Fourplex with Two-Bed Two-Bath
For Sale
$395,000
705 Emerald Drive, Pharr, TX 78577
MULTI_FAMILY - Pharr, TX
Property Size3,422 SF
Lot Size0.19 Acres
Price / SF$115.43
Days on Market127
Property Features for 705 Emerald Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking
8
Parking features
None
Appliances
Electric Water Heater, Dryer, Refrigerator, Stove/Range-Electric Coil, Washer
Subdivision
Los Pinos Estate Ph 2
Elementary school
Arnold
Middle school
LBJ
High school
PSJA North H.S.
Elementary school district
PSJA ISD
Middle school district
PSJA ISD
High school district
PSJA ISD
Directions
FROM THE CORNER OF ELDORA AND SUGAR TURN ON EMERALD AND GO EAST TO END OF STREET. APT COMPLEX SITS ON SOUTH WEST CORNER
Standard status
Active
APN
L635602000001700
Size
3,422 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7897
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2006
Floors in Building
1
Number of units
4
Building materials
Brick, Stucco
Roof type
Shingle
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Jaime Lee Gonzalez · License #713189
(956) 599-8400
Added: Apr 15
Changed: Jul 31
Last Checked: Aug 19 at 11:06AM
MLS# 490748
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 well-positioned fourplex offers a fully leased multifamily investment with four units. Each unit features two bedrooms and two bathrooms. The property was built in 2006 and features brick and stucco exterior construction with a shingle roof. Interior comfort is supported by central heating and central air conditioning.
The fourplex is located at 705 Emerald Drive in Pharr, Texas, just south of Nolana and east of Sugar Rd, providing quick access to retail centers, restaurants, and major roadways.
On-site parking is listed as none. Utilities include public water, and common in-unit appliances include an electric water heater, refrigerator, stove/range-electric coil, washer, dryer.
The fourplex is located at 705 Emerald Drive in Pharr, Texas, just south of Nolana and east of Sugar Rd, providing quick access to retail centers, restaurants, and major roadways.
On-site parking is listed as none. Utilities include public water, and common in-unit appliances include an electric water heater, refrigerator, stove/range-electric coil, washer, dryer.
Key Highlights
- Fully leased fourplex with four units
- Each unit has two bedrooms and two bathrooms
- Built in 2006 with brick and stucco construction
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
$29,925
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
7.58%
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%
$598,500
$598.5K
Cap Rate 7%
$427,500
$427.5K
Cap Rate 9%
$332,500
$332.5K
Market Conditions
NOI Build-Up for 3,422 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
$42.8K $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%
$598,500
Cap Rate 7%
$427,500
Cap Rate 9%
$332,500
Alternative Uses
Best Use
Multifamily LT 5
$427.5K
$374.1K – $498.8K
NOI $29,925 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$393.6K
$344.4K – $459.2K
NOI $27,552 @ 7.0% cap · market cap 6.98%
Theoretical Best
Hotel Hospitality
$2.58M
$2.26M – $3.01M
NOI $180,425 @ 7.0% cap · market cap 45.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
421
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex investment with four fully leased units featuring two bedrooms and two bathrooms with central heating and cooling.
Where is this quadplex located?
The property is located at 705 Emerald Drive Pharr, TX.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Fully leased fourplex with four units; Each unit has two bedrooms and two bathrooms; Built in 2006 with brick and stucco construction
