Renovated Four-Unit
For Sale
Contact for pricing
2118 Earth Lane, Mission, TX 78573
The four-unit property combines updated interiors with covered parking and current building systems.
Property Size3,176 SF
Price / SF$116.50
Days on Market135
Property Features for 2118 Earth Lane
General Information
Standard status
Active
Size
3,176 SF
Total Parking Spaces
8
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
2020
Buildings
1
Units
4
Listing Agency:
Eric Real Estate Group, LLC
(956) 292-4500
Listed By:
Eric Jimenez
Source:
Crexi
Added: Apr 18
Changed: Aug 30
Last Checked: Aug 30 at 1:12AM
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 Eric Real Estate Group, LLC
Investment Insights
Based on property information with market context.
Built in 2020, this four-unit residential property is fully occupied and has undergone extensive renovations. Improvements include new fencing, interior and exterior paint, upgraded ceiling fans, washers and dryers, smart thermostats, and ongoing AC maintenance. Each unit includes bright interiors, spacious living areas, and updated kitchens. Water heaters were replaced in all four units in 2024.
The property provides 10 parking spaces, including 9 covered spaces. Its Mission location is near Walmart, coffee shops, restaurants, and everyday conveniences, placing residents close to a range of services.
The property provides 10 parking spaces, including 9 covered spaces. Its Mission location is near Walmart, coffee shops, restaurants, and everyday conveniences, placing residents close to a range of services.
Key Highlights
- Fully occupied four‑unit property built in 2020
- Water heaters replaced in all four units in 2024
- 10 parking spaces, including 9 covered
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
$27,774
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
7.51%
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%
$555,480
$555.5K
Cap Rate 7%
$396,771
$396.8K
Cap Rate 9%
$308,600
$308.6K
Market Conditions
NOI Build-Up for 3,176 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
$44.6K $14.04/SF
− Vacancy
−$4.9K −$1.55/SF
EGI
$39.7K $12.49/SF
− OpEx
−$11.9K −$3.75/SF
NOI
$27.8K $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%
$555,480
Cap Rate 7%
$396,771
Cap Rate 9%
$308,600
Alternative Uses
Best Use
Multifamily LT 5
$396.8K
$347.2K – $462.9K
NOI $27,774 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$365.3K
$319.6K – $426.2K
NOI $25,571 @ 7.0% cap · market cap 6.91%
Theoretical Best
Hotel Hospitality
$2.39M
$2.09M – $2.79M
NOI $167,455 @ 7.0% cap · market cap 45.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 78573, TX
42,229
Population
13,339
Households
3.2
Avg Household Size
29
Median Age
15%
College-Educated
63%
High-School Grad
36.7 sq mi
ZIP Area
1,151
Density / Sq Mi
$51,185
Median Household Income
$27,730
Median Earnings
$909
Median Rent
$154,800
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 - The four-unit property combines updated interiors with covered parking and current building systems.
Where is this quadplex located?
The property is located at 2118 Earth Lane Mission, TX.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Fully occupied four‑unit property built in 2020; Water heaters replaced in all four units in 2024; 10 parking spaces, including 9 covered
