Residential Income
For Sale
$480,000
2703 Garfield, Mission, TX 78572
MULTI_FAMILY - Mission, TX
Property Size4,088 SF
Lot Size0.24 Acres
Price / SF$117.42
Days on Market57
Property Features for 2703 Garfield
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
2
Parking features
Garage
Appliances
Electric Water Heater
Subdivision
Stewart Landing
Lot features
Resaca, Sidewalks
Elementary school
Jensen
Middle school
Sharyland North Junior
High school
Pioneer H.S.
Elementary school district
Sharyland ISD
Middle school district
Sharyland ISD
High school district
Sharyland ISD
Directions
From I-2 drive north 5.5 miles on Stwart Rd. Turn right (east) on Garfield.
Standard status
Active
APN
S606302000006500
Size
4,088 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11535
HOA Fee
$550 Annually
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2017
Floors in Building
1
Number of units
10
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
SANETI Realty Group
(956) 833-1850
Listed By:
Maria L. Garza
(956) 309-1309
Added: Jul 7
Last Checked: Sep 1 at 6:06PM
MLS# 506815
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 for-sale residential income property is located at 2703 Garfield in Mission, Texas. The offering is identified as a multifamily apartment building and includes a total property size of 4,088 square feet on a 0.2387-acre lot. The listing is presented as an income-producing residential asset suitable for investors seeking a property to add to an existing portfolio.
The property is described as conveniently located near schools, shopping, restaurants, and major roadways, providing everyday amenities and roadway access for prospective tenants. It is situated in Hidalgo County within the Mission area.
This asset may be a fit for investors or owners looking to acquire a small multifamily residential income property in Mission. Prospective buyers can schedule a private showing to review the building firsthand and confirm unit mix, condition, and operating details not provided in the listing materials.
The property is described as conveniently located near schools, shopping, restaurants, and major roadways, providing everyday amenities and roadway access for prospective tenants. It is situated in Hidalgo County within the Mission area.
This asset may be a fit for investors or owners looking to acquire a small multifamily residential income property in Mission. Prospective buyers can schedule a private showing to review the building firsthand and confirm unit mix, condition, and operating details not provided in the listing materials.
Key Highlights
- Built in 2017 with wood siding and a shingle roof
- Central heating and central air conditioning
- Includes an electric water heater
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
6.86%
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 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$3.08M
$2.69M – $3.59M
NOI $215,540 @ 7.0% cap · market cap 44.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
132
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - For sale residential income property in Mission, Texas, sized for rental operations on a compact lot.
Where is this apartment building located?
The property is located at 2703 Garfield Mission, TX.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Built in 2017 with wood siding and a shingle roof; Central heating and central air conditioning; Includes an electric water heater
