Fourplex with Two-Bedroom
For Sale
$396,000
2205 N Erica Street, Pharr, TX 78577
MULTI_FAMILY - Pharr, TX
Property Size3,640 SF
Lot Size0.21 Acres
Price / SF$108.79
Days on Market103
Property Features for 2205 N Erica Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Garage
Patio and Porch features
Patio
Appliances
Electric Water Heater, Electric Cooktop, Dryer, Refrigerator, Washer
Subdivision
Vip Estates
Lot features
Mature Trees, Sidewalks
Elementary school
Ramirez
Middle school
Johnson
High school
PSJA North H.S.
Elementary school district
PSJA ISD
Middle school district
PSJA ISD
High school district
PSJA ISD
Directions
From Jackson and Ferguson Ave. drive east and VIP Estates will be on your left Turn North on N Erica St. and half block from the entrance the property will be on your left
Standard status
Active
APN
V012500000003100
Size
3,640 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8722
HOA Fee
$700 Annually
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Building Details
Year built
2004
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Composition
Listing Agency:
RE/MAX elite · RE/MAX International
(956) 583-2100
Listed By:
Yanett Rodriguez · License #695607
(956) 522-8213
Added: May 1
Changed: Aug 3
Last Checked: Aug 11 at 9:06PM
MLS# 479544
Copyright © 2026 Greater McAllen Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained fourplex includes four spacious 2-bedroom, 2-bath units, designed with a functional, open layout. Each unit is individually metered, which can simplify day-to-day management. The property is built with brick construction and a composition roof, with electric heating and central electric cooling. Parking is available via garage parking, and tenants benefit from covered parking. A patio is also included as an outdoor amenity.
The property is located at 2205 N Erica Street in Pharr, Hidalgo County, TX, and is positioned near shopping centers and schools. The location also provides quick access to the expressway.
Built in 2004, this fourplex sits on a 0.2124-acre lot and has a total property size of 3,640 square feet. Appliance features referenced include an electric water heater, electric cooktop, refrigerator, washer, dryer, and other in-unit electric appliances.
The property is located at 2205 N Erica Street in Pharr, Hidalgo County, TX, and is positioned near shopping centers and schools. The location also provides quick access to the expressway.
Built in 2004, this fourplex sits on a 0.2124-acre lot and has a total property size of 3,640 square feet. Appliance features referenced include an electric water heater, electric cooktop, refrigerator, washer, dryer, and other in-unit electric appliances.
Key Highlights
- Fourplex with four 2‑bedroom, 2‑bath units
- Individually metered units for simplified management
- Covered parking plus garage parking for tenants
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
$31,832
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
8.04%
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%
$636,640
$636.6K
Cap Rate 7%
$454,743
$454.7K
Cap Rate 9%
$353,689
$353.7K
Market Conditions
NOI Build-Up for 3,640 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
$51.1K $14.04/SF
− Vacancy
−$5.6K −$1.55/SF
EGI
$45.5K $12.49/SF
− OpEx
−$13.6K −$3.75/SF
NOI
$31.8K $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%
$636,640
Cap Rate 7%
$454,743
Cap Rate 9%
$353,689
Alternative Uses
Best Use
Multifamily LT 5
$454.7K
$397.9K – $530.5K
NOI $31,832 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$418.7K
$366.3K – $488.5K
NOI $29,307 @ 7.0% cap · market cap 7.40%
Theoretical Best
Hotel Hospitality
$2.74M
$2.40M – $3.20M
NOI $191,919 @ 7.0% cap · market cap 48.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,077
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex offering four individually metered 2-bedroom, 2-bath units with garage parking and covered parking.
Where is this quadplex located?
The property is located at 2205 N Erica Street Pharr, TX.
What is the asking price?
The asking price for this property is $396,000.
What are key features of this property?
This property features: Fourplex with four 2‑bedroom, 2‑bath units; Individually metered units for simplified management; Covered parking plus garage parking for tenants
