Corner Lot Apartment
For Sale
$399,000
2701 El Barquito Drive, Palmview, TX 78572
MULTI_FAMILY - Palmview, TX
Property Size3,000 SF
Lot Size0.73 Acres
Price / SF$133
Days on Market104
Property Features for 2701 El Barquito Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
None
Fencing
Barbed Wire
Appliances
Electric Water Heater, Water Heater (Other), Refrigerator, Stove/Range
Subdivision
El Barquito
Lot features
Corner Lot
Elementary school
Flores
Middle school
Chavez
High school
La Joya H.S.
Elementary school district
La Joya ISD
Middle school district
La Joya ISD
High school district
La Joya ISD
Directions
FROM EXP 83 HEAD SOUTH ON ABRAMS RD, UNTIL CORNER WITH EL BARQUITO ST. TURN RIGHT, HOUSE ON CORNER ON LEFT.
Standard status
Active
APN
E348000000003400
Size
3,000 SF
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7409
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
security cameras
mini split AC
Building Details
Year built
2005
Floors in Building
1
Number of units
5
Building materials
Brick
Roof type
Composition
Listing Agency:
Alliance Real Estate Group
(956) 340-4633
Listed By:
Francisco G. Pacheco
(956) 309-2422
Added: Apr 18
Changed: Jul 30
Last Checked: Jul 30 at 6:06PM
MLS# 491334
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 five-unit apartment building offers a mix of studio, one-bedroom, and two-bedroom layouts. Two units are studios with open concept living areas and one full bathroom each, two units provide one bedroom and one bathroom, and one unit offers two bedrooms and one bathroom. Units are equipped with mini-split A/C systems, and the property includes eight security cameras. Rent includes water and trash collection, while tenants pay electricity through individual electric meters.
The building is situated on a corner lot at the intersection of Abrams Rd and El Barquito St in Palmview, Texas, with quick access to EXP 83. The property is described as being close to HEB and food establishments.
The offering is for a well-located, income-producing residential income property that is in good condition. The lot size is identified as 0.75 acres, with room noted for one additional building.
The building is situated on a corner lot at the intersection of Abrams Rd and El Barquito St in Palmview, Texas, with quick access to EXP 83. The property is described as being close to HEB and food establishments.
The offering is for a well-located, income-producing residential income property that is in good condition. The lot size is identified as 0.75 acres, with room noted for one additional building.
Key Highlights
- 5‑plex built in 2005 with brick construction and composition roof
- Unit mix: two studio units (each 1 bath), two 1‑bedroom/1‑bath units, and one 2‑bedroom/1‑bath unit
- Current monthly rent income of $3,650+; cap rate listed at 7.5%
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 | $49.7k | $16.56 |
| − Vacancy | −$5.8k | −$1.92 |
| EGI | $43.9k | $14.64 |
| − OpEx | −$19.8k | −$6.59 |
| NOI | $24.2k | $8.05 |
3,000 SF · lease $16.56/SF/yr · vacancy 11.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$345.1K
$301.9K – $402.6K
NOI $24,154 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$2.26M
$1.98M – $2.64M
NOI $158,175 @ 7.0% cap · market cap 39.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 78572, TX
78,280
Population
32,696
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
75%
High-School Grad
53.7 sq mi
ZIP Area
1,458
Density / Sq Mi
$54,029
Median Household Income
$30,004
Median Earnings
$900
Median Rent
$121,900
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?
Apartment building - Well-maintained five-unit apartment building on a 0.75-acre corner lot with individual electric meters.
Where is this apartment building located?
The property is located at 2701 El Barquito Drive Palmview, TX.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 5‑plex built in 2005 with brick construction and composition roof; Unit mix: two studio units (each 1 bath), two 1‑bedroom/1‑bath units, and one 2‑bedroom/1‑bath unit; Current monthly rent income of $3,650+; cap rate listed at 7.5%
