Building Details

Year built 1984

Floors in Building 1

Number of units 8

Flooring type Tile

Listing Agency: GRT Realty b***@gmail.com Show Phone

Listed By: Cesar Cepeda Show Phone

Added: May 4 Changed: Sep 14 Last Checked: Oct 7 at 6:06PM

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MLS# 29776128

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 apartment property combines four duplexes into an eight-unit residential asset totaling 5760 square feet. Each duplex contains one two-bedroom, one-bath unit and one three-bedroom, one-bath unit, creating a consistent layout across the property. The buildings were constructed in 1984 and are fully occupied. Interior features include tile flooring, ranges, refrigerators, and central heating and cooling, with additional zoned and ductless cooling systems noted.

The property occupies 1.3776 acres in Los Fresnos, Texas, with public water and public sewer service. Additional land is included with the property, providing space beyond the existing residential improvements.

Key Highlights

• Four duplexes combined as an 8‑unit apartment property
• 5760 square feet of total property size on 1.3776 acres
• Each duplex includes one 2‑bed/1‑bath unit and one 3‑bed/1‑bath unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,580

Cap Rate

7.27%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$871,600 $871.6K

Cap Rate 7%

$622,571 $622.6K

Cap Rate 9%

$484,222 $484.2K

Market Conditions

NOI Build-Up for 5,760 SF

Gross rent

$85.0K $14.76/SF

− Vacancy

−$5.8K −$1.00/SF

EGI

$79.2K $13.76/SF

− OpEx

−$35.7K −$6.19/SF

NOI

$43.6K $7.57/SF

Area

Cameron County, TX

Vacancy

6.80%

Lease Rate

$14.76 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$871,600

Cap Rate 7%

$622,571

Cap Rate 9%

$484,222

Alternative Uses

Best Use

Apartment 5plus

$622.6K

$544.8K – $726.3K (±1% cap)

NOI $43,580 @ 7.0% cap · market cap 7.27%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$991.8K

$867.8K – $1.16M (±1% cap)

NOI $69,424 @ 7.0% cap · market cap 11.58%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Dental Office Parking Lot & Garage Law Firm

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

Lease Details

8

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

19

Businesses Nearby

Explore this area Business Placement

Demographics for 78566, TX

23,704

Population

8,275

Households

2.9

Avg Household Size

31

Median Age

20%

College-Educated

73%

High-School Grad

139.0 sq mi

ZIP Area

171

Density / Sq Mi

$64,385

Median Household Income

$36,605

Median Earnings

$863

Median Rent

$138,100

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied duplex portfolio with a two-bedroom and three-bedroom floor plan in each building.

Where is this apartment building located?

The property is located at 121 MELON DR. Los Fresnos, TX.

What is the asking price?

The asking price for this property is $599,400.

What are key features of this property?

This property features: Four duplexes combined as an 8‑unit apartment property; 5760 square feet of total property size on 1.3776 acres; Each duplex includes one 2‑bed/1‑bath unit and one 3‑bed/1‑bath unit