Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1208 Diplomat Dr Pharr, TX 78577

    Sponsored
    For Sale
    $398,000

    Fourplex, High-Income Potential, Updated Units

    Property size:
    3,692 SF

    Description

    Added:
    Feb 11, 2025
    Days on Market:
    353
    This exceptional fourplex investment property in Pharr, Texas, presents a compelling opportunity. Located at 1208 S Diplomat Drive, 78577, this property boasts 3,692 square feet on an 8,288.16 square foot lot. Built in 2006, the property comprises two buildings housing four individual units, currently generating a gross annual income of $39,240. Recent upgrades include a new exterior AC unit for Apartment #4 and brand-new tankless water heaters installed in the attic for all four units in 2024. Apartments #2 and #4 have undergone significant renovations, featuring updated light fixtures, modern sink faucets, new hardware, freshly painted gray cabinets, and contemporary ceiling fans. The property's prime location near Frontage Road, Top Golf, upscale restaurants, and McAllen medical centers ensures strong tenant demand and rental income. This fully occupied property offers immediate cash flow and significant upside potential. The asking price is $398,000. Showings are by appointment only, following contract acceptance. Please do not disturb tenants.

    Property Features for 1208 Diplomat Dr

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,692 SF

    Building Details

    Year Built
    2006
    Buildings
    2
    Units
    4

    We can help!

    Listing Contact
    Janet Wallace

    Learn more

    Property Insight Report

    HighLights

    • $398,000 asking price.
    • Four‑unit multifamily apartment building.
    • 3,692 square feet on an 8,288 square foot lot.
    • Built in 2006, two buildings.
    • Located at 1208 S Diplomat Drive, Pharr, TX 78577.
    Property Profile Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pharr
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.2015176
    Latitude
    26.1857013

    Nearby Similar for Sale

    • $387,500
      3,796 SF

      Pharr Fourplex: Investment Opportunity

      Fully occupied fourplex in Pharr, TX, a great investment.
      115 W Albatross Ave, Pharr, TX 78577
      View Details
    • $2,798,800
      23,400 SF

      Pharr Industrial Property with Rail Access

      1.85-acre industrial property with warehouse, loading bays, and private rail.
      100 N Dogwood St, Pharr, TX 78577
      View Details
    • $2,583,000
      9,575 SF

      Versatile Commercial Property in Pharr

      Two-story commercial property with retail and office space.
      902 S Cage Blvd, Pharr, TX 78577
      View Details
    • $825,000
      4,560 SF

      Pharr Commercial Property with Warehouse

      Prime location with retail space, warehouse, and ample parking.
      913 W Us Hwy, Pharr, TX 78577
      View Details
    • $387,500
      3,796 SF

      Pharr Fourplex: Investment Opportunity

      Fully occupied fourplex in Pharr, TX, a great investment.
      201 W Albatross Ave, Pharr, TX 78577
      View Details
    • $1,003,900
      1,200 SF

      Commercial Property on I69 & US281

      Commercial property with high visibility and income potential.
      2200 Cage Blvd N, Pharr, TX 78577
      View Details
    • $980,000
      520 SF

      Commercial Property on Veterans Blvd

      Commercial building on Veterans Blvd, configured for automotive service.
      704 N I Rd, Pharr, TX 78577
      View Details
    • $250,000
      4,368 SF

      Pharr Duplex in Gated Community

      Two-story duplex in Pharr Plantation with community amenities and security.
      3000 Ashley Pl, Pharr, TX 78577
      View Details
    • $1,200,000
      8,674 SF

      Prime Corner Commercial Property, Pharr

      High-visibility corner lot ideal for professional services.
      301 N Cage Blvd, Pharr, TX 78577
      View Details
    • $396,000
      3,640 SF

      Pharr Fourplex Investment Opportunity

      Well-maintained fourplex in prime location, ideal for investors.
      2205 N Erica St, Pharr, TX 78577
      View Details
    • $499,000
      3,823 SF

      Restaurant Building with Commercial Kitchen

      Former restaurant with kitchen for sale in Pharr, Texas.
      6701 S Jackson Rd, Pharr, TX 78577
      View Details
    • $510,000
      3,944 SF

      New Fourplex in Pharr, TX

      New fourplex near expressway with furnished unit for short-term rental.
      4905 N Dahlia St, Pharr, TX 78577
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Fourplex, High-Income Potential, Updated Units
    Where is this multifamily property located?
    The property is located at 1208 Diplomat Dr Pharr, TX.
    What is the asking price?
    The asking price for this property is $398,000.
    What are key features of this property?
    This property features: $398,000 asking price.; Four-unit multifamily apartment building.; 3,692 square feet on an 8,288 square foot lot.
    Request Owner's contact information
    1208 Diplomat Dr Pharr, TX 78577
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1208 Diplomat Dr
    Pharr, TX 78577
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1208 Diplomat Dr Pharr, TX 78577
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Janet Wallace
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.