Apartment Community
For Sale
Contact for pricing
2305 W Mile 3 Rd, Mission, TX 78574
Mission multifamily community with operational improvement and rental optimization potential.
Property Size76,738 SF
Price / SF$104.25
Days on Market203
Property Features for 2305 W Mile 3 Rd
General Information
Standard status
Active
Size
76,738 SF
Class
B
Property subtype
Multifamily
Occupancy
92%
Investment Type
Value Add
Net Operating Income
$569,581
Building Details
Year Built
2017
Buildings
9
Stories
2
Units
78
Listing Agency:
eXp Commercial
Listed By:
Cesar Cepeda · License #9010212
Source:
Crexi
Added: Apr 3
Changed: Oct 16
Last Checked: Oct 20 at 8:30PM
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 eXp Commercial
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Investment Insights
Based on property information with market context.
Mission Del Sol Apartments is a multifamily apartment community offered for sale as a value-add opportunity. The property is described as well-maintained by current ownership, with an emphasis on achievable upside through operational and rental optimization, including improvements to leasing strategy and collections, along with expense efficiencies and management professionalization.
The community is located at 2305 W Mile 3 Rd in Mission, Texas, within Hidalgo County. The offering materials note demand for workforce and affordable housing tied to population growth and workforce expansion in the Mission–McAllen MSA.
The business plan described for this investment includes aligning rents with market comps, improving tenant profile and leasing standards, optimizing expenses (including potential property tax reassessment), and completing light exterior and interior upgrades intended to support curb appeal and tenant retention. The property is presented as an attractive basis relative to replacement cost.
The community is located at 2305 W Mile 3 Rd in Mission, Texas, within Hidalgo County. The offering materials note demand for workforce and affordable housing tied to population growth and workforce expansion in the Mission–McAllen MSA.
The business plan described for this investment includes aligning rents with market comps, improving tenant profile and leasing standards, optimizing expenses (including potential property tax reassessment), and completing light exterior and interior upgrades intended to support curb appeal and tenant retention. The property is presented as an attractive basis relative to replacement cost.
Key Highlights
- 2017‑built Mission, TX multifamily community
- Value‑add upside with below‑market rents for rent normalization and improved leasing strategy
- Operational improvement opportunities, including enhanced collections and expense efficiency
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$617,854
Cap Rate
7.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,357,080
$12.4M
Cap Rate 7%
$8,826,486
$8.8M
Cap Rate 9%
$6,865,044
$6.9M
Market Conditions
NOI Build-Up for 76,738 SF
Gross rent
$1.27M $16.56/SF
− Vacancy
−$147.4K −$1.92/SF
EGI
$1.12M $14.64/SF
− OpEx
−$505.5K −$6.59/SF
NOI
$617.9K $8.05/SF
Area
Hidalgo County, TX
Vacancy
11.60%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,357,080
Cap Rate 7%
$8,826,486
Cap Rate 9%
$6,865,044
Alternative Uses
Best Use
Apartment 5plus
$8.83M
$7.72M – $10.30M
NOI $617,854 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$57.80M
$50.58M – $67.43M
NOI $4,046,011 @ 7.0% cap · market cap 50.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
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Business Placement
Demographics for 78574, TX
63,627
Population
18,309
Households
3.5
Avg Household Size
28
Median Age
16%
College-Educated
58%
High-School Grad
51.9 sq mi
ZIP Area
1,226
Density / Sq Mi
$52,536
Median Household Income
$28,029
Median Earnings
$807
Median Rent
$119,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Mission multifamily community with operational improvement and rental optimization potential.
Where is this multifamily property located?
The property is located at 2305 W Mile 3 Rd Mission, TX.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 2017‑built Mission, TX multifamily community; Value‑add upside with below‑market rents for rent normalization and improved leasing strategy; Operational improvement opportunities, including enhanced collections and expense efficiency
