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Building Details

Year Built 2006

Buildings 2

Units 4

Listing Agency: Element Realty, LLC

Listed By: Janet Wallace

Source: Crexi

Added: Feb 10, 2025 Changed: Oct 2 Last Checked: Oct 14 at 8:05PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Element Realty, LLC

Investment Insights

Based on property information with market context.

This fourplex is located in Sam Houston Heights. The property generates an annual gross income of $41,400. It is situated off Frontage Rd, near Top Golf, upscale restaurants, and McAllen medical centers. Recent updates include a new outside A/C unit in Apartment #4 and new tankless water heaters for all four units installed in 2024. Apartments #2 and #4 have been remodeled with updated fixtures, modern faucets, freshly painted cabinets, and contemporary ceiling fans. The property presents a rare opportunity to assume an FHA loan at 2.89% interest with an approximate balance of $248,000, subject to lender approval. The property size is 3,692 square feet.

Key Highlights

• Opportunity to assume an FHA loan at 2.89% interest (approx. $248K balance, subject to lender approval).
• Fourplex generates an annual gross income of $41,400.
• Prime location in Sam Houston Heights near Top Golf, upscale restaurants, and McAllen medical centers.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,286

Cap Rate

8.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$645,720 $645.7K

Cap Rate 7%

$461,229 $461.2K

Cap Rate 9%

$358,733 $358.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,692 SF

Gross rent

$51.8K $14.04/SF

− Vacancy

−$5.7K −$1.55/SF

EGI

$46.1K $12.49/SF

− OpEx

−$13.8K −$3.75/SF

NOI

$32.3K $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 Rate 5%

$645,720

Cap Rate 7%

$461,229

Cap Rate 9%

$358,733

Alternative Uses

Best Use

Multifamily LT 5

$461.2K

$403.6K – $538.1K (±1% cap)

NOI $32,286 @ 7.0% cap · market cap 8.85%

Second Best

Apartment 5plus

$424.7K

$371.6K – $495.4K (±1% cap)

NOI $29,726 @ 7.0% cap · market cap 8.14%

Theoretical Best

Hotel Hospitality

$2.78M

$2.43M – $3.24M (±1% cap)

NOI $194,661 @ 7.0% cap · market cap 53.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Electrical Service HVAC Service (Bike/Boat/Book/etc) Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

853

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Fourplex in prime location with assumable low-interest FHA loan.

Where is this quadplex located?

The property is located at 1208 S Diplomat Drive Pharr, TX.

What is the asking price?

The asking price for this property is $365,000.

What are key features of this property?

This property features: Opportunity to assume an FHA loan at 2.89% interest (approx. $248K balance, subject to lender approval).; Fourplex generates an annual gross income of $41,400.; Prime location in Sam Houston Heights near Top Golf, upscale restaurants, and McAllen medical centers.