Fourplex Rental Property with Covered
For Sale
$385,000
1608 Portales Dr, Edinburg, TX 78541
Well-maintained fourplex with four two-bedroom, two-bath units and rear covered parking.
Property Size3,808 SF
Price / SF$101.10
Days on Market99
Property Features for 1608 Portales Dr
General Information
Standard status
Active
Size
3,808 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Building Details
Year Built
2003
Listing Agency:
Stellar Equity Real Estate LLC
Listed By:
Alvaro Longoria · License #801070420
(956) 227-5216
Source:
Aregtx
Added: Jul 29
Changed: Oct 25
Last Checked: Oct 7 at 3:42PM
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 Stellar Equity Real Estate LLC
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Investment Insights
Based on property information with market context.
This well-maintained fourplex offers four residential units, each with two bedrooms and two bathrooms. The units include durable tile flooring throughout and come equipped with a refrigerator, stove/oven, and washer and dryer for added tenant convenience. Covered parking is located at the rear of the property, supporting day-to-day resident access.
The property is located at 1608 Portales Drive in Edinburg, TX, just two blocks from the University of Texas Rio Grande Valley (UTRGV). This close proximity is positioned to support consistent tenant demand.
Built in 2003, the building is supported by a straightforward unit configuration that can appeal to tenants seeking a turn-key in-unit appliance package and covered parking.
The property is located at 1608 Portales Drive in Edinburg, TX, just two blocks from the University of Texas Rio Grande Valley (UTRGV). This close proximity is positioned to support consistent tenant demand.
Built in 2003, the building is supported by a straightforward unit configuration that can appeal to tenants seeking a turn-key in-unit appliance package and covered parking.
Key Highlights
- Four‑unit quadplex with four two‑bedroom, two‑bath units
- Tile flooring throughout each unit
- In‑unit appliances include refrigerator and stove/oven
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,969
Cap Rate
8.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$639,380
$639.4K
Cap Rate 7%
$456,700
$456.7K
Cap Rate 9%
$355,211
$355.2K
Market Conditions
NOI Build-Up for 3,808 SF
Gross rent
$59.9K $15.72/SF
− Vacancy
−$1.7K −$0.46/SF
EGI
$58.1K $15.26/SF
− OpEx
−$26.2K −$6.87/SF
NOI
$32.0K $8.40/SF
Area
Edinburg, TX
Vacancy
2.90%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$639,380
Cap Rate 7%
$456,700
Cap Rate 9%
$355,211
Alternative Uses
Best Use
Multifamily LT 5
$511.1K
$447.2K – $596.2K
NOI $35,774 @ 7.0% cap · market cap 9.29%
Second Best
Apartment 5plus
$456.7K
$399.6K – $532.8K
NOI $31,969 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$988.1K
$864.6K – $1.15M
NOI $69,165 @ 7.0% cap · market cap 17.96%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
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Business Placement
Demographics for 78541, TX
48,513
Population
17,669
Households
2.7
Avg Household Size
28
Median Age
25%
College-Educated
77%
High-School Grad
290.2 sq mi
ZIP Area
167
Density / Sq Mi
$50,567
Median Household Income
$30,752
Median Earnings
$945
Median Rent
$142,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained fourplex with four two-bedroom, two-bath units and rear covered parking.
Where is this quadplex located?
The property is located at 1608 Portales Dr Edinburg, TX.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Four‑unit quadplex with four two‑bedroom, two‑bath units; Tile flooring throughout each unit; In‑unit appliances include refrigerator and stove/oven
