Six-Unit Apartment
For Sale
$480,000
1321 Nesmith St., Harlingen, TX 78550
Fully occupied multifamily property with two-bedroom residences, a fenced site, and convenient expressway access.
Property Size4,212 SF
Price / SF$113.96
Days on Market10
Property Features for 1321 Nesmith St.
General Information
Standard status
Active
Size
4,212 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
fully fenced
Building Details
Year Built
2004
Listing Agency:
KELLER WILLIAMS LRGV
(956) 245-8310
Listed By:
Audrey Krupala · License #124_553
Source:
Ryanandbrian
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 31 at 1:07PM
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 KELLER WILLIAMS LRGV
Investment Insights
Based on property information with market context.
This apartment property contains six residences with approximately 4,212 square feet of total living space. Each unit is configured with 2 bedrooms and 1 bath, with three homes on the ground floor and three on the upper level. Constructed in 2004, the property is fully fenced and currently occupied across all six units.
The property is located at 1321 Nesmith St. in Harlingen, Texas, near the expressway. Shopping, dining, schools, and other area amenities are accessible from the property, supporting convenient day-to-day access for residents.
The property is located at 1321 Nesmith St. in Harlingen, Texas, near the expressway. Shopping, dining, schools, and other area amenities are accessible from the property, supporting convenient day-to-day access for residents.
Key Highlights
- Six units, each with a 2‑bedroom, 1‑bath layout
- Approximately 4,212 sq. ft. of total living space
- Three ground‑floor units and three upstairs units
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
$31,868
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
6.64%
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%
$637,360
$637.4K
Cap Rate 7%
$455,257
$455.3K
Cap Rate 9%
$354,089
$354.1K
Market Conditions
NOI Build-Up for 4,212 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
$62.2K $14.76/SF
− Vacancy
−$4.2K −$1.00/SF
EGI
$57.9K $13.76/SF
− OpEx
−$26.1K −$6.19/SF
NOI
$31.9K $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 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%
$637,360
Cap Rate 7%
$455,257
Cap Rate 9%
$354,089
Alternative Uses
Best Use
Apartment 5plus
$455.3K
$398.4K – $531.1K
NOI $31,868 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$725.2K
$634.6K – $846.1K
NOI $50,766 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Explore this area
Business Placement
Demographics for 78550, TX
56,038
Population
22,347
Households
2.5
Avg Household Size
35
Median Age
22%
College-Educated
77%
High-School Grad
94.2 sq mi
ZIP Area
595
Density / Sq Mi
$51,524
Median Household Income
$32,065
Median Earnings
$863
Median Rent
$120,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with two-bedroom residences, a fenced site, and convenient expressway access.
Where is this apartment building located?
The property is located at 1321 Nesmith St. Harlingen, TX.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Six units, each with a 2‑bedroom, 1‑bath layout; Approximately 4,212 sq. ft. of total living space; Three ground‑floor units and three upstairs units
