Two-Story
For Sale
$269,900
817 E MADISON AVE, Harlingen, TX 78550
Residential Income, HARLINGEN, TX
Property Size2,600 SF
Lot Size0.15 Acres
Price / SF$103.81
Days on Market17
Property Features for 817 E MADISON AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Interior features
Ceiling Fan(s)
Exterior features
Deck/Balcony/Porch
Fencing
Chain Link
Appliances
Range, Refrigerator
Subdivision
NICHOLSON PLACE
Elementary school
TRAVIS
Middle school
VERNON
High school
HARLINGEN
Elementary school district
HARLINGEN C.I.S.D.
Middle school district
HARLINGEN C.I.S.D.
High school district
HARLINGEN C.I.S.D.
Standard status
Active
Size
2,600 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1984
Floors in Building
2
Number of units
4
Flooring type
Carpet
Listing Agency:
KELLER WILLIAMS LRGV · Keller Williams Realty
(956) 423-8877
Listed By:
AUDREY KRUPALA
(956) 245-8310
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 28 at 10:06AM
MLS# 29778740
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 two-story multifamily property contains four residential units, each arranged with two bedrooms and one bathroom. The units total 2,600 square feet and include ranges, refrigerators, ceiling fans, carpeted flooring, central heating, and central air conditioning. A porch, deck or balcony features, and chain-link fencing add to the property’s physical amenities.
Constructed in 1984, the property sits on 0.1529 acres and provides six parking spaces. Public water and public sewer serve the site. All four units are currently leased, providing an occupied residential configuration at the time of listing.
Constructed in 1984, the property sits on 0.1529 acres and provides six parking spaces. Public water and public sewer serve the site. All four units are currently leased, providing an occupied residential configuration at the time of listing.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- 2,600 square feet across the property
- All units currently 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
$21,451
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
7.95%
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%
$429,020
$429.0K
Cap Rate 7%
$306,443
$306.4K
Cap Rate 9%
$238,344
$238.3K
Market Conditions
NOI Build-Up for 2,600 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
$32.8K $12.60/SF
− Vacancy
−$2.1K −$0.81/SF
EGI
$30.6K $11.79/SF
− OpEx
−$9.2K −$3.54/SF
NOI
$21.5K $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%
$429,020
Cap Rate 7%
$306,443
Cap Rate 9%
$238,344
Alternative Uses
Best Use
Multifamily LT 5
$306.4K
$268.1K – $357.5K
NOI $21,451 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$281.0K
$245.9K – $327.9K
NOI $19,672 @ 7.0% cap · market cap 7.29%
Theoretical Best
Healthcare Medical
$447.7K
$391.7K – $522.3K
NOI $31,337 @ 7.0% cap · market cap 11.61%
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
1,761
Businesses Nearby
Explore this area
Business Placement
Demographics for 78550, TX
56,038
Population
22,347
Households
2.5
Avg Household Size
35
Median Age
22%
College-Educated
77%
High-School Grad
94.2 sq mi
ZIP Area
595
Density / Sq Mi
$51,524
Median Household Income
$32,065
Median Earnings
$863
Median Rent
$120,500
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 - Fully leased multifamily property with unit-level appliances, central climate control, and tenant parking.
Where is this quadplex located?
The property is located at 817 E MADISON AVE Harlingen, TX.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; 2,600 square feet across the property; All units currently leased
