Apartment Building Near Major
For Sale
$460,000
2703 E Garfield Ave, Mission, TX 78573
Apartment property with access to schools, shopping, restaurants, and major roadways in Mission.
Property Size4,088 SF
Price / SF$112.52
Days on Market79
Property Features for 2703 E Garfield Ave
General Information
Standard status
Active
Size
4,088 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$11,535
Listing Agency:
SANETI Realty Group
(956) 833-1850
Listed By:
Maria L. Garza
(956) 309-1309
Source:
Exprealty
Added: Jul 7
Changed: Sep 23
Last Checked: Sep 22 at 2:17PM
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 SANETI Realty Group
Investment Insights
Based on property information with market context.
This apartment building contains 4,088 square feet and is located at 2703 E Garfield Ave in Mission, Texas. The property is presented as an income-producing apartment asset.
The surrounding area provides proximity to schools, shopping, restaurants, and major roadways. The property is offered for sale.
The surrounding area provides proximity to schools, shopping, restaurants, and major roadways. The property is offered for sale.
Key Highlights
- 4,088‑square‑foot apartment building
- Located at 2703 E Garfield Ave, Mission, TX
- Near schools, shopping, and restaurants
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
$32,914
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
7.16%
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%
$658,280
$658.3K
Cap Rate 7%
$470,200
$470.2K
Cap Rate 9%
$365,711
$365.7K
Market Conditions
NOI Build-Up for 4,088 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
$67.7K $16.56/SF
− Vacancy
−$7.9K −$1.92/SF
EGI
$59.8K $14.64/SF
− OpEx
−$26.9K −$6.59/SF
NOI
$32.9K $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 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%
$658,280
Cap Rate 7%
$470,200
Cap Rate 9%
$365,711
Alternative Uses
Best Use
Apartment 5plus
$470.2K
$411.4K – $548.6K
NOI $32,914 @ 7.0% cap · market cap 7.16%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$3.08M
$2.69M – $3.59M
NOI $215,540 @ 7.0% cap · market cap 46.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 78573, TX
42,229
Population
13,339
Households
3.2
Avg Household Size
29
Median Age
15%
College-Educated
63%
High-School Grad
36.7 sq mi
ZIP Area
1,151
Density / Sq Mi
$51,185
Median Household Income
$27,730
Median Earnings
$909
Median Rent
$154,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property with access to schools, shopping, restaurants, and major roadways in Mission.
Where is this apartment building located?
The property is located at 2703 E Garfield Ave Mission, TX.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 4,088‑square‑foot apartment building; Located at 2703 E Garfield Ave, Mission, TX; Near schools, shopping, and restaurants
