Three-Home Multifamily
For Sale
Contact for pricing
Pending
309 S 15th Avenue, Edinburg, TX 78539
Corner-lot property with three separate residences and individually metered electricity.
Property Size1,466 SF
Days on Market777
Property Features for 309 S 15th Avenue
General Information
Standard status
Pending
Size
1,466 SF
Property subtype
Multifamily
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1972
Buildings
3
Units
3
Construction
frame
Listing Agency:
Dillard and Chapa Real Estate
Listed By:
Daniel Chapa
(956) 271-2600
Source:
Crexi
Added: Jul 20, 2024
Changed: Aug 30
Last Checked: Apr 24 at 11:43AM
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 Dillard and Chapa Real Estate
Investment Insights
Based on property information with market context.
This multifamily property includes three frame residences situated on one corner lot. The unit mix consists of one one-bedroom, one-bath home and two two-bedroom, one-bath homes, providing three distinct rental units within the property. Each residence has its own electric meter, while the landlord pays water and trash service.
Located at 309 S 15th Avenue in Edinburg, the property is near shopping areas and the downtown area. The separate homes and utility-meter configuration create a straightforward small-scale multifamily layout.
Located at 309 S 15th Avenue in Edinburg, the property is near shopping areas and the downtown area. The separate homes and utility-meter configuration create a straightforward small-scale multifamily layout.
Key Highlights
- Three frame residences on one corner lot
- Unit mix includes one 1‑bedroom, 1‑bath home and two 2‑bedroom, 1‑bath homes
- Three separate electric meters serve the residences
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
$12,307
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
7.30%
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%
$246,140
$246.1K
Cap Rate 7%
$175,814
$175.8K
Cap Rate 9%
$136,744
$136.7K
Market Conditions
NOI Build-Up for 1,466 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
$23.0K $15.72/SF
− Vacancy
−$668 −$0.46/SF
EGI
$22.4K $15.26/SF
− OpEx
−$10.1K −$6.87/SF
NOI
$12.3K $8.40/SF
Area
Edinburg, TX
Vacancy
2.90%
Lease Rate
$15.72 /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%
$246,140
Cap Rate 7%
$175,814
Cap Rate 9%
$136,744
Alternative Uses
Best Use
Apartment 5plus
$175.8K
$153.8K – $205.1K
NOI $12,307 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$380.4K
$332.8K – $443.8K
NOI $26,627 @ 7.0% cap · market cap 15.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,187
Businesses Nearby
Explore this area
Business Placement
Demographics for 78539, TX
37,686
Population
15,759
Households
2.4
Avg Household Size
34
Median Age
37%
College-Educated
84%
High-School Grad
12.2 sq mi
ZIP Area
3,089
Density / Sq Mi
$64,864
Median Household Income
$38,413
Median Earnings
$1,034
Median Rent
$198,300
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?
Multifamily property - Corner-lot property with three separate residences and individually metered electricity.
Where is this multifamily property located?
The property is located at 309 S 15th Avenue Edinburg, TX.
What is the asking price?
The asking price for this property is $168,500.
What are key features of this property?
This property features: Three frame residences on one corner lot; Unit mix includes one 1‑bedroom, 1‑bath home and two 2‑bedroom, 1‑bath homes; Three separate electric meters serve the residences
