6-Unit Apartment
New
For Sale
$480,000
1321 NESMITH ST., Harlingen, TX 78550
Residential Income, HARLINGEN, TX
Property Size4,212 SF
Lot Size0.21 Acres
Price / SF$113.96
Days on Market3
Property Features for 1321 NESMITH ST.
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Interior features
Ceiling Fan(s)
Exterior features
Deck/Balcony/Porch
Fencing
Chain Link
Appliances
Range
Subdivision
J R S
Elementary school
AUSTIN
Middle school
MEMORIAL
High school
HARLINGEN SOUTH
Elementary school district
HARLINGEN C.I.S.D.
Middle school district
HARLINGEN C.I.S.D.
High school district
HARLINGEN C.I.S.D.
Standard status
Active
Size
4,212 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2004
Floors in Building
2
Number of units
6
Flooring type
Vinyl, Tile
Listing Agency:
KELLER WILLIAMS LRGV · Keller Williams Realty
(956) 423-8877
Listed By:
AUDREY KRUPALA
(956) 245-8310
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 5:06AM
MLS# 29778923
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.
Built in 2004, this apartment property provides 4,212 square feet of total living area across six residences. Each unit includes two bedrooms and one bathroom, with three apartments positioned on the ground level and three upstairs. The property is enclosed by chain-link fencing and includes porches, tile and vinyl flooring, ceiling fans, ranges, central heating, and central air conditioning. Public water and sewer serve the site.
The 0.2098-acre property is located near the expressway in Harlingen, providing access to shopping, dining, schools, and other area amenities. All six units are currently occupied, offering an established multifamily configuration with a clear unit layout and existing tenant occupancy.
The 0.2098-acre property is located near the expressway in Harlingen, providing access to shopping, dining, schools, and other area amenities. All six units are currently occupied, offering an established multifamily configuration with a clear unit layout and existing tenant occupancy.
Key Highlights
- Six units, each with a 2‑bedroom, 1‑bath layout
- 4,212 square feet of total living space on 0.2098 acres
- 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
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied, two-story property with six two-bedroom, one-bath residences and convenient access to the expressway.
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; 4,212 square feet of total living space on 0.2098 acres; Three ground‑floor units and three upstairs units
