Quadplex with Updated
For Sale
$340,000
623 E WASHINGTON ST., Weslaco, TX 78596
Residential Income, WESLACO, TX
Property Size3,416 SF
Lot Size0.27 Acres
Price / SF$99.53
Days on Market49
Property Features for 623 E WASHINGTON ST.
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
None
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Smoke Alarm(s)
Exterior features
Patio, Storage
Fencing
Privacy
Appliances
Range, Refrigerator
Subdivision
HERITAGE SQUARE
Lot features
Curb & Gutter, Landscaped
Elementary school
NORTH BRIDGE
Middle school
CUELLAR
High school
WESLACO-EAST
Elementary school district
WESLACO I.S.D.
Middle school district
WESLACO I.S.D.
High school district
WESLACO I.S.D.
Standard status
Active
Size
3,416 SF
Lot size
0.27 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Number of units
4
Flooring type
Tile
Additional Structures
Storage
Listing Agency:
MARCUS PHIPPS REAL ESTATE, LLC
(956) 423-5300
Listed By:
MARCUS PHIPPS · License #450735
(956) 793-2355
Added: Aug 4
Changed: Sep 21
Last Checked: Sep 21 at 7:06PM
MLS# 29778464
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 3,416-square-foot quadplex contains four residential units, each arranged with 2 bedrooms, 1 bath, a kitchen, dining area, and living room. Tile flooring, ceiling fans, smoke alarms, central heating, and central air serve the interiors. Range appliances and refrigerators are included. The property also provides patios, storage, and a privacy fence.
Built in 2000 on 0.265 acres, the property uses public water and public sewer. The roof was replaced in 2023, and the privacy fence was added in 2024. It is located at 623 E Washington St. in Weslaco, north of the Expressway and off Bridge Road.
Built in 2000 on 0.265 acres, the property uses public water and public sewer. The roof was replaced in 2023, and the privacy fence was added in 2024. It is located at 623 E Washington St. in Weslaco, north of the Expressway and off Bridge Road.
Key Highlights
- Four‑unit quadplex with 3,416 square feet of building area
- Each unit includes 2 bedrooms, 1 bath, kitchen, dining area, and living room
- Roof replacement completed in 2023
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
$29,873
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
8.79%
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%
$597,460
$597.5K
Cap Rate 7%
$426,757
$426.8K
Cap Rate 9%
$331,922
$331.9K
Market Conditions
NOI Build-Up for 3,416 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
$48.0K $14.04/SF
− Vacancy
−$5.3K −$1.55/SF
EGI
$42.7K $12.49/SF
− OpEx
−$12.8K −$3.75/SF
NOI
$29.9K $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%
$597,460
Cap Rate 7%
$426,757
Cap Rate 9%
$331,922
Alternative Uses
Best Use
Multifamily LT 5
$426.8K
$373.4K – $497.9K
NOI $29,873 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$392.9K
$343.8K – $458.4K
NOI $27,504 @ 7.0% cap · market cap 8.09%
Theoretical Best
Hotel Hospitality
$2.57M
$2.25M – $3.00M
NOI $180,109 @ 7.0% cap · market cap 52.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 78596, TX
37,329
Population
15,824
Households
2.4
Avg Household Size
36
Median Age
21%
College-Educated
75%
High-School Grad
40.1 sq mi
ZIP Area
931
Density / Sq Mi
$53,797
Median Household Income
$31,618
Median Earnings
$917
Median Rent
$92,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer matching two-bedroom, one-bath layouts with kitchens, dining areas, and living rooms.
Where is this quadplex located?
The property is located at 623 E WASHINGTON ST. Weslaco, TX.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,416 square feet of building area; Each unit includes 2 bedrooms, 1 bath, kitchen, dining area, and living room; Roof replacement completed in 2023
