Apartment Community
2305 W Mile 3 Rd Mission, TX 78574
2305 W Mile 3 Rd, Mission, TX, 78574
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For Sale
Contact for pricing
Mission multifamily community with operational improvement and rental optimization potential.
Property Size76,738 SF
Price / SF$104.25
Days on Market111
Property Features for 2305 W Mile 3 Rd
General Information
- Standard status
- Active
- Size
- 76,738 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2017
Listing agency
eXp Commercial
Listed by
Cesar Cepeda · License #9010212
Source
Crexi
Added: Apr 3 Updated: Jul 21 at 2:48AM Checked: Jul 22 at 9:03AM
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
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.27M | $16.56 |
| − Vacancy | −$147.4k | −$1.92 |
| EGI | $1.12M | $14.64 |
| − OpEx | −$505.5k | −$6.59 |
| NOI | $617.9k | $8.05 |
76,738 SF · lease $16.56/SF/yr · vacancy 11.60% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Del Sol Apartments
Apartment Complex
Similar For Sale Nearby
FAQs
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
