5-Unit Apartment
For Sale
$535,000
407 S Minnesota Road, Mission, TX 78572
Residential Income, Mission, TX
Property Size4,940 SF
Lot Size0.50 Acres
Price / SF$108.30
Days on Market92
Property Features for 407 S Minnesota Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
None
Appliances
Electric Water Heater, Water Heater (Programmable thermostat), No Conveying Appliances
Subdivision
Palmview West
Elementary school
Leo
Middle school
Chavez
High school
Palmview H.S.
Elementary school district
La Joya ISD
Middle school district
La Joya ISD
High school district
La Joya ISD
Directions
To reach 407 S Minnesota Ave, Mission, TX 78572, follow these directions: Starting from Edinburg, TX: Head west on US-83 W toward Mission. Continue on US-83 W for approximately 15 miles. Approaching Mission: Take the exit toward Los Ebanos Rd from US-83 W. Merge onto Frontage Rd. Turn left onto Los Ebanos Rd. Final Steps: Continue on Los Ebanos Rd for about 1 mile. Turn right onto S Minnesota Ave. Your destination, 407 S Minnesota Ave, will be on the left. Please note that 407 S Minnesota Ave is located in Mission, not Palmview. Ensure you are heading to the correct city to avoid any confusion.
Standard status
Active
APN
P295200000000500
Size
4,940 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11356
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2004
Floors in Building
1
Number of units
5
Building materials
Brick
Roof type
Shingle
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Rene Flores
(956) 250-2084
Added: Jun 14
Changed: Sep 12
Last Checked: Sep 13 at 3:06AM
MLS# 461669
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 5-unit apartment property at 407 S Minnesota Road in Mission, TX, contains 4,940 square feet on a 0.5-acre parcel. Each residence is configured with two bedrooms and two bathrooms, and all units are leased. The building was constructed in 2004 with brick exterior materials and a shingle roof.
Property systems include central air conditioning, electric heating, and public water service. The site has no designated parking features. The apartment building provides a straightforward multifamily configuration with consistent unit layouts and an established occupancy profile.
Property systems include central air conditioning, electric heating, and public water service. The site has no designated parking features. The apartment building provides a straightforward multifamily configuration with consistent unit layouts and an established occupancy profile.
Key Highlights
- 5‑unit apartment building with 4,940 square feet
- All units leased
- Each unit has 2 bedrooms and 2 bathrooms
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
$39,774
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
7.43%
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%
$795,480
$795.5K
Cap Rate 7%
$568,200
$568.2K
Cap Rate 9%
$441,933
$441.9K
Market Conditions
NOI Build-Up for 4,940 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
$81.8K $16.56/SF
− Vacancy
−$9.5K −$1.92/SF
EGI
$72.3K $14.64/SF
− OpEx
−$32.5K −$6.59/SF
NOI
$39.8K $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%
$795,480
Cap Rate 7%
$568,200
Cap Rate 9%
$441,933
Alternative Uses
Best Use
Apartment 5plus
$568.2K
$497.2K – $662.9K
NOI $39,774 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$3.72M
$3.26M – $4.34M
NOI $260,462 @ 7.0% cap · market cap 48.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 78572, TX
78,280
Population
32,696
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
75%
High-School Grad
53.7 sq mi
ZIP Area
1,458
Density / Sq Mi
$54,029
Median Household Income
$30,004
Median Earnings
$900
Median Rent
$121,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased apartment property with two-bedroom, two-bath units, central air, and electric heating.
Where is this apartment building located?
The property is located at 407 S Minnesota Road Mission, TX.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 5‑unit apartment building with 4,940 square feet; All units leased; Each unit has 2 bedrooms and 2 bathrooms
