Leased Fourplex Near
For Sale
$355,000
1206 Prosperity Drive, Edinburg, TX 78541
Residential Income, Edinburg, TX
Property Size3,808 SF
Lot Size0.22 Acres
Price / SF$93.22
Days on Market138
Property Features for 1206 Prosperity Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Garage
Exterior features
Mature Trees
Appliances
Electric Water Heater, Dryer, Refrigerator, Stove/Range, Washer
Subdivision
Queens Ridge Estates
Lot features
Corner Lot
Elementary school
Truman
Middle school
B.L. Garza
High school
Edinburg H.S.
Elementary school district
Edinburg ISD
Middle school district
Edinburg ISD
High school district
Edinburg ISD
Directions
From University Dr go North on Sugar, turn West on Chapin, North onto Prosperity, property is located on the West South Corner
Standard status
Active
APN
Q307000000001700
Size
3,808 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8178
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
stove
refrigerator
washer
dryer
dishwasher
Building Details
Year built
2003
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Shingle
Listing Agency:
RE/MAX elite · RE/MAX International
(956) 583-2100
Listed By:
Maria (Lila) Garcia · License #626016
(956) 227-6215
Added: May 5
Changed: Sep 14
Last Checked: Sep 19 at 11:06PM
MLS# 503600
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.
Built in 2003, this 3,808-square-foot brick fourplex contains four residential units and is fully leased. Each unit includes a stove, refrigerator, washer, and dryer; three units also have dishwashers. Central electric heating and cooling serve the property, with a shingle roof, public water, mature trees, and garage parking.
The property occupies a 0.2198-acre corner lot at 1206 Prosperity Drive in Edinburg. Its setting is close to UTRGV, restaurants, grocery stores, pharmacies, and shops, providing convenient access to everyday services and the surrounding campus area.
The property occupies a 0.2198-acre corner lot at 1206 Prosperity Drive in Edinburg. Its setting is close to UTRGV, restaurants, grocery stores, pharmacies, and shops, providing convenient access to everyday services and the surrounding campus area.
Key Highlights
- Fourplex with 3,808 square feet across four residential units
- Fully leased property on a 0.2198‑acre corner lot
- Each unit includes a stove, refrigerator, washer, and dryer
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
$31,969
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
9.01%
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%
$639,380
$639.4K
Cap Rate 7%
$456,700
$456.7K
Cap Rate 9%
$355,211
$355.2K
Market Conditions
NOI Build-Up for 3,808 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
$59.9K $15.72/SF
− Vacancy
−$1.7K −$0.46/SF
EGI
$58.1K $15.26/SF
− OpEx
−$26.2K −$6.87/SF
NOI
$32.0K $8.40/SF
Area
Edinburg, TX
Vacancy
2.90%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$639,380
Cap Rate 7%
$456,700
Cap Rate 9%
$355,211
Alternative Uses
Best Use
Multifamily LT 5
$511.1K
$447.2K – $596.2K
NOI $35,774 @ 7.0% cap · market cap 10.08%
Second Best
Apartment 5plus
$456.7K
$399.6K – $532.8K
NOI $31,969 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$988.1K
$864.6K – $1.15M
NOI $69,165 @ 7.0% cap · market cap 19.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Explore this area
Business Placement
Demographics for 78541, TX
48,513
Population
17,669
Households
2.7
Avg Household Size
28
Median Age
25%
College-Educated
77%
High-School Grad
290.2 sq mi
ZIP Area
167
Density / Sq Mi
$50,567
Median Household Income
$30,752
Median Earnings
$945
Median Rent
$142,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased brick fourplex with unit appliances, garage parking, and a corner-lot position near UTRGV.
Where is this quadplex located?
The property is located at 1206 Prosperity Drive Edinburg, TX.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Fourplex with 3,808 square feet across four residential units; Fully leased property on a 0.2198‑acre corner lot; Each unit includes a stove, refrigerator, washer, and dryer
