Fourplex with Brand-New
For Sale
$384,999
3115 E Diamondhead Avenue, Mission, TX 78573
MULTI_FAMILY - Mission, TX
Property Size3,640 SF
Lot Size0.22 Acres
Price / SF$105.77
Days on Market37
Property Features for 3115 E Diamondhead Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking
8
Parking features
Garage
Exterior features
Mature Trees
Fencing
Privacy
Appliances
Electric Water Heater, Dryer, Stove/Range, Washer
Subdivision
El Milagro Estates
Lot features
Curb & Gutters, Irregular Lot, Mature Trees, Professional Landscaping, Sidewalks
Elementary school
Jensen
Middle school
Sharyland North Junior
High school
Sharyland Pioneer H.S.
Elementary school district
Sharyland ISD
Middle school district
Sharyland ISD
High school district
Sharyland ISD
Directions
https://maps.app.goo.gl/QVPEhjNRzS1oSvABA
Standard status
Active
APN
E443500000002400
Size
3,640 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7026
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2007
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Shingle
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Nacole Ricks
(956) 207-0456
Added: Jul 25
Changed: Aug 13
Last Checked: Aug 30 at 9:06PM
MLS# 506305
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 turnkey fourplex features four separate two-bedroom, two-bath units within a brick building built in 2007. The property is fully occupied and includes a recently replaced shingle roof. Recent improvements total more than cosmetic updates, including complete exterior repainting, security cameras, exterior lighting, cleaned A/C condenser units and dryer vents, and new thermostats. Units B and D received new washers and dryers, and Unit D is fully renovated.
The property sits on a 0.2194-acre lot at 3115 E Diamondhead Avenue in Mission, TX (Hidalgo County). Amenities and site details include mature trees, privacy fencing, public water service, central cooling with electric/electric heating, and garage parking. Appliance package elements include an electric water heater, dryer, and stove/range.
For renters or owners seeking an income-ready setup, this configuration provides four identical unit layouts while addressing several deferred-maintenance items through the recent roof and exterior upgrades.
The property sits on a 0.2194-acre lot at 3115 E Diamondhead Avenue in Mission, TX (Hidalgo County). Amenities and site details include mature trees, privacy fencing, public water service, central cooling with electric/electric heating, and garage parking. Appliance package elements include an electric water heater, dryer, and stove/range.
For renters or owners seeking an income-ready setup, this configuration provides four identical unit layouts while addressing several deferred-maintenance items through the recent roof and exterior upgrades.
Key Highlights
- Fully occupied fourplex with four two‑bedroom, two‑bath units
- Recently replaced shingle roof
- 0.2194‑acre lot at 3115 E Diamondhead Avenue, Mission, TX 78573
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
$31,832
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
8.27%
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%
$636,640
$636.6K
Cap Rate 7%
$454,743
$454.7K
Cap Rate 9%
$353,689
$353.7K
Market Conditions
NOI Build-Up for 3,640 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
$51.1K $14.04/SF
− Vacancy
−$5.6K −$1.55/SF
EGI
$45.5K $12.49/SF
− OpEx
−$13.6K −$3.75/SF
NOI
$31.8K $8.74/SF
Area
Hidalgo County, TX
Vacancy
11.02%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
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%
$636,640
Cap Rate 7%
$454,743
Cap Rate 9%
$353,689
Alternative Uses
Best Use
Multifamily LT 5
$454.7K
$397.9K – $530.5K
NOI $31,832 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$418.7K
$366.3K – $488.5K
NOI $29,307 @ 7.0% cap · market cap 7.61%
Theoretical Best
Hotel Hospitality
$2.74M
$2.40M – $3.20M
NOI $191,919 @ 7.0% cap · market cap 49.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Explore this area
Business Placement
Demographics for 78573, TX
42,229
Population
13,339
Households
3.2
Avg Household Size
29
Median Age
15%
College-Educated
63%
High-School Grad
36.7 sq mi
ZIP Area
1,151
Density / Sq Mi
$51,185
Median Household Income
$27,730
Median Earnings
$909
Median Rent
$154,800
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?
Quadplex - Fully occupied fourplex with four two-bedroom, two-bath units and a recently replaced shingle roof.
Where is this quadplex located?
The property is located at 3115 E Diamondhead Avenue Mission, TX.
What is the asking price?
The asking price for this property is $384,999.
What are key features of this property?
This property features: Fully occupied fourplex with four two‑bedroom, two‑bath units; Recently replaced shingle roof; 0.2194‑acre lot at 3115 E Diamondhead Avenue, Mission, TX 78573
