Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    2429 Summit Road, La Feria, TX 78559

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Duplexes

    Type:Multifamily
    Property size:
    1,930 SF
    Price / SF:
    $141/SF
    Added:
    Oct 3, 2024
    Days on Market:
    605
    Last Refresh:
    May 12 at 10:16 pm

    Property Features for 2429 Summit Road

    General Information

    Standard status
    Active
    Size
    1,930 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    2024

    We can help!

    Listing Contact
    Benjamin Cantwell

    Listing agent Benjamin Cantwell

    Listing office CANTWELL & COMPANY REAL ESTATE

    Listing date Oct 3, 2024

    Source Crexi

    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 CANTWELL & COMPANY REAL ESTATE

    HighLights

    • Fully Leased: Immediate rental income stream.
    • Brand New Construction (2024): Enjoy modern design and minimal maintenance.
    • Two Units, Each with 2 Beds/2 Baths: Ideal for tenants or owner occupancy with rental income.
    • Quartz Countertops and Wood‑Look Porcelain Tile: Durable, stylish, and low‑maintenance finishes.
    • Tankless Water Heaters: Benefit from energy efficient and endless hot water.
    • Fully Fenced Back Yards: Enhanced privacy for each unit.

    Local Financial Insights For Multifamily LT 5

    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 $24.3k $12.60
    − Vacancy −$1.6k −$0.81
    EGI $22.7k $11.79
    − OpEx −$6.8k −$3.54
    NOI $15.9k $8.25
    1,930 SF · lease $12.60/SF/yr · vacancy 6.46% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $227.5K
    $199.0K – $265.4K (±1% cap)
    NOI $15,923 @ 7.0% cap · market cap 5.83%
    Second Best
    Apartment 5plus
    $208.6K
    $182.5K – $243.4K (±1% cap)
    NOI $14,602 @ 7.0% cap · market cap 5.35%
    Theoretical Best
    Healthcare Medical
    $332.3K
    $290.8K – $387.7K (±1% cap)
    NOI $23,262 @ 7.0% cap · market cap 8.52%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    La Feria
    County
    Cameron
    State
    Texas
    Longitude
    -97.829
    Latitude
    26.1795

    Nearby Similar for Sale

    • $625,000
      3,620 SF

      Modern Duplexes in La Feria

      Two fully leased duplexes built in 2022 near expressway.
      605 & 609 W CYPRESS, LA FERIA, TX 78559
      View Details
    • $395,000
      4,474 SF

      Turnkey Restaurant in La Feria

      Fully equipped restaurant for sale in downtown La Feria, TX.
      900 S Main Street, La Feria, TX 78559
      View Details
    • $285,000
      3,440 SF

      La Feria Commercial Opportunity

      Two-acre property with existing building near Expressway 83.
      25783 Fm 506 Highway, La Feria, TX 78559
      View Details
    • $325,000
      1,812 SF

      Modern La Feria Duplex Investment

      Fully leased, modern duplex in La Feria, built in 2022.
      605 W CYPRESS, LA FERIA, TX 78559
      View Details
    • $120,000
      1,250 SF

      Commercial Property in La Feria, TX

      Commercial property with excellent visibility and potential in La Feria.
      BUSINESS 83, LA FERIA, TX 78559
      View Details
    • $329,000

      La Feria Ranch Ready to Enjoy

      Improved 10-acre ranch in La Feria, Texas.
      23713 Rabb Road, La Feria, TX 78559
      View Details
    • $250,000
      1,640 SF

      Income-Producing Triplex on Large Lot

      La Feria triplex with income potential on 1.13 acres.
      600 S Canal Street, La Feria, TX 78559
      View Details
    • $325,000
      1,808 SF

      Modern La Feria Duplex Investment

      Fully leased, modern duplex built in 2022 in La Feria.
      609 W CYPRESS, LA FERIA, TX 78559
      View Details
    • $360,000
      2,298 SF

      La Feria Duplex Investment Opportunity

      Duplex in La Feria featuring open concept 3-bedroom units.
      2424 N VALLEY CIRCLE, LA FERIA, TX 78559
      View Details
    • $360,000
      2,298 SF

      La Feria Duplex Investment Property

      Duplex in La Feria featuring open concept 3-bedroom units.
      2418 N VALLEY CIRCLE, LA FERIA, TX 78559
      View Details
    • $360,000
      2,298 SF

      La Feria Duplex Investment Opportunity

      Duplex in La Feria featuring open concept 3-bedroom units.
      2430 N VALLEY CIRCLE, LA FERIA, TX 78559
      View Details
    • $360,000
      2,298 SF

      La Feria Duplex Investment Opportunity

      Duplex in La Feria featuring modern amenities and open concept.
      2422 N VALLEY CIRCLE, LA FERIA, TX 78559
      View Details

    FAQs

    Where is this duplex located?
    The property is located at 2429 Summit Road La Feria, TX.
    What is the asking price?
    The asking price for this property is $272,900.
    What are key features of this property?
    This property features: Fully Leased: Immediate rental income stream.; Brand New Construction (2024): Enjoy modern design and minimal maintenance.; Two Units, Each with 2 Beds/2 Baths: Ideal for tenants or owner occupancy with rental income.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Benjamin Cantwell
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2429 Summit Road, La Feria, TX 78559
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!