Modern Quadplex with Walk-In
For Sale
$590,000
605 & 609 W CYPRESS, La Feria, TX 78559
Residential Income, LA FERIA, TX
Property Size3,620 SF
Lot Size0.27 Acres
Price / SF$162.98
Days on Market177
Property Features for 605 & 609 W CYPRESS
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
None
Interior features
Ceiling Fan(s), Smoke Alarm(s), Walk-in Closet(s)
Fencing
Privacy
Appliances
Range, Refrigerator
Subdivision
RALIEGH COURT
Lot features
Curb & Gutter
Elementary school
LA FERIA
Middle school
LA FERIA
High school
LA FERIA
Elementary school district
LA FERIA I.S.D.
Middle school district
LA FERIA I.S.D.
High school district
LA FERIA I.S.D.
Standard status
Active
Size
3,620 SF
Lot size
0.27 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
security system
Building Details
Year built
2022
Floors in Building
1
Number of units
4
Flooring type
Tile
Listing Agency:
MARCUS PHIPPS REAL ESTATE, LLC
(956) 423-5300
Listed By:
MARCUS PHIPPS · License #450735
(956) 793-2355
Added: Mar 11
Changed: Aug 19
Last Checked: Sep 3 at 8:06PM
MLS# 29774821
Copyright © 2026 Rio Grande Valley Multiple Listing Service Inc. 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 2022-built quadplex contains 3,620 square feet across two side-by-side duplex structures on a 0.27-acre parcel. The property includes four 2-bedroom, 2-bath residences, each arranged with an open living plan and contemporary interior finishes. Kitchens feature quartz countertops, pendant lighting, and pantry storage, while the bedrooms include walk-in closets with built-in organization. Tile flooring, ceiling fans, smoke alarms, ranges, and refrigerators are provided throughout the units.
The property is fully leased and located in La Feria, with access to the expressway within minutes. Additional improvements include prewiring for a security system, spray foam insulation, privacy fencing, central electric heating, and central air conditioning. Public water and public sewer serve the property. Parking features are listed as none.
The property is fully leased and located in La Feria, with access to the expressway within minutes. Additional improvements include prewiring for a security system, spray foam insulation, privacy fencing, central electric heating, and central air conditioning. Public water and public sewer serve the property. Parking features are listed as none.
Key Highlights
- Four 2‑bedroom, 2‑bath units in two side‑by‑side duplex structures
- 3,620 square feet on a 0.27‑acre parcel
- Built in 2022 and fully 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
$29,866
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
5.06%
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%
$597,320
$597.3K
Cap Rate 7%
$426,657
$426.7K
Cap Rate 9%
$331,844
$331.8K
Market Conditions
NOI Build-Up for 3,620 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
$45.6K $12.60/SF
− Vacancy
−$2.9K −$0.81/SF
EGI
$42.7K $11.79/SF
− OpEx
−$12.8K −$3.54/SF
NOI
$29.9K $8.25/SF
Area
Cameron County, TX
Vacancy
6.46%
Lease Rate
$12.60 /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%
$597,320
Cap Rate 7%
$426,657
Cap Rate 9%
$331,844
Alternative Uses
Best Use
Multifamily LT 5
$426.7K
$373.3K – $497.8K
NOI $29,866 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$391.3K
$342.4K – $456.5K
NOI $27,389 @ 7.0% cap · market cap 4.64%
Theoretical Best
Healthcare Medical
$623.3K
$545.4K – $727.2K
NOI $43,631 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Explore this area
Business Placement
Demographics for 78559, TX
12,533
Population
5,047
Households
2.5
Avg Household Size
37
Median Age
14%
College-Educated
72%
High-School Grad
36.3 sq mi
ZIP Area
345
Density / Sq Mi
$48,117
Median Household Income
$31,927
Median Earnings
$985
Median Rent
$99,900
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?
Quadplex - Fully leased four-unit property with quartz kitchen finishes, open layouts, and expressway access minutes away.
Where is this quadplex located?
The property is located at 605 & 609 W CYPRESS La Feria, TX.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Four 2‑bedroom, 2‑bath units in two side‑by‑side duplex structures; 3,620 square feet on a 0.27‑acre parcel; Built in 2022 and fully leased
