Two-Unit Duplex with Updated
For Sale
$199,900
1821-1823 Warren St., Harlingen, TX 78550
Duplex for sale with two 2-bedroom, 1-bath units, tile flooring, and updated kitchen quartz countertops.
Property Size1,603 SF
Price / SF$124.70
Days on Market182
Property Features for 1821-1823 Warren St.
General Information
Standard status
Active
Size
1,603 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1956
Tenancy
Multi
Listing Agency:
THE MBTEAM
Listed By:
MONICA BENAVIDES TEAM
(956) 357-4632
Source:
Accessrealtyrgv
Added: Mar 19
Changed: Sep 8
Last Checked: Sep 15 at 11:41PM
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 THE MBTEAM
Investment Insights
Based on property information with market context.
This duplex offers two separate units, each featuring 2 bedrooms and 1 bathroom. Interior details include tile flooring throughout, fresh interior paint, and a kitchen update with new quartz countertops.
The property is located at 1821-1823 Warren Street in Harlingen, TX 78550. It sits on a spacious lot with a large yard, providing meaningful outdoor space.
The layout supports independent occupancy across both units, making it suitable for an owner-occupant or an investor looking to receive rental income from one or both sides, depending on how the property is operated.
The property is located at 1821-1823 Warren Street in Harlingen, TX 78550. It sits on a spacious lot with a large yard, providing meaningful outdoor space.
The layout supports independent occupancy across both units, making it suitable for an owner-occupant or an investor looking to receive rental income from one or both sides, depending on how the property is operated.
Key Highlights
- 1956‑built duplex with two 2‑bedroom, 1‑bath units
- Each unit features tile flooring throughout
- Fresh interior paint in both 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
$13,225
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
6.62%
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%
$264,500
$264.5K
Cap Rate 7%
$188,929
$188.9K
Cap Rate 9%
$146,944
$146.9K
Market Conditions
NOI Build-Up for 1,603 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
$20.2K $12.60/SF
− Vacancy
−$1.3K −$0.81/SF
EGI
$18.9K $11.79/SF
− OpEx
−$5.7K −$3.54/SF
NOI
$13.2K $8.25/SF
Area
Cameron County, TX
Vacancy
6.46%
Lease Rate
$12.60 /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%
$264,500
Cap Rate 7%
$188,929
Cap Rate 9%
$146,944
Alternative Uses
Best Use
Multifamily LT 5
$188.9K
$165.3K – $220.4K
NOI $13,225 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$173.3K
$151.6K – $202.1K
NOI $12,128 @ 7.0% cap · market cap 6.07%
Theoretical Best
Healthcare Medical
$276.0K
$241.5K – $322.0K
NOI $19,321 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
241
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?
Duplex - Duplex for sale with two 2-bedroom, 1-bath units, tile flooring, and updated kitchen quartz countertops.
Where is this duplex located?
The property is located at 1821-1823 Warren St. Harlingen, TX.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1956‑built duplex with two 2‑bedroom, 1‑bath units; Each unit features tile flooring throughout; Fresh interior paint in both units
