cooling system
- Central Air, Electric
- Water source
- Public
Building Details
- Year built
- 2007
- Floors in Building
- 1
- Number of units
- 4
- Building materials
- Brick
- Roof type
- Shingle
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Nacole Ricks
(956) 207-0456
Added: Feb 26
Changed: Jun 8
Last Checked: Jul 25 at 6:06AM
MLS# 479768
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 multifamily property, located within walking distance of Jensen Elementary, presents a solid investment opportunity with potential for income growth. The property features four units, each containing two bedrooms and two bathrooms. The property is currently 100% occupied with long-term tenants who have been in place for 5-8 years. There is potential for rent increases to $950-$975 per month, totaling $3,600 - $3,850 per month. Over $42,000 has been invested in the property. Improvements include a roof repair in 2023, new paint and repairs for the entire four-plex in 2023, and new exterior paint in 2024. The AC exterior units have been cleaned in 2023, and the dryer exhaust roof vents have been cleaned. New exterior lights and cameras have been installed, adding value for tenants. New thermostats have been installed in Apartments B and D, along with new washers and dryers in Apartments B and D. Apartment D has been fully rehabbed. The property is situated on a street lined with other four-plexes, some as new as 2015, indicating strong demand and profitability. The property size is 3,640 square feet and the lot size is 0.2194 acres.
Key Highlights
- 2007‑built 4‑plex with 4 units, each a 2 bed / 2 bath layout
- 100% occupied with long‑term tenants in place for 5–8 years
- Recent improvements: repaired roof (2023), new paint and repairs for the entire 4‑plex (2023), and new exterior paint (2024)
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.1k | $14.04 |
| − Vacancy | −$5.6k | −$1.55 |
| EGI | $45.5k | $12.49 |
| − OpEx | −$13.6k | −$3.75 |
| NOI | $31.8k | $8.74 |
3,640 SF · lease $14.04/SF/yr · vacancy 11.02% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$454.7K
$397.9K – $530.5K
NOI $31,832 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$418.7K
$366.3K – $488.5K
NOI $29,307 @ 7.0% cap · market cap 7.92%
Theoretical Best
Hotel Hospitality
$2.74M
$2.40M – $3.20M
NOI $191,919 @ 7.0% cap · market cap 51.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four-unit property with income potential in a desirable location.
Where is this quadplex located?
The property is located at 3115 E Diamondhead Avenue Mission, TX.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 2007‑built 4‑plex with 4 units, each a 2 bed / 2 bath layout; 100% occupied with long‑term tenants in place for 5–8 years; Recent improvements: repaired roof (2023), new paint and repairs for the entire 4‑plex (2023), and new exterior paint (2024)
