12-Unit Apartment
For Sale
$975,000
3000 E Coby Drive, Mission, TX 78574
Residential Income, Mission, TX
Property Size8,391 SF
Lot Size1.01 Acres
Price / SF$116.20
Days on Market138
Property Features for 3000 E Coby Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Other
Exterior features
Mature Trees
Fencing
Privacy, Chain Link
Appliances
Electric Water Heater, Water Heater (Other Location), Electric Cooktop, Refrigerator
Subdivision
Kenwood Estates
Lot features
Corner Lot, Mature Trees
Elementary school
Diaz-Villarreal
Middle school
Trevino
High school
Juarez-Lincoln H.S.
Elementary school district
Mission ISD
Middle school district
Mission ISD
High school district
Mission ISD
Directions
Heading West on 7 Mile Line in Mission . Head South on La Homa Road. Take a left (go east) on Coby Drive, Property is on left side.
Standard status
Active
APN
K275002000003600
Size
8,391 SF
Lot size
1.01 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11871
Utilities
Heating system
Central, Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump, Central Air, Electric
Water source
Public
Building Details
Year built
2003
Floors in Building
1
Number of units
12
Building materials
Block, Stucco
Roof type
Composition
Listing Agency:
Dolce Vita Realty
(956) 322-8478
Listed By:
Olga L Arriaga · License #801067410
(956) 827-5025
Added: May 6
Changed: Sep 15
Last Checked: Sep 20 at 10:06AM
MLS# 502132
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 apartment property includes 12 units across two six-unit buildings built in 2003. The improvements total 8,391 square feet and sit on a 1.013-acre corner lot. Exterior features include mature trees, chain-link fencing, privacy fencing, block and stucco construction, and a composition roof.
Located at 3000 E Coby Drive in Mission, Texas, the property is positioned at La Homa Road and Coby Drive. Building systems include central heating and cooling, electric heat-pump equipment, and public water service. The property also includes electric cooktops, refrigerators, and electric water heaters.
Located at 3000 E Coby Drive in Mission, Texas, the property is positioned at La Homa Road and Coby Drive. Building systems include central heating and cooling, electric heat-pump equipment, and public water service. The property also includes electric cooktops, refrigerators, and electric water heaters.
Key Highlights
- 12‑unit apartment property with two six‑unit buildings
- 8,391 square feet of improvements on 1.013 acres
- Built in 2003
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
$67,560
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
6.93%
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%
$1,351,200
$1.4M
Cap Rate 7%
$965,143
$965.1K
Cap Rate 9%
$750,667
$750.7K
Market Conditions
NOI Build-Up for 8,391 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
$139.0K $16.56/SF
− Vacancy
−$16.1K −$1.92/SF
EGI
$122.8K $14.64/SF
− OpEx
−$55.3K −$6.59/SF
NOI
$67.6K $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%
$1,351,200
Cap Rate 7%
$965,143
Cap Rate 9%
$750,667
Alternative Uses
Best Use
Apartment 5plus
$965.1K
$844.5K – $1.13M
NOI $67,560 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$6.32M
$5.53M – $7.37M
NOI $442,415 @ 7.0% cap · market cap 45.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 78574, TX
63,627
Population
18,309
Households
3.5
Avg Household Size
28
Median Age
16%
College-Educated
58%
High-School Grad
51.9 sq mi
ZIP Area
1,226
Density / Sq Mi
$52,536
Median Household Income
$28,029
Median Earnings
$807
Median Rent
$119,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two six-unit buildings occupy a corner parcel with mature trees and public water service.
Where is this apartment building located?
The property is located at 3000 E Coby Drive Mission, TX.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 12‑unit apartment property with two six‑unit buildings; 8,391 square feet of improvements on 1.013 acres; Built in 2003
