12-Unit Apartment
For Sale
$880,000
304 & 306 Polk Avenue, Pharr, TX 78577
Fully leased multifamily properties with equipped kitchens and designated resident and guest parking.
Property Size9,776 SF
Days on Market27
Property Features for 304 & 306 Polk Avenue
General Information
Standard status
Active
Size
9,776 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$24,073
Building Details
Building Size
9,776 SF
Year Built
2003
Buildings
4
Stories
1
Units
12
Listing Agency:
Keller Williams Realty RGV
(956) 821-9990
Listed By:
Maggie Harris · License #TREC#0530155
(956) 821-9990
Source:
Buyingandsellingmcallen
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 29 at 6:09PM
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 Keller Williams Realty RGV
Investment Insights
Based on property information with market context.
This multifamily offering includes 12 apartment units across two buildings at 304 & 306 Polk Avenue. Built in 2003, the property features 2-bedroom units with refrigerators and stoves. Each residence has 2 assigned parking spaces, with 2 additional guest spaces serving the property.
All units are currently leased, providing an occupied apartment asset in Pharr, Texas. The configuration combines consistent unit layouts, essential kitchen appliances, and on-site parking across the offering.
All units are currently leased, providing an occupied apartment asset in Pharr, Texas. The configuration combines consistent unit layouts, essential kitchen appliances, and on-site parking across the offering.
Key Highlights
- 12 apartment units across 2 buildings
- Each unit offers 2 bedrooms, a refrigerator, and a stove
- 2 assigned parking spaces per unit
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
$78,711
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
8.94%
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%
$1,574,220
$1.6M
Cap Rate 7%
$1,124,443
$1.1M
Cap Rate 9%
$874,567
$874.6K
Market Conditions
NOI Build-Up for 9,776 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
$161.9K $16.56/SF
− Vacancy
−$18.8K −$1.92/SF
EGI
$143.1K $14.64/SF
− OpEx
−$64.4K −$6.59/SF
NOI
$78.7K $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%
$1,574,220
Cap Rate 7%
$1,124,443
Cap Rate 9%
$874,567
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$983.9K – $1.31M
NOI $78,711 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$7.36M
$6.44M – $8.59M
NOI $515,440 @ 7.0% cap · market cap 58.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
765
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 - Fully leased multifamily properties with equipped kitchens and designated resident and guest parking.
Where is this apartment building located?
The property is located at 304 & 306 Polk Avenue Pharr, TX.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: 12 apartment units across 2 buildings; Each unit offers 2 bedrooms, a refrigerator, and a stove; 2 assigned parking spaces per unit
