Sam Houston Heights
1208 S Diplomat Drive, Pharr, TX 78577
Fourplex in prime location with assumable low-interest FHA loan.
Type:Multifamily
Property size:
3,692 SFPrice / SF:
$98/SF- Added:
- Feb 10, 2025
- Days on Market:
- 477
- Last Refresh:
- May 12 at 10:59 pm
Property Features for 1208 S Diplomat Drive
General Information
- Standard status
- Active
- Size
- 3,692 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2006
Listing agent Janet Wallace
Listing office Element Realty, LLC
Listing date Feb 10, 2025
Source Crexi
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
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.
- New tankless water heaters for all four units (2024).
- Apartments #2 and #4 feature stylish remodels with updated fixtures, modern faucets, freshly painted cabinets, and contemporary ceiling fans.
- New outside A/C unit in Apartment #4.
Overview
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.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.8k | $14.04 |
| − Vacancy | −$5.7k | −$1.55 |
| EGI | $46.1k | $12.49 |
| − OpEx | −$13.8k | −$3.75 |
| NOI | $32.3k | $8.74 |
3,692 SF · lease $14.04/SF/yr · vacancy 11.02% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$461.2K
$403.6K – $538.1K
NOI $32,286 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$424.7K
$371.6K – $495.4K
NOI $29,726 @ 7.0% cap · market cap 8.14%
Theoretical Best
Hotel Hospitality
$2.78M
$2.43M – $3.24M
NOI $194,661 @ 7.0% cap · market cap 53.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Pharr
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.2015186
- Latitude
- 26.185694
Nearby Similar for Sale
FAQs
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.
