Fully Leased Mission
For Sale
$465,000
215 West Diamond Avenue, Mission, TX 78573
Fourplex in Mission, TX, fully leased with positive cash flow.
Property Size4,100 SF
Price / SF$113.41
Days on Market298
Property Features for 215 West Diamond Avenue
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Residential Income / Quadruplex
Taxes and HOA fees
Annual Taxes
$8,657
Amenities
Central Air, Electric
Central, Electric, Yes
Tile
Electric Water Heater, Dryer, Refrigerator, Stove/Range, Washer
Yes
Laundry Room
Other
Slab
No
Composition Shingle
Privacy, Wood
Energy Features (Double Pane Windows)
Outbuilding (None)
Mature Trees, Sprinkler System
2
Stucco
Covered Patio
Building Details
Year Built
2024
Listing Agency:
Keller Williams Realty Rgv
(956) 821-9990
Listed By:
Maggie Harris · License #TREC#0530155
(956) 821-9990
Source:
Compass
Added: Nov 4, 2025
Changed: Aug 27
Last Checked: Aug 28 at 7:05PM
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 Keller Williams Realty Rgv
Investment Insights
Based on property information with market context.
This is a fully leased fourplex, presenting an investment opportunity with positive cash flow and low maintenance. The property is located in Mission, Texas, near N. Conway Ave and Alton Blvd, offering proximity to shopping and dining. Each unit is equipped with stainless steel appliances, quartz countertops, tile flooring, a washer and dryer, and a private fenced backyard. The property includes 8 carport spaces. Tenants are responsible for electricity, internet, and cable expenses. The owner covers trash, water (1 meter), house meter electricity, and landscaping. All units are currently leased, providing an immediate income opportunity. The property size is 4100 square feet.
Key Highlights
- Fully leased 4‑plex providing immediate income.
- Positive cash flow and low maintenance.
- Prime location near N. Conway Ave and Alton Blvd, close to shopping and dining.
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
$35,854
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
7.71%
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%
$717,080
$717.1K
Cap Rate 7%
$512,200
$512.2K
Cap Rate 9%
$398,378
$398.4K
Market Conditions
NOI Build-Up for 4,100 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
$57.6K $14.04/SF
− Vacancy
−$6.3K −$1.55/SF
EGI
$51.2K $12.49/SF
− OpEx
−$15.4K −$3.75/SF
NOI
$35.9K $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%
$717,080
Cap Rate 7%
$512,200
Cap Rate 9%
$398,378
Alternative Uses
Best Use
Multifamily LT 5
$512.2K
$448.2K – $597.6K
NOI $35,854 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$471.6K
$412.6K – $550.2K
NOI $33,011 @ 7.0% cap · market cap 7.10%
Theoretical Best
Hotel Hospitality
$3.09M
$2.70M – $3.60M
NOI $216,173 @ 7.0% cap · market cap 46.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
121
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 - Fourplex in Mission, TX, fully leased with positive cash flow.
Where is this quadplex located?
The property is located at 215 West Diamond Avenue Mission, TX.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Fully leased 4‑plex providing immediate income.; Positive cash flow and low maintenance.; Prime location near N. Conway Ave and Alton Blvd, close to shopping and dining.
