14-Unit Apartment
For Sale
Contact for pricing
3001 Ashley Place, Pharr, TX 78577
Consistent two-bedroom, two-bath layouts provide a uniform configuration across the apartment property.
Property Size16,080 SF
Price / SF$105.72
Days on Market157
Property Features for 3001 Ashley Place
General Information
Standard status
Active
Size
16,080 SF
Property subtype
Multifamily
Units
Unit Mix
14 x 2BR/2BA
Multifamily Units
14
Additional Details
Average Monthly Rent
$985
Building Details
Year Built
1996
Buildings
14
Units
14
Listing Agency:
RE/MAX Elite
(956) 330-3674
Listed By:
YANETT RODRIGUEZ · License #695607
Source:
Crexi
Added: Mar 28
Changed: Aug 30
Last Checked: Aug 30 at 5:47PM
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 RE/MAX Elite
Investment Insights
Based on property information with market context.
Built in 1996, this apartment property contains 14 units totaling 16,080 square feet. Each residence is configured with 2 bedrooms and 2 full bathrooms, creating a consistent floor plan throughout the asset. The property is currently occupied in all but one unit, supporting an established operating profile at 3001 Ashley Place in Pharr, Texas.
The property’s unit mix provides a straightforward residential format for management and leasing. Current rents range from an average of $985 to as much as $1,075 in select units; these figures are omitted from the listing copy but reflected in the source data.
The property’s unit mix provides a straightforward residential format for management and leasing. Current rents range from an average of $985 to as much as $1,075 in select units; these figures are omitted from the listing copy but reflected in the source data.
Key Highlights
- 14 apartment units totaling 16,080 square feet
- Each unit includes 2 bedrooms and 2 full bathrooms
- Built in 1996
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
$129,468
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
7.62%
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%
$2,589,360
$2.6M
Cap Rate 7%
$1,849,543
$1.8M
Cap Rate 9%
$1,438,533
$1.4M
Market Conditions
NOI Build-Up for 16,080 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
$266.3K $16.56/SF
− Vacancy
−$30.9K −$1.92/SF
EGI
$235.4K $14.64/SF
− OpEx
−$105.9K −$6.59/SF
NOI
$129.5K $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%
$2,589,360
Cap Rate 7%
$1,849,543
Cap Rate 9%
$1,438,533
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,468 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$12.11M
$10.60M – $14.13M
NOI $847,818 @ 7.0% cap · market cap 49.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 78577, TX
79,937
Population
26,568
Households
3
Avg Household Size
30
Median Age
18%
College-Educated
70%
High-School Grad
26.0 sq mi
ZIP Area
3,075
Density / Sq Mi
$49,768
Median Household Income
$28,186
Median Earnings
$988
Median Rent
$111,500
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 - Consistent two-bedroom, two-bath layouts provide a uniform configuration across the apartment property.
Where is this apartment building located?
The property is located at 3001 Ashley Place Pharr, TX.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 14 apartment units totaling 16,080 square feet; Each unit includes 2 bedrooms and 2 full bathrooms; Built in 1996
