Modern Fourplex with Covered
New
For Sale
$550,000
1600 W Violet Drive, Pharr, TX 78577
Fully leased multifamily property with in-unit appliances and covered parking.
Property Size4,412 SF
Days on Market3
Property Features for 1600 W Violet Drive
General Information
Standard status
Active
Size
4,412 SF
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$6,572
Amenities
stove
refrigerator
microwave
washer
dryer
tile flooring
ceiling fans
covered parking
Building Details
Building Size
4,412 SF
Year Built
2024
Construction
modern
Listing Agency:
Omega Realty Group
Listed By:
Gabriela Cano
(956) 457-1006
Source:
Primeluxuryrealestate
Added: Sep 6
Last Checked: Sep 7 at 8:28AM
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 fourplex contains four two-bedroom, two-bath units with practical layouts designed for everyday residential use. Each unit includes a stove, refrigerator, microwave, washer, and dryer. Tile flooring and ceiling fans are installed throughout, while covered parking accommodates two vehicles per unit.
The property is fully leased and located near medical services, schools, shopping, and dining options. Its residential configuration, recent construction, included appliances, and on-site covered parking provide a clearly defined multifamily asset for an income-property portfolio.
The property is fully leased and located near medical services, schools, shopping, and dining options. Its residential configuration, recent construction, included appliances, and on-site covered parking provide a clearly defined multifamily asset for an income-property portfolio.
Key Highlights
- Four units, each with a 2 bed/2 bath layout
- Completed in 2024
- Stove, refrigerator, microwave, washer, and dryer in every unit
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
$38,583
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
7.02%
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%
$771,660
$771.7K
Cap Rate 7%
$551,186
$551.2K
Cap Rate 9%
$428,700
$428.7K
Market Conditions
NOI Build-Up for 4,412 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
$61.9K $14.04/SF
− Vacancy
−$6.8K −$1.55/SF
EGI
$55.1K $12.49/SF
− OpEx
−$16.5K −$3.75/SF
NOI
$38.6K $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%
$771,660
Cap Rate 7%
$551,186
Cap Rate 9%
$428,700
Alternative Uses
Best Use
Multifamily LT 5
$551.2K
$482.3K – $643.1K
NOI $38,583 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$507.5K
$444.0K – $592.1K
NOI $35,523 @ 7.0% cap · market cap 6.46%
Theoretical Best
Hotel Hospitality
$3.32M
$2.91M – $3.88M
NOI $232,623 @ 7.0% cap · market cap 42.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
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 - Fully leased multifamily property with in-unit appliances and covered parking.
Where is this quadplex located?
The property is located at 1600 W Violet Drive Pharr, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four units, each with a 2 bed/2 bath layout; Completed in 2024; Stove, refrigerator, microwave, washer, and dryer in every unit
