2024 Quadplex With Covered
New
For Sale
$560,000
1602 W Violet Drive, Pharr, TX 78577
Recently completed four-unit property with appliance packages, tile flooring, ceiling fans, and a mix of two- and three-bedroom layouts.
Property Size4,012 SF
Days on Market3
Property Features for 1602 W Violet Drive
General Information
Standard status
Active
Size
4,012 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$5,333
Building Details
Building Size
4,012 SF
Year Built
2024
Listing Agency:
Omega Realty Group
Listed By:
Gabriela Cano
(956) 457-1006
Source:
Primeluxuryrealestate
Added: Sep 6
Last Checked: Sep 7 at 9:46AM
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 Omega Realty Group
Investment Insights
Based on property information with market context.
Completed in 2024, this quadplex contains four residential units with a practical mix of two 2-bedroom/2-bath units and two 3-bedroom/2-bath units. One 2-bedroom/2-bath unit is vacant, while the other three units are leased. Each residence includes a stove, refrigerator, microwave, washer, and dryer, along with tile flooring and ceiling fans. Covered parking is provided for two vehicles per unit.
The property is located in Pharr near medical services, schools, shopping, and dining options. Its unit mix and included appliances provide a consistent configuration across the building, while the available unit offers immediate occupancy flexibility.
The property is located in Pharr near medical services, schools, shopping, and dining options. Its unit mix and included appliances provide a consistent configuration across the building, while the available unit offers immediate occupancy flexibility.
Key Highlights
- Completed in 2024
- Four units: two 2‑bedroom/2‑bath and two 3‑bedroom/2‑bath residences
- One 2‑bedroom/2‑bath unit is vacant; the other three units are leased
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
$35,085
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
6.27%
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%
$701,700
$701.7K
Cap Rate 7%
$501,214
$501.2K
Cap Rate 9%
$389,833
$389.8K
Market Conditions
NOI Build-Up for 4,012 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
$56.3K $14.04/SF
− Vacancy
−$6.2K −$1.55/SF
EGI
$50.1K $12.49/SF
− OpEx
−$15.0K −$3.75/SF
NOI
$35.1K $8.74/SF
Area
Hidalgo County, TX
Vacancy
11.02%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
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%
$701,700
Cap Rate 7%
$501,214
Cap Rate 9%
$389,833
Alternative Uses
Best Use
Multifamily LT 5
$501.2K
$438.6K – $584.8K
NOI $35,085 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$461.5K
$403.8K – $538.4K
NOI $32,303 @ 7.0% cap · market cap 5.77%
Theoretical Best
Hotel Hospitality
$3.02M
$2.64M – $3.53M
NOI $211,533 @ 7.0% cap · market cap 37.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
Business Placement
Demographics for 78577, TX
79,937
Population
26,568
Households
3
Avg Household Size
30
Median Age
18%
College-Educated
70%
High-School Grad
26.0 sq mi
ZIP Area
3,075
Density / Sq Mi
$49,768
Median Household Income
$28,186
Median Earnings
$988
Median Rent
$111,500
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?
Quadplex - Recently completed four-unit property with appliance packages, tile flooring, ceiling fans, and a mix of two- and three-bedroom layouts.
Where is this quadplex located?
The property is located at 1602 W Violet Drive Pharr, TX.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Completed in 2024; Four units: two 2‑bedroom/2‑bath and two 3‑bedroom/2‑bath residences; One 2‑bedroom/2‑bath unit is vacant; the other three units are leased
